Genel swings to a loss amid an oil price slump March 5, 2015 GENEL Energy yesterday revealed its revenues jumped by 49 per cent year on year in 2014, but it swung to a pre-tax loss of $312.8m (£204.7m) after depreciation charges and write offs from exploration wells. Loss per share reached 112.97 cents, from earnings per share of 66.24 cents in 2013, when the firm achieved pre-tax [...]
City Moves for 06 March 2015 | Who’s switching jobs March 5, 2015 Dean Street Advisers Dean Street Advisers has announced that Evgenij Klenin is joining the firm. He previously worked at Arma Partners, where he focused on M&A transactions in the technology, media & telecommunications and aerospace & defence sectors. Savills The real estate firm has appointed Andrew Holden as director in its property management team. He [...]
Cobham’s rising orders fail to lift its bottom line March 5, 2015 SHARES in aerospace firm Cobham drifted down yesterday as full-year results revealed rising orders failed to translate into profits. The company’s reliance on defence contracts took its toll as governments around the world cut military budgets. Its US market, which alone accounts for 34 per cent of earnings, saw revenues fall four per cent as [...]
Aggreko profits hit by commodities rout March 5, 2015 GENERATOR rental company Aggreko saw profits slump as the ongoing commodities rout saw its high exposure to the Australian mining sector hit demand. Revenues at the company’s Asia, Pacific and Australia (Apac) division fell by 19 per cent as a slowdown in the mining sector meant fewer mines opened. The decline in Apac revenues translated [...]
Inmarsat up in spite of state revenues blow March 5, 2015 INMARSAT, the global satellite communications group, yesterday said it had steady revenues and profit growth in 2014 yesterday, despite ongoing weakness in its government division. “Continuing underlying L-band growth in maritime, enterprise and aviation during the year was offset by continued weakness in our government business in the US, although this decline slowed towards the [...]
Mandarin Oriental rights issue raises $316m March 5, 2015 THE OWNER of the Mandarin Oriental Hotel in Knightsbridge raised $316m (£207m) via a right issue yesterday to help reduce debt and pay for the £85m revamp of the five-star hotel. The fundraising came as the Mandarin Oriental International posted a record underlying profit of $97m in 2014, up four per cent on the previous [...]
Aviva ensures FTSE stays near its record high – London Report March 5, 2015 ARALLY by insurance giant Aviva and same sector shares pushed the FTSE100 closer to record highs again yesterday. The blue-chip FTSE 100 index closed up 0.6 per cent at 6,961.14 points, near the 6,974.26 record it set this month. Traders said that European equities were further supported by confirmation that the European Central Bank (ECB) [...]
US stocks stall ahead of jobs report today – New York Report March 5, 2015 US stocks closed modestly higher in light trading yesterday as investors held back on big bets ahead of today’s jobs report, which is expected to be a big factor in influencing the timing of a Federal Reserve interest rate hike. Focus on the report was heightened as many investors see it as one of the [...]
George Osborne regrets mistakes over RBS and looks to sell up quick March 5, 2015 George Osborne has conceded he made an error not reforming the state-owned bank RBS when the coalition took power in 2010. Speaking to the Financial Times Weekend Magazine the chancellor said he hopes to move forward "as quickly as we can to get rid of it". He added that he regretted acquiescing to the view [...]
Euro falls below $1.10 for first time 12 years after ECB reveals date of bond buying programme March 5, 2015 After hovering close to the $1.10 for past 48 hours the euro fell below it for the first time since September 2003. The euro has lost 15 per cent of its value against the dollar over the past six months. However, it's not just a weaker euro contributing to the shift – the dollar has [...]