London Week Ahead: All eyes on UK GDP and Fed’s minutes August 18, 2013 TRADERS will get a better glimpse into the British economy this week when a further estimate of second quarter economic growth is published at the end of the week. The Office for National Statistics will give a revaluation of the 0.6 per cent advance it recorded between April and June this year on Friday, with [...]
Household energy consumption falls by a quarter since 2005 August 16, 2013 Average household energy consumption in England and Wales fell by nearly a quarter between 2005 and 2011 according to the Office for National Statistics. Energy consumption fell by 24.7 per cent over the period. There was significant regional variation, with the East Midlands posting the highest consumption every year measured. However, the difference in average [...]
Markets in turmoil over taper fears August 15, 2013 ■ Mixed US data leads to new fears over when Fed will start tapering stimulus ■ Dollar dives from one week high as uncertainty stalks trading desks ■ FTSE 100 suffers worst day in almost two months after retail sales rise GLOBAL markets were sent reeling yesterday, as strong US economic data reignited [...]
Thomson Local bought out of administration August 15, 2013 DIRECTORY services brand Thomson Local was bought out of administration by two serial entrepreneurs yesterday. Thomson Local, which sends out 22m copies of its UK business directory and maintains several websites, appointed Grant Thornton as administrator on Wednesday, following several tough years. The Hampshire-based firm posted a net loss of £732,000 for 2011, [...]
Barclays finance director to step down early August 14, 2013 As City A.M. reported this morning, Barclays has announced its group finance director and board member Chris Lucas will step down earlier than expected due to health reasons. Lucas will leave his post on 16 August rather than the previously announced date of 28 February 2014. Lucas said his health was a “key factor” behind [...]
Boss of BDO says bigger is better for the accountant August 11, 2013 Simon Michaels, managing partner of the UK’s sixth largest professional services firm, thinks it is all to play for BY THE end of July, the builders had almost finished with BDO’s London headquarters. The glass-fronted Baker Street building, once the home of Marks & Spencer’s main office, has been revamped to make space for [...]
Insurance firm Hub bought by private equity August 5, 2013 INSURANCE broker Hub International will be sold to funds managed by private equity firm Hellman & Friedman in a deal that values the firm at about $4.4bn (£2.87bn), Hub said yesterday. Hub, which has more than 6,500 employees in the United States, Canada and Brazil, was formed through the merger of 11 privately held Canadian [...]
What the other papers say this morning – 5 August 2013 August 4, 2013 FINANCIAL TIMES Lloyds boss targets profit for dividend Antonio Horta-Osorio, chief executive of Lloyds Banking Group, has said he aims to start paying out up to 70 per cent of the bank’s earnings in dividends within three years as he seeks to attract investors ahead of the sale of the government’s stake. Lloyds has not [...]
New RBS chief executive to be paid significantly less than predecessor August 1, 2013 Royal Bank of Scotland (RBS) is on the verge of agreeing a pay deal for its new chief executive that will be significantly lower than that of the ousted Stephen Hester, Sky News have reported. UK Financial Investments, the agency managing the taxpayer stake in RBS, is reportedly on the verge of agreeing a base [...]
British American Tobacco bets on e-cigarettes as sales grow July 31, 2013 BRITISH American Tobacco (BAT) said yesterday it would move rapidly to expand its presence in the electronic cigarette market around the world after launching its first product in the UK earlier this week. The world’s second-largest cigarette maker, whose premium brands include Kent, Dunhill, Lucky Strike and Pall Mall, launched online sales of Vype on [...]