Worldpay shares sink after agreeing takeover deal with Vantiv

Miranda Wadham
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0
Worldpay shares sink after agreeing takeover deal with Vantiv
UK payments firm Worldpay (LON:WPG) has agreed to be taken over by US rival Vantiv, after US bank JP Morgan dropped out of the running. Earlier this week it was announced that both suitors, JP Morgan and Vantiv, were interested in bidding for the company. However on Wednesday Worldpay announced it had accepted an offer from payments giant Vantiv, in a deal expected to be worth around £7.7 billion. The Vantiv deal values Worldpay at £3.85 per share, a 19 percent premium on their value on Monday. In a brief statement, JP Morgan withdrew from the running:
“JP Morgan Chase & Co. (“J.P. Morgan”) notes the announcement by Worldpay Group plc (“Worldpay”) on 4 July 2017. In response to an invitation from Worldpay, J.P. Morgan was at a very early stage in considering whether or not to make an offer or the terms of any offer for Worldpay.
“Following preliminary considerations, J.P. Morgan hereby announces that it does not intend to make an offer for Worldpay. J.P. Morgan continues to hold Worldpay in high regard.” Worldpay shares are currently trading down 7.92 percent on the news at 375.60 (1351GMT).

UK productivity falls as service sector reports slump in confidence

Miranda Wadham
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0
UK productivity falls as service sector reports slump in confidence

UK productivity fell for the first time since 2015 in the first quarter, as political and economic uncertainty impacts on another key figure.

The productivity of UK workers fallen to levels not seen since before the financial crisis levels, according to official figures.

Hourly output fell by 0.5 percent, figures from the Office for National Statistics (ONS) showed on Wednesday, 0.4 percent below the figure seen at the end of 2007.   ONS head of productivity Philip Wales said: “UK labour productivity growth has struggled since the 2008 economic downturn, and the fall in the first quarter of 2017 brings to an end a recent run of quarters of positive growth.”

Service sector growth slumps

Service sector companies also reported a slump in growth on Wednesday, representing a downturn in one of the economy’s key figures. Service sector companies make up 80 percent of the UK’s economic output, but reported that they had experienced subdued business and consumer confidence in June. The UK Services PMI dropped to to 53.4 in June, down from 53.8 in May.

Worldpay shares jump 30pc on takeover bids

Miranda Wadham
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0
Worldpay shares jump 30pc on takeover bids
Worldpay (LON:WPG) shares jumped nearly 30 percent on Tuesday, after it announced it was considering takeover offers from payment handler Vantiv and JPMorgan Chase. In a statement the company made it clear it was considering all options: “There can be no certainty either that an offer will be made nor as to the terms of any offer, if made. A further announcement will be made if appropriate.” Worldpay, the payments processing firm chaired by City veteran Sir Michael Rake, saw shares jump nearly 30 percent on the news, valuing the company at around $8 billion. It is one of the market leaders in the UK payments industry, handling more than 40 percent of all transactions and employing 5,000 people at its London headquarters. Its shares are currently trading up 27.86 percent at 408.50 (1357GMT).

Construction sector slows in June as Brexit fallout continues – PMI

Miranda Wadham
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0
Construction sector slows in June as Brexit fallout continues – PMI
Growth in the UK construction sector slowed in June, as uncertainty from Brexit and the general election continues to impact on the economy. Markit’s construction PMI figure, released on Tuesday, fell to 54.8 in June from from 56.0 in May. Any figure above 50.0 represents growth. A survey by IHS Markit showed the result sparked “renewed caution”, and caused sterling to drop to a a six-day low. Sterling is currently trading down 0.15 percent against the dollar, but up 0.2 percent against the Euro. Mike Chappell, global corporates managing director for construction at Lloyds Bank Commercial Banking, commented: “The headwinds prompted by the EU referendum a year ago continue to challenge the sector. Input price inflation is still an issue and there remain concerns about how the UK’s exit from the EU will affect construction firms, given their reliance on European labour.”

Bank of England workers vote in favour of four-day strike

Miranda Wadham
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0
Bank of England workers vote in favour of four-day strike
Bank of England workers voted in favour of holding a four-day strike on Monday, after the central bank offered a pay increase below inflation. The strike will start on July 31 after 95 percent of Unite union members voting in favour. The vote was taken after the Bank of England offered its workers a below-inflation increase in earnings – despite the fact inflation should be under their control. Unite represents workers in the Bank’s maintenance and security departments, but represents approximately 2 percent of its workforce. The Bank has said it will continue to operate as usual: Bank of England claims, though, that it will keep operating as usual:
“The Bank has been informed of industrial action being called by Unite the Union… Should the strike go ahead, the Bank has plans in place so that all sites can continue to operate effectively. We will continue to have discussions with Unite and hope that there will be a positive outcome,” it said in a statement.

Property price growth continues to slow as economic uncertainty hits

Miranda Wadham
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1
Property price growth continues to slow as economic uncertainty hits
Property prices in England, Wales and Greater London continued to see a slowdown in 2017, reflecting the instability in the economy in the wake of the general election. The introduction of mortgage caps and the growing new build crisis also impacted on the figures, with numbers falling by a significant 41 percent across the year. According to analysis from London Central Portfolio, sales levels are now at their lowest level on record, even less than during the Global financial crisis. Average prices continued to grow during the quarter, with quarterly price growth of 4.6 percent after a greater proportion of more expensive properties being transacted. Prices are now 5.4 percent higher than two years ago, a result of investor preference for safe havens in the face of global uncertainty, coupled with discounted prices and a weak sterling. However, Naomi Heaton, CEO of London Central Portfolio, warned that the “increase in average prices is likely to reflect a greater proportion of higher value properties being sold, rather than any real underlying price growth.” London saw a particularly weak quarter, with average prices now standing at £610,141 after growing by just 1.2 percent over the quarter. This is a slowdown from the previous quarter, here price growth in the capital stood at 1.5 percent.

Stock Tip: House builder with 24% increase in profit and 40% dividend hike

Raymond Jones
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0
Stock Tip: House builder with 24% increase in profit and 40% dividend hike

This UK home builder has recently rewarded investors with a 40% dividend hike.

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  • 24% increase in sales
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  • 26% increase in net profit

The full tip is available below along with the unique rating of this stock.

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The WeStockTip website and any associated communications are general in nature and are not investment advice. Any information presented on this website should not be taken as a recommendation, inducement or invitation to enter into any financial transaction. Please seek independent financial advice before you make any investments. WeStockTip accepts no liability or responsibility for any action taken by any company or individual using this website. By using WeStockTip you agree to the terms and conditions.

Eurozone inflation moves further from ECB target in June

Miranda Wadham
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0
Eurozone inflation moves further from ECB target in June
Eurozone inflation continued to fall in June, edging further away from the ECB’s target despite four years of stimulus programmes. The inflation figure fell to 1.3 percent June from 1.4 percent, a significant way from the 2 percent target in place by the European Central Bank but above analysts expectations of a drop to 1.2 percent. in a setback for the European Central Bank as its stimulus programs enter a fourth year. June’s inflation reading was the lowest so far in 2017, with weaker energy price rises having a negative impact according to a flash estimate from the Eurostat statistics office. Jennifer McKeown, chief European economist at Capital Economists, said the European Central Bank was unlikely to cut interest rates any time soon. “The data will add to the ECB’s sense that reflationary pressures are appearing. But core inflation is still well below the Bank’s near-2 percent medium-term target for the headline rate, and its rise has been concentrated in Germany. “The Bank has repeatedly stressed that it will wait for core inflation to be on a clear upward path throughout the euro-zone before raising interest rates and we suspect that this is still some way off.”  

Lloyds miss compensation deadline for HBOS fraud cases

Miranda Wadham
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0
Lloyds miss compensation deadline for HBOS fraud cases

Lloyds Banking Group (LON:LLOY) have missed the deadline it set itself to pay compensation to victims, after a fraud trial that ended in February.

Two HBOS bankers were found guilty pressurising small business customers into hiring a turnaround consultancy firm, which then bullied business owners into paying extortionate fees and handing over their companies.

HBOS was bought by Lloyds in 2009, making it responsible for the compensation payments of the victims. £100 million was set aside, but only a small fraction of that has been paid so far.

Of the 64 customers who joined the compensation scheme, fewer than 10 have received offers and only one settlement has been reached.

Shares in Lloyds fell on Friday, currently trading down 0.71 percent at 66.67 (1221GMT).

 

How to legally shelter your income from the taxman

Raymond Jones
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0
How to legally shelter your income from the taxman

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Download this comprehensive report on legal methods to protect your wealth from the taxman, including:

  • ISAs
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The age-old saying that the only two things that are sure in life are death and taxes is hard to argue with and is as true now as it has ever been. In fact, of the two, if either were to foreseeably change at some point in the distant future, rendering the saying obsolete, most people’s money would be on death.

Who knows what future scientific developments may hold when it comes to mortality. Taxes, on the other hand, unfortunately seem here to stay. For as long as we live in an economy-based society, and it’s difficult to envisage any other workable system, a part of our income will always go to the tax man. We need public services and infrastructure and as much as it may pain us to see the percentage of our earnings that are whisked away to the public coffers, we also understand that it’s a necessary part of a functioning society.

Terms, Risk Warning & Disclaimer:

Although the author and publisher have made every effort to ensure that the information in this publication was correct at press time, the author and publisher do not assume and hereby disclaim any liability to any party for any loss, damage, or disruption caused by errors or omissions, whether such errors or omissions result from negligence, accident, or any other cause. Investments can go up in value as well as down, so you could get less than you invested. This information does not constitute personal advice and you should speak to your financial advisor before committing to any pension product. Information in this document is for reference use only and its accuracy cannot be guaranteed and is subject to change.

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