Lloyds share price falls as Vince Cable set to urge bank not to close the last branches in any town October 28, 2014 Lloyds yesterday revealed a new three-year plan to cut 9,000 jobs and close 150 branches, as part of its longer strategy to adapt to the increasingly digital banking market. But business secretary Vince Cable is expected to step in to urge all banks to make sure no town is left without a branch. Its previous [...]
BP slumps to a loss as Russian arm struggles October 28, 2014 UK OIL company BP yesterday reported a loss of $335m (£207m) during the third quarter of 2014, down from a $1bn profit in the same period of last year. The firm’s Rosneft business in Russia took a major hit, with profit plunging to $107m, compared with $792m. BP said that this result was “principally affected [...]
Synthomer warns profit may fall October 28, 2014 CHEMICAL maker Synthomer saw its share price tumble by almost six per cent yesterday, after issuing a £6.5m profit warning. The company stated that, at current run rates and “given the current demand environment in Europe”, the board “now expects full-year profit-before-tax to be slightly below current consensus”, at £87.8m. According to the firm, profit [...]
Lloyds’ branch closure tight-rope: Antonio Horta Osorio’s balancing act October 28, 2014 Lloyds is chopping 150 branches over the next three years, so it seems an odd time to claim the bank in fact values the traditional high street sites more than the other lenders. But that is exactly what chief executive Antonio Horta Osorio says he is doing. It is a fine line to tread, [...]
Lloyds branch closures are just the start: The UK is dramatically over-banked October 28, 2014 IT MIGHT be an uncomfortable truth for many to hear, but the UK is dramatically over-banked for the digital age. There are a little less than 10,000 bank branches across the UK, far fewer than the approximately 38,000 in France, for example. But for the UK, this is still too many. Lloyds Bank seems to [...]
As National Grid warns of a winter electricity capacity squeeze, is UK energy policy to blame? October 28, 2014 Matthew Sinclair, an economist and author of Let Them Eat Carbon, says Yes. The UK’s energy sector used to do quite a good job of delivering affordable and reliable energy. Politicians then made a number of interventions which increased costs and reduced reliability. First came obstacles to the construction of new coal capacity, then the [...]
Balfour Beatty share price rises after Parsons Brinckerhoff deal gets shareholder thumbs up October 28, 2014 Balfour Beatty's share price rose this afternoon, following the news it had received shareholder approval to sell off its design consultancy arm Parsons Brinckerhoff. The construction company secured 93 per cent of votes cast at a general meeting today for the deal to go ahead. Shares rose more that 1.2 per cent on the back [...]
Pfizer share price rises on third quarter earnings – but no hint of new AstraZeneca bid October 28, 2014 Shares in pharmaceutical giant Pfizer rose 1.8 per cent in New York pre-market trading after it posted expectation-beating third-quarter results. Although earnings for its third quarter fell to 57 cents a share, down from 58 cents a share a year earlier, the figure beat analyst expectations of 55 cents a share. Revenues also fell, to [...]
National Grid: Winter blackouts in Britain unlikely, but lowest energy supply in seven years is “slow motion train crash” October 28, 2014 Falling energy supplies in the UK have been dubbed "a slow motion train crash" as it was revealed capacity has fallen to a seven-year low. The National Grid, the UK’s national energy operator, said spare capacity will be close to four per cent this winter compared to around five per cent last year and 17 [...]
Standard Chartered share price plummets after profits fall 16 per cent October 28, 2014 Standard Chartered's share price has plummeted this morning, as the bank warned on full year earnings after revealing falling profits for the third quarter. Shares in the lender had dropped 10 per cent in mid-morning trading, after it revealed pre-tax profits fell more than 16 per cent to $1.5bn (£930m) in the three months [...]