£1bn IPO is finally on for retirement housebuilder McCarthy & Stone October 14, 2015 After years of rumours, retirement housebuilder McCarthy & Stone finally announced its intention to float on the London Stock Exchange today, an IPO which City PM understands could give the company a valuation of £1bn. McCarthy & Stone, which said it has a 70 per cent share of the UK's owner-occupied retirement property market, hopes to [...]
Domino’s is looking tasty as sales leap by 19 per cent October 14, 2015 Domino’s sales are looking tasty, after the pizza maker’s revenues jumped by double digits for the eighth consecutive quarter. The company's third quarter sales rose 19.4 per cent in the three months to the end of September, leaping from £179.6m to £214.5m, according to a trading statement released this morning. This growth was powered by digital investments in [...]
Short sellers are circling asset managers Aberdeen and Ashmore because of their emerging markets exposure October 14, 2015 Hedge funds are circling asset managers such as Aberdeen, Ashmore, Hargreaves Lansdown and BlackRock in the belief that turbulence in the emerging markets will eat into their profitability. Emerging markets, once a bright spark of the global economy, have struggled over the last few years. Commodity prices have crumbled on the back of weak Chinese demand, [...]
Fresnillo share price rises depsite silver production lagging October 14, 2015 Fresnillo’s silver production is dropping, as a production report for the third quarter showed the ore volume at its biggest silver mine lagging. Production at the FTSE-listed miner’s Fresnillo mine in Mexico dropped by 24 per cent, weighing on the company’s total silver production, which was down by 1.3 per cent over the quarter. The [...]
Chinese economy: Weak inflation figures rekindle investors’ worries over China slowdown October 14, 2015 Weak data from China pulled Asian markets down overnight, as consumer inflation fell back and producer prices continued their deflation unabated. The country’s consumer price index fell from its 13-month high of two per cent in August to 1.6 per cent in September, dragged by slowing food prices. This is lower than economists had predicted, as [...]
London property: Four in five Londoners think house prices are too expensive, ING says October 14, 2015 More than 80 per cent of Londoners think house prices are too expensive and overwhelming majority believe it is becoming increasingly difficult for first-time buyers to get a foot onto the property ladder, according to new research released today. The Dutch banking giant ING’s house price optimism index, which surveys over 15,000 people, found that the [...]
Londoners pay a quarter of the UK’s £3bn total inheritance tax – Prudential October 14, 2015 London and the South East pay half of the country’s £3bn inheritance tax bill, new research from Prudential reveals today. The latest publicly available data on tax receipts show that inheritance tax – informally referred to as a death tax – was paid on 17,900 estates across the whole of the UK in the year [...]
British Chambers of Commerce wants a return to compulsory work experience for under-16s October 14, 2015 A body that represents nearly 100,000 UK businesses has called for work experience for under-16s to be made mandatory. Survey results published today by the British Chambers of Commerce (BCC) show 82 per cent of business bosses and 73 per cent of education leaders believe pupils should be offered work experience. “Business and school leaders [...]
Diageo sells wine brands including Blossom Hill to Australian group Treasury Wine Estates for $552m October 13, 2015 Diageo has agreed to sell its major wine interests, including UK brand Blossom Hill, to Australian firm Treasury Wine Estates for $552m (£362m). The drinks company will offload its UK-based Percy Fox business, which also includes the Piat d'Or brand, as well as US-based Chateau and Estate Wines, in a deal expected to conclude by [...]
JPMorgan reports third quarter profits up 22 per cent due to tax benefits October 13, 2015 JPMorgan Chase & Co. has reported third quarter profits rising 22 per cent due to $2.2bn (£1.44bn) in tax benefits. The company said in a statement that the quarter reflected the tax benefits "due to the resolution of tax audits and the release of deferred taxes". Net income rose 22 per cent to $6.8bn from [...]
