Barclays fined £26m over failure to manage conflict of interest May 23, 2014 The Financial Conduct Authority (FCA) has fined Barclays £26m for failing to manage conflicts of interest between itself and its customers, as well as systems and control failings, in relation to the London Gold Fixing. The Gold Fixing is a price-setting mechanism which gives market users the chance to buy and sell gold at a [...]
Zoopla’s shares are moving to a new £1bn home May 22, 2014 ZOOPLA fired the starting gun yesterday on a float that could value Britain’s second largest property website at around £1bn. The stock market debut will trigger a windfall for Zoopla’s shareholders, including majority owner the Daily Mail & General Trust, Countrywide and its founder and chief executive Alex Chesterman, who will sell down their stakes [...]
Budget airline Wizz aims for London lift off May 22, 2014 HUNGARIAN budget airline Wizz Air is preparing to list on the London Stock Exchange as it looks to raise €200m (£162m) and grow its business in central and eastern Europe. The no-frills airline, which provides travel to destinations across Europe, expects to launch its initial public offering next month and will be in direct competition [...]
Shell shareholders set for cash bonzanza after oil major scraps scrips May 22, 2014 Royal Dutch Shell announced this morning that it is cancelling its scrip dividend programme, after tax issues in the Netherlands meant that costs started racking up for the Anglo-Dutch oil major. The FTSE 100-listed firm introduced the programme in late 2010, as a means of conserving cash, but analysts estimate it cost the company between [...]
Mothercare share price jumps as profits beat expectations May 22, 2014 Shares in baby goods retailer Mothercare have surged by 15 per cent after the company reported earnings above expectations. Mothercare's lenders, HSBC and Barclays, also agreed to enlarge the company's debt facility to £100m – an increase of £10m. Profit before tax jumped 61 per cent to £9.5m for the year ended 29 March. 35 [...]
City IPOs: One falls down, four rise to take its place May 22, 2014 Investors keen to be involved in the IPO of clothing chain Fat Face were disappointed last night by news that its float was to be pulled. A regulatory filing submitted this morning shows that "despite a strong level of interaction with and interest from institutional investors, the company and its majority shareholder have decided to [...]
Consumer recovery heating up May 21, 2014 Retail sales jump by 6.9 per cent in April – the fastest year-on-year growth in a decade Mortgage lending rises by 36 per cent as Britons say they feel more secure in their jobs But policymakers at the Bank of England still voted unanimously to keep interest rates low INTEREST rates are not expected to go [...]
Inside Track: Pfizer flop puts Soriot in tight spot May 21, 2014 IF AT first you don't succeed, walk away and try again in six months: as City epithets go, it’s not exactly compelling. But it sums up where Pfizer finds itself at the end of this week, unexpectedly jilted after a quartet of knockbacks from Astrazeneca. The American drugmaker’s tactics were surprising. Its medicine cabinet was [...]
What does the Japanese luxury market hold for Burberry? May 21, 2014 Burberry has set its sights firmly on Japan, announcing plans this morning to quadruple sales in the world’s second biggest luxury market by 2017 as its licenses with local partners come to an end. With those ambitions in mind – and with continued concerns over emerging market growth – how has the Japanese luxury [...]
HSBC among big banks facing EU fixing charges May 20, 2014 THE EUROPEAN Commission levelled charges of market manipulation against three banks yesterday, alleging that the groups acted to rig a major inter-bank lending rate. HSBC, JP Morgan and Credit Agricole were named by the Commission, which said in a statement it believes that the banks were involved in fixing Euribor. The institutions held out last [...]