Iraq is in the midst of a Sunni revolution, not an Isis revolution, say rebels June 25, 2014 Iraqi Prime Minister Nouri Maliki is the real cause of the deep schism forming between Sunnis and the Iraqi government, according to Sunni rebels and refugees in the north of the country. They say that Isis is being portrayed as the main propagating force behind the rebellion, when, they claim, it is in fact a [...]
Manchester City owners to invest £1bn in 6,000-home project June 25, 2014 Abu Dhabi United Group (ADUG), the private equity firm that owns Manchester City Football Club, is set to build 6,000 houses in Manchester in a deal worth £1bn. The development will be part of a 10-year agreement with Manchester City council which will see the rejuvenation of several of the city's previously run down areas, [...]
Wonga to pay £2.6m to customers after sending debtors letters from non-existent law firms June 25, 2014 Payday lender Wonga has agreed to pay compensation to around 45,000 customers over what Britain's financial regulator has called "unfair and misleading debt collection practices". An Office of Fair Trading (OFT) investigation found that the lender had sent letters to customers in arrears from non-existent law firms, threatening legal action. Wonga sent letters from the [...]
Spire Healthcare announces IPO June 25, 2014 Spire Healthcare Group has announced its intention to float on the London Stock Exchange. The private hospital group's offer will include a proportion of new shares worth approximately £315m. Thye money raised will be used to pay off debts and cover the listing cost. The announcement follows the decision of Spire's private equity owners to [...]
Premier Oil appoints Tony Durrant as CEO June 25, 2014 FTSE 250 company Premier Oil has announced the appointment of Tony Durrant as its new chief executive. The appointment follows the decision of Simon Lockett to step down after nine years at the helm. During his tenure, production at the business grew by 56 per cent, while cash flows rose by 580 per cent to [...]
Stagecoach meets expectations as confidence in buses grows June 25, 2014 Stagecoach has announced financial results in line with the company's expectations for the year ended 30 April. Profit before taxation was in line with analysts’ forecasts of £180m. The FTSE 250 company's performance in the UK was was boosted by new contract wins in London and solid cost control. North American business has been booming, [...]
Russia could face new US sanctions June 25, 2014 Russia could face more economic sanctions from the US amid the ongoing turmoil in Ukraine. The new sanctions would affect exports, reports the FT. According to industry executives, US companies would be required to apply for licences if they wish to export technology to Russia. The rules would apply to new projects rather than existing [...]
Hacking trial verdict puts David Cameron in dock June 24, 2014 Prime Minister David Cameron faced a crisis of confidence in his judgement yesterday after an Old Bailey jury found his former press secretary Andy Coulson guilty of conspiracy to hack phones. Rebekah Brooks, Coulson’s predecessor as editor at the News of the World, was found not guilty of all four charges she faced. Coulson faces [...]
Debate rages over buyout backed IPOs June 24, 2014 PRIVATE equity came under fresh pressure yesterday after another new listing struggled on its debut. Italian ratings agency Cerved, floated by CVC Capital, fell from €5.10 to €4.80 before recovering to €5 on its debut. AA, co-owned by CVC, also suffered weakness after a poor debut on Monday. Veteran investor Jon Moulton said a listing [...]
Hard to swallow… Luis Suarez faces Fifa probe after third bite June 24, 2014 England’s World Cup destroyer Luis Suarez was facing a Fifa probe last night after appearing to bite Italian defender Giorgio Chiellini as Uruguay won 1-0 . It is Suarez’s third biting controversy after previous incidents with Liverpool and his former club side Ajax. Suarez later refused to answer questions from reporters on the incident. But Fifa [...]