What the other papers say this morning – 28 April 2014 April 28, 2014 FINANCIAL TIMES Pfizer renews interest in AstraZeneca Pfizer, the US pharmaceuticals group, has renewed its interest in a takeover of UK rival AstraZeneca, in what would be one of the global drugs industry’s largest ever deals. The US group approached AstraZeneca, which has a market value of £51.5bn, within the last week and could make [...]
City Moves for 13 November 2014 | Who’s switching jobs November 12, 2014 Pinsent Masons The law firm has announced the appointment of Meriam Alrashid as an international arbitration partner in its global construction practice in London. A fluent Arabic speaker, she joins from Crowell & Moring and has particular experience in the Middle East and North Africa. Hermes Investment Management Vincent Nobel has been appointed head of [...]
Essar Oil sees profit jump 63pc February 10, 2014 Essar Oil, India’s second-largest private refiner, saw a 63 per cent jump in profit after tax in the quarter ended 31 December to 520m rupees (£50.9m). Despite a planned seven-day shutdown at the Vadinar refinery, operational efficiencies and more stability both in terms of oil prices and foreign exchange rates helped the firm turn a [...]
FCA hits RBS, HSBC, UBS, JPMorgan and Citi with record £1.1bn fine in forex rigging scandal November 12, 2014 Some of Britain's biggest banks have been slapped with a fine of £1.1bn by the Financial Conduct Authority (FCA) for "failing to control business practices" in their foreign exchange trading operations. After a year-long investigation into allegations of rate-rigging in their spot forex trading businesses, the UK's financial watchdog said the actions of the five [...]
Stepping into the Eurozone– top tips on overseas trading August 13, 2014 The UK has strong ties to the Eurozone, with euro countries being our biggest trading partners by far, in particular France and Germany (UK/German bilateral trade is valued at around €153bn). The strong cultural ties, open market and political climate encouraging free trade between member countries makes the EU an attractive option for thriving UK [...]
Drive your money further while navigating international payments August 13, 2014 Across the City, eyes have been watching the steady rise of the pound against the euro over the last 12 months. With a stream of positive economic data coming in since Q4 of 2013, sterling has been slowly strengthening month by month, hitting a peak of €1.27 against the euro and $1.72 against the dollar [...]
London is home to Europe’s hottest FinTech startups as 24 of the FinTech50 come from the capital February 2, 2015 London once again dominates in a new list of the hottest European FinTech startups as the capital continues to put its backing behind the sector’s growth. Businesses from the capital represent almost half of those chosen as the FinTech companies to watch in 2015 by a panel of senior executives from across the world of finance, [...]
H&M profits miss forecasts after splashing out on its new brands January 30, 2014 HENNES & Mauritz (H&M) yesterday blamed “substantial long-term investments” in new brands, technology and its online business for lower than expected profits. The Swedish retailer said pre-tax profit rose 11 per cent to 7.3bn Swedish crowns in the year to 30 November, missing analyst forecasts of around 7.6bn crowns. Gross margin also disappointed, falling to [...]
New York Report: Wall St ticks up as US investors turn positive February 12, 2014 World stock markets edged up for a sixth straight session on Wednesday after upbeat trade data from China soothed worries about slower global growth, while the pound rose to a two-week high against the dollar. The Dow and S&P 500 closed down slightly, however, snapping four days of gains after Procter & Gamble, the world’s [...]
City Views: Has the insurer met analyst expectations? August 18, 2014 HARI SIVAKUMARAN ORIEL SECURITIES The half-year results show better- than-expected profit before tax, despite foreign exchange volatility. The group highlights that the potential for margin still exists, but it remains to be explained why the company continues to grow strongly in reinsurance lines where rates are under pressure. JOANNA PARSONS WESTHOUSE SECURITIES We see these [...]