City morning headlines: Wonga heads into red and Beijing boosts markets

 

Wonga, the UK's biggest payday lender, is expected to reveal £35 million in losses, after a torrid year in which it has been hit by a series of scandals and a regulatory crackdown.

The figure reflects the company booking into its accounts the cost of reimbursing customers who were sent threatening letters from fake law firms.

Revenues are forecast to have plunged by a third to £210 million.

Beijing measures lift markets

Chinese and Asian shares have reacted well to the latest economic stimulus from Beijing.

Brent crude notched up a 70-cent gain to hit $64.15, after 9.6% rise last week.

Petrofac's Shetland project counts costs of setback

Petrofac has upped the amount of over-run costs incurred on its massive Shetland project - the Laggan-Tomore gas plant - by £130 million, which comes on top of the $230 million it announced in February, due to bad weather and industrial action.

Companies news highlights:

Businesses have battened down the hatches ahead of the general election, warns Begbies Traynor in its latest Red Flag alert.

Recently floated HSS Hire issues its maiden results, with operating profit up 10% to £23.6 million, but pre-tax loss of £8.5 million after its finance costs soared. It floated at 210p in Feb and stands today at 209p.

Everyman Media is buying four cinemas - Gerrards Cross, Esher, Muswell Hill and Barnet - from Odeon and raises £20 million through a share placing.

Audioboom says it won a record 200,000 new users in March as it hits 3.6 million in total.

The completion of takeover of Canary Wharf - “one of the most treasured property estates in the world” - by Qatar and Brookfield nears and shares are set to cease trading on April 23.

Russian/Ukranian steel producer Evraz says its first quarter production is flat at 3.9million tonnes.

Property group St Modwen poaches a new financial director, Rob Hudson, from British Land.

International Public Partnership ups its stake in a Lewisham schools project to 40/50% for £14.3 million.

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