Ocado sees sales swell ahead of Morrisons partnership September 12, 2013 It's been a really good 12 weeks for Ocado with confirmation that they'll be partnering up with Morrisons from early 2014. The e-grocer has seen gross sales up 18.8 per cent on the same 12 weeks to mid-August last year, reaching £189.2m (release). Orders are also looking more healthy. Per week numbers have risen 15.3 [...]
Engineering merger off as Amec gives up Kentz chase September 12, 2013 After a bid on 19 August, engineer Amec has given up on a purchase of smaller peer Kentz, concluding that "it does not intend to make an offer" (release). Amec's first proposal valued Kentz at £660m, an offer that shareholders found unappealing. Kentz have also commented on the withdrawal of Amec's offer (release): As previously [...]
Before the open: FTSE expected up as markets wait for Carney’s Westminister appearance September 12, 2013 Predictions before open this morning are reasonably good for the FTSE with most traders predicting an increase. Bank of England governor Mark Carney will be present at the Treasury Committee Hearing for an inflation report this morning at 10.00. Morning ftse +3, Dow Flat, dax +25, Nikkei -80, H/s +70, SP 1689, Brent 111.57, Nymex [...]
Morrisons tops FTSE despite profit decline as supermarket remains confident of second half bounce September 12, 2013 Supermarket Morrisons has seen its pre-tax profits drop from £440m to £344m in the half year to 4 August (release). The announcement also includes a 10 per cent decline in underlying profit to £401m. We anticipate an improvement in our sales performance during the second half and accordingly the Board believes the Group's performance for [...]
Biggest privatisation in decades as Royal Mail float expected to raise £2.8-2.9bn in coming weeks September 12, 2013 The government has confirmed that it will now sell off Royal Mail "in coming weeks" as unions prepare strike action over what will be the biggest privatisation in decades. When offered to private hands on the London Stock Exchange, Royal Mail could go for as much as £3bn according to estimates. ETX Capital's spread suggests [...]
How the geography of global innovation is rapidly changing September 12, 2013 Liam Ward-Proud investigates the cities that are attempting to foster new startup cultures WIKIPEDIA founder Jimmy Wales has called on Britain to extend its entrepreneurship visa scheme to make London more enticing to startups. He joked that “nobody wants to live in San Jose, California – it’s incredibly boring”. But the geography of global innovation [...]
MBA and masters courses: How to make the choice September 11, 2013 The difference goes beyond required skills THE MBA programme has long been a gold standard of business education, signalling analytical, managerial and teamwork skills to prospective employers. The popularity of masters in finance courses, however, has increased dramatically in recent years. Cass Business School’s Chris Johnson says that “we have had to enormously expand the [...]
UK drops down post-Lehman financial transactions leaderboard September 11, 2013 UK financial transactions have dropped by two-thirds over the past five years, according to a newly-published paper. In 2006/7, they were valued at $1.7 trillion (£1.1 trillion). Law firm Allen and Overy have developed the Life after Lehman Index which looks at the value of global financial transactions, including bond and equity sales, five [...]
London investors feeling left out as Verizon’s sterling bond plans are scrapped September 11, 2013 Verizon's $49bn (£31bn) is already the largest investment grad corporate bond sale on record, dwarfing the former title spot (held by Apple's $17bn (£11bn) issuance). There's been such strong demand that Reuters reports that planned euro and sterling offerings have been scrapped. The final size was at the top end of the $45-$49 billion range [...]
Analysts think Apple has gone rotten: Three banks downgrade to neutral September 11, 2013 A disappointing reveal from tech giant Apple last night has seen analysts downgrade their buy recommendations in the company's stock to neutral. No surprises last night despite promises from chief executive officer Tim Cook in May last year that security was being ramped up. Crucially, Apple's budget iPhone 5C turned out to not be that [...]