Chinese government restrictions failing to curb Bitcoin use March 12, 2015 China is going mad for Bitcoin, according to a new report by Goldman Sachs. Despite the government's measures to restrict use of the currency 80 per cent of Bitcoin volume is now driven by the Chinese Yuan. The next biggest driver of transactions is the US dollar, followed by the Euro. The bank isn’t alone [...]
John Lewis Partnership slashes bonus as Waitrose profits fall March 12, 2015 The John Lewis Partnership, known for its generous staff incentives, has slashed the bonus payout to its partners after a hit on profits at its upmarket grocery chain Waitrose. Staff will receive a bonus of 11 per cent of their annual salary, down from last year's 15 per cent – the third annual decline in a row. [...]
Serco share price plunges as much as 16 per cent after first revenue fall in 25 years March 12, 2015 The figures Outsourcing firm Serco said full-year revenue fell to £3.95bn, down from £4.28bn a year earlier. The company also made a £1.35bn operating loss, compared to a £146m operating profit in 2013. Shares in Serco fell as much as 16 per cent to 174p in mid-morning trade as investors reacted to the results. Why it's interesting Serco's woes [...]
Challenger bank Shawbrook jumps on IPO bandwagon March 12, 2015 Shawbrook has become the latest challenger bank to announce plans to list on the London Stock Exchange, with plans to raise about £90m. The announcement of its intention to float follows an impressive showing by rival Aldermore earlier this week, whose shares closed 12 per cent higher on its first day of trading. Its shares [...]
Morrisons share price falls as it announces 23 store closures after losses mount and sales drop March 12, 2015 A bad morning for Morrisons. The supermarket announced it will close 23 stores and cutting its future dividend pay-out after reporting a large full-year loss and falling quarterly sales. Shares in the retailer opened one per cent down this morning. The trading environment is a tough one, Morrisons said, and it isn’t expected to get [...]
Euro falls closer to parity with dollar March 11, 2015 The euro extended its seemingly unstoppable decline yesterday, with City analysts predicting that the currency will soon be on a par with the US dollar. A drop of more than one per cent pushed the euro to below $1.06 for the first time since 2003. The pound climbed to be worth over €1.42 in mid-day [...]
Self-employment is not bad, says Bank of England March 11, 2015 Self-employment has boomed in recent years because of changes in technology making it easier for people to set up on their own, a Bank of England analysis showed today. Its report came as the National Institute for Economic and Social Research (NIESR) said GDP growth is growing at a strong and steady pace. Self-employment accounts for [...]
Cement maker Holcim confirms Lafarge merger is still on track March 11, 2015 Swiss cement firm Holcim yesterday said its proposed merger with French competitor Lafarge was continuing “unchanged” despite reports that the deal had been derailed by concerns over price. Thomas Schmidheiny, Holcim’s largest shareholder with an almost 20 per cent stake in the company, was reported to be demanding a better deal in the Swiss press [...]
Founder Graeme Minto backs Brother Industries in take over of Domino Printing Sciences March 11, 2015 The founder of Domino Printing Sciences yesterday gave his blessing to the takeover bid by Japan’s Brother Industries, saying he believed the “very good ethos” at Domino would be shared by the Japanese firm. Graeme Minto, who founded the firm in 1978, spoke of his pleasure at being able to look back over the past [...]
Backing the USA: Dollar climbs as investors buy into recovery March 11, 2015 Amid much talk of a US rate hike, Chris Papadopoullos asks if it will happen as quickly as some think The Federal Reserve has a way with words. Last year, it prompted mass market confusion by saying it would wait for a “considerable time” before hiking interest rates. In December, it ditched the term and [...]