Ophir Energy cuts its board to reduce its costs August 28, 2014 FTSE 250-listed upstream oil and gas explorer Ophir Energy shook up its board yesterday with a major restructuring. It is seeking to cut costs across all levels of the organisation. The oil explorer, founded in 2004, will slim down its board, with the number of executive directors cut down to two from three currently, and [...]
Bovis Homes, Direct Line and Pandora change guard at the top August 28, 2014 THERE was a changing of the guard yesterday as three high profile City figures made their move at Pandora Bovis Homes and Direct Line. The Danish jewellery designer announced that Allan Leighton would be stepping down as chief executive after a year at the helm. Anders Colding Friis, the chief of Scandinavian Tobacco Group, will [...]
Afren shares plummet as more board members are suspended August 28, 2014 THERE WAS more woe for oil and gas explorer Afren yesterday, as its share price plummeted nearly 10 per cent on news it had suspended two more board members. The new suspensions follow less than a month after it suspended its chief executive and operations chief, over an ongoing investigation into alleged “unauthorised payments”. Afren [...]
CSR share price jumps 35pc after rejecting Microchip offer August 28, 2014 British microchip firm CSR yesterday knocked back a takeover approach from US rival Microchip Technology, saying it would have to up its offer, boosting CSR’s shares 35.6 per cent. CSR specialises in connectivity with its chips used in products such as speaker docks and the now Apple-owned Beats headphones. “The price proposed by [...]
London’s house price surge hits the buffers as demand declines August 28, 2014 The housing market resurgence that started last year appears to be slowing down after rapid price hikes, with the higher valuations increasingly putting off potential buyers, especially in London. A set of data released this morning by Hometrack shows just a 0.1 per cent month-on-month increase in August across the country. London prices were completely [...]
Abercrombie & Ditch – logos go as sales fall August 28, 2014 ABERCROMBIE & Fitch shares slumped yesterday after it reported its 10th straight decline in quarterly like-for-like sales. The retailer said it planned to shed its traditional logo-centric clothes in a bid to revive the brand as like-for-like sales fell seven per cent in the second quarter.
End of student cap helps fill up rooms at Unite as universities prepare for surge August 28, 2014 Government measures to remove the cap on the number of students universities can admit has helped boost room reservations and lift rental growth at student digs provider Unite. A record 500,000 students are expected to start university next month after changes announced in last year’s Autumn Statement meant universities were able to admit an extra [...]
Migration at its highest since 2011 despite Cameron’s pledge to cut immigration August 28, 2014 THE LATEST figures on immigration to the UK show the highest levels of net migration in nearly three years, souring the Conservative party’s hopes for a continued decline. During the year to March, the Office for National Statistics (ONS) recorded net migration of 243,000 people, the highest figure since the year to June 2011. Net [...]
Hays records jump in profits and aims to double earnings by 2018 August 28, 2014 RECRUITMENT firm Hays reported a solid jump in profits yesterday, along with a plan to double earnings from operations in the next five years. Operating profit in the year to June swelled by 12 per cent, compared with the same period last year, hitting £140.3m. Profit before tax rose by the same proportion, climbing to [...]
Snoozebox signs deal to provide pop-up hotels at 2018 World Cup August 28, 2014 Snoozebox said yesterday it had struck a deal to supply Saransk in Russia with pop-up hotels for fans attending the 2018 World Cup. The operator of portable hotels at events such as the British Grand Prix confirmed it had signed a preliminary agreement with organisers at the host city and said “a feasibility study and [...]