Smaller UK banks and investment firms will not have to abide by EU bonus cap rules – FCA and PRA February 29, 2016 The UK's financial regulators have told their European counterparts they will not be applying the bonus cap to smaller banks and investment companies. The Financial Conduct Authority (FCA) and the Bank of England's prudential regulation authority (PRA) have told the European Banking Authority (EBA) they will not apply the bonus cap to all firms recommended by the [...]
Budget hotelier Travelodge puts £1bn sale plans on hold after record year February 29, 2016 Travelodge has confirmed it has shelved plans for a £1bn sale of the business after hailing record earnings of £100m last year. The budget hotelier has been at the centre of heated bid speculation after its co-owners Goldman Sachs, GoldenTree Asset Management and Avenue Capital, brought in bankers from Deutsche Bank to advise them on [...]
Consumer borrowing growth hits decade-high February 29, 2016 Borrowing on credit cards and through overdrafts is growing at its fastest rate since January 2006, data published today by the Bank of England reveals. The stock of consumer credit reached £179.5bn in January, up 9.1 per cent on the same month last year. Total credit growth in the UK is now at its highest [...]
African gold miner Amara Mining share price jumps on takeover bid from Perseus Mining February 29, 2016 Shares in Aim-listed Amara Mining jumped today, after the African gold miner received a $85m takeover bid from Perseus Mining. There's long been speculation about consolidation in the African gold space as smaller, cash-strapped firms look to benefit from their bigger competitors' stronger balance sheets. The miner's shares jumped as much as 26.8 per cent to 13p per share this [...]
Bunzl reports growth in profit and revenue as it brings business acquisitions total to 22 February 29, 2016 Outsourcer and distribution group Bunzl today reported profit and revenue growth as its acquisition spree spread further. In 2015, the company’s adjusted operating profit was £366.5m, up from £341.8m in 2014. Its total revenue was £6.5bn, up from £6.2bn. The London-based group also revealed it has spent £327m acquiring 22 businesses, including the today's takeover of [...]
HSBC: Gulf Cooperation Council states face $94bn looming debt crunch February 29, 2016 One of the world's biggest banks has warned a $94bn debt crunch is looming over Arab countries. HSBC said that sovereign, financial and corporate borrowers in the Gulf Cooperation Council (GCC) region must repay or refinance $94bn of bonds and loans in 2016 and 2017, Arabian Business reported. The GCC is an economic and political alliance comprising Saudi Arabia, Kuwait, the United Arab [...]
Eurozone inflation plummets back below zero after renewed fall in energy prices February 29, 2016 The Eurozone is back in deflation after only four months of positive price growth. Annual inflation in the currency-bloc fell to 0.2 per cent in February, according to an early flash estimate from Eurostat released this morning. It marks a sharp drop from January's 0.3 per cent. Core inflation, which strips out energy, food, alcohol and [...]
London house prices: Demand for luxury new-build apartments will drop this year – and prices won’t recover until 2018 February 29, 2016 Demand for London's luxury new-build apartments has fallen, one of the world's largest property services companies has admitted – and prices won't begin to recover until 2018. JLL said it was cutting its growth forecast for the capital's high-end properties, after economic uncertainty and the chancellor's three per cent stamp duty hike for second home buyers [...]
US shale gas industry sets sights on oil prices recovering to $40 February 29, 2016 Two of the largest US shale gas producers have said oil recovering to $40 per barrel will reverse the ailing industry’s fortunes. Continental Resources could increase capital spending if US crude reaches low-to mid-$40s, allowing it to boost production by 10 per cent next year, chief financial officer John Hart said last week. Whiting Petroleum also [...]
Quindell buyer Slater and Gordon’s share price plummets on $958m loss largely due to a huge UK writedown February 29, 2016 The company which bought embattled Quindell almost a year ago has reported a nearly AUD$1bn loss today, driven by a huge writedown of its UK assets. Slater & Gordon shares nearly halved after it posted a $958m (£492m) loss for the six months ended December 31st, primarily due to a $814.2m writedown on its acquisition of the professional services arm [...]
