Union suspends Tube strike after last-ditch talks May 6, 2014 A PLANNED three-day strike by London Underground (LU) workers was called off yesterday just hours before it was due to take place, after both sides called a truce. Members of the RMT union were set to walk out at 9pm last night in a row over LU’s plan to close all Tube ticket offices and [...]
Lancashire shares drop despite strong results May 1, 2014 SPECIALIST insurer Lancashire saw its share price tumble yesterday despite releasing strong first quarter results. Concern about how much of the company’s profits would be returned to shareholders prompted the share price to fall by as much as 3.6 per cent yesterday morning, before closing down 2.3 per cent Lancashire posted a 47 per cent [...]
Is UK GDP set to pass its pre-crisis peak? April 29, 2014 Today's growth figures may have disappointed analyst expectations, but could signal that we're finally closing in on peak activity. Economic activity, measured by real GDP, collapsed in 2008. Since then, we've been waiting for the economy to return to that pre-crisis peak. The Office for National Statistics' latest GDP estimate sees the economy 0.6 per [...]
Holcim says there is big interest in disposals as profits plummet April 28, 2014 SWISS cement company Holcim said yesterday that there is “huge” interest in the assets it would need to sell ahead of its merger with France’s Lafarge, as it posted a 57.5 per cent fall in first-quarter profit. The two firms announced a share-for-share deal earlier this month, which would create a self-proclaimed “merger of equals” [...]
Arm shares hit as profit growth begins to slow April 23, 2014 ARM Holdings, whose chip technology powers Apple’s iPhone, saw its shares slide yesterday after a disappointing end to 2013 resulted in first-quarter profit rising less than in previous years. Sales of top-end smartphones, a market dominated by Apple and Samsung, were lower than predicted during the Christmas holiday season, leading to worries that the market [...]
The Woolf in Mayor’s clothing speaks out April 21, 2014 The Lord Mayor of the City of London tells Elizabeth Fournier how her historic role puts her right at the heart of UK plc THERE’S no such thing as a typical day in the life of the Lord Mayor of the City of London. On the morning that I meet the incumbent Fiona Woolf in [...]
Google’s results disappoint as ad fears weigh April 16, 2014 GOOGLE shares dropped as much as five per cent in after hours trading last night, after its first quarter results failed to match analyst expectations. Revenues for the first quarter of the year were $15.42bn (£9.18bn), about £100m shy of what was expected, but higher than the $12.95bn reported in 2013’s first quarter. Net income [...]
Reckitt hints at spinning off its drugs business April 16, 2014 RECKITT Benckiser signalled yesterday that it is leaning towards a spin-off of its troubled pharmaceuticals arm as it posted a better-than-expected rise in fourth quarter sales. The consumer goods group behind Durex condoms and Dettol cleaning products last year launched a strategic review of its RBP unit, which is focused on the drug Suboxone used [...]
Cybersecurity now the City’s biggest priority April 16, 2014 MOST finance firms plan on hiking spending on cybersecurity and data management this year, according to a study published yesterday by recruiters Robert Half. Coping with new regulations had dominated the survey of chief financial officers (CFOs) for several years, and the change onto security marks a new era in challenges facing the sector. The [...]
City Moves for 15 April 2014 | Who’s switching jobs April 14, 2014 Mount Anvil The property developer has appointed Jon Hall as sales and marketing director. He joins from Berkeley Homes, where he has been a sales and marketing director since 2011. Hall has also held roles at St Modwen Properties. PwC Ian Oakley-Smith has been appointed head of PwC’s charity sector team in the UK. He [...]