Co-op Bank and Capita have very different opinions on the status of a £325m contract to manage mortgage services September 29, 2016 After issuing a profit warning and seeing shares slide nearly 30 per cent, FTSE 100 outsourcer Capita has become embroiled in a somewhat embarrassing spat with Co-op bank. Capita acknowledged in its statement to the market this morning: We are in a contractual dispute with the Co-op Bank regarding obligations relating to the transformation of [...]
Record pension deficits could undermine the financial performance of the UK’s largest listed companies September 29, 2016 The largest listed companies in the UK could have £2bn of their bottom lines wiped out by spiralling pension costs according to data released today. Record low corporate bond yields – which are used to price pension pots for accounting purposes – have driven up liabilities. With asset values failing to keep up the increases [...]
Arriva holds onto the Cross Country rail franchise in “milestone” award by Department for Transport September 29, 2016 Arriva has won a three year contract extension to run the Cross Country rail franchise in a deal with the Department for Transport worth £163m. The Deutsche Bahn-owned company has run the franchise since 2007 and revealed a raft of new initiatives it intends to implement as part of the deal that starts in October. These included promising to waive [...]
Heathrow plans to increase domestic routes and eke out more flights if given the green light for expansion September 29, 2016 Britain's exit from the EU means that Heathrow Airport could be released from the euro-shackles that limit domestic flights and provide a boost to the Conservative Party's plans for a Northern Powerhouse. Under current rules, the number of domestic flights from Heathrow is limited in order that other EU destinations are fairly served. Read more: Heathrow lays claim to being Britain's [...]
Air Partner’s share price leaps after it nets bumper half-year results September 29, 2016 Air Partner's share price jumped nearly 10 per cent this morning after revealing that flying Premier League stars across the globe had helped grow half-year profits by a third. Contracts with Real Madrid, Manchester City and Leicester City, as well as an increase in business during this summer's football European Championships – where it flew four of the teams including France – led [...]
Samsung confirms US authorities are looking at problems with its washing machines September 29, 2016 Samsung has revealed that it is in talks with US authorities over safety problems with its washing machines following reports in the media that some of them had exploded. The revelation comes as the US Consumer Product Safety Commission (CPSC) warned of problems to certain top-load machines built between March 2011 and April 2016. “In [...]
Qatar Airways reveals next stage in its cosying-up strategy with British Airways September 28, 2016 Qatar Airways has deepened ties with the owner of British Airways after a codeshare agreement was announced by the two carriers. The news comes in the wake of Qatar Airways upping its stake in International Airlines Group (IAG) in August to 20 per cent – a move that made it IAG's largest single shareholder. Read more: Qatar Airways just bumped up its stake [...]
As you might imagine, there isn’t one just reason why Deutsche Bank is in trouble – here are the key issues it faces September 28, 2016 Anyone that has picked up a newspaper recently will know that Deutsche Bank isn’t having a great time of things at moment. Its share price has tanked, there are talks of the German government intervening, parallels to Lehman Brothers and concerns that a whole new financial crisis could be sparked if Germany’s largest bank goes [...]
Deutsche Bank flogs Abbey Life to Phoenix in order to strengthen its capital position September 28, 2016 Beleaguered lender Deutsche Bank is set to welcome nearly £1bn of much needed capital after agreeing to sell Abbey Life to specialist life insurer Phoenix. "This transaction will also strengthen Deutsche Bank’s capital position. We continue to build a simpler and better Deutsche Bank," said chief executive John Cryan. Read more: Angela Merkel might be considering a Deutsche Bank [...]
