The Ghost of Christmas Past could tell us where the negotiations all went wrong December 19, 2018 In Charles Dickens’ A Christmas Carol, Scrooge finds being haunted by the Ghost of Christmas Past unbearable. He begs it to stop. The Ghost replies: “These are the shadows of things that have been. That they are what they are, do not blame me.” It might almost be the Prime Minister speaking about the whole [...]
Time for a migration policy based on sense December 19, 2018 Throughout the Brexit process, as the government’s core objectives and red lines have one by one been compromised away, a single aim has remained front, centre, and non-negotiable: end freedom of movement and give Britain control over its future immigration policy. The question, then, is how it will use this power. The long-awaited government white [...]
Big pharma: GSK to split as it forms £9.8bn consumer health venture with Pfizer December 19, 2018 British pharmaceuticals group Glaxosmithkline (GSK) has revealed it has entered into an agreement with US rival Pfizer to combine their consumer health businesses into one joint venture, expected to bring in sales of approximately £9.8bn. GSK said it will hold a majority controlling interest in the new venture at 68 per cent, while Pfizer will [...]
Waterfront London properties take 30 per cent premium, a bargain compared to Paris December 18, 2018 London waterfront homes come with a hefty price tag, but the 30 per cent premium to inland properties still falls well below equivalents in Paris and Sydney. While homeowners with a view of the water can expect to pay a hefty premium in London, they are fetching bargains compared to Paris and Perth, where the [...]
Patisserie Valerie takes trip to Starbucks to find new commercial director December 18, 2018 Under-pressure cake shop Patisserie Valerie has rebuilt its management team by snapping up a former Starbucks executive. Rhys Iley will try to reinvigorate the chain’s 200 stores as he takes up the role as commercial director. The appointment marks the end of new chief executive Steve Francis’s hiring spree after he brought in interim finance chief [...]
Indivior rallies as it plays rivals at their own game December 18, 2018 Indivior shares jumped over 17 per cent today as the company decided to take on generic copies of its star drug Suboxone by launching a cheaper version. The opioid treatment is facing challenges in the US where it is locked in a court battle with Dr Reddy’s Laboratories (DRL). Last week Indivior won a case [...]
National Grid gets shock as Ofgem lowers cap on shareholder payouts December 18, 2018 Ofgem will slash the amount of money network providers can pay to their shareholders under plans announced today, a move which it said could save customers around £45 a year. In an announcement which sent National Grid shares down over nine per cent to 759p, the regulator said it would set the baseline returns at [...]
Barclays fined $15m by US authorities over whistleblower unmasking scandal December 18, 2018 US authorities have slapped Barclays with a $15m (£11.87m) fine over its attempts to unmask a whistleblower two years ago, led by chief executive Jes Stanley. A New York Department of Financial Services (NYDFS) investigation found Staley personally told the bank’s head of security to try to identify the author of two whistleblowing letters in [...]
Take-private deals worth more than $1bn set to increase in 2019 December 18, 2018 Private equity buyouts of public companies over $1bn could increase next year as firms fight to find value. Take-private deals are likely to be much larger than other buyouts generally, with figures from Pitchbook showing that the median size this year was $977m, compared to the average non-take-private deal size of $175m. A third of public-to-private [...]
Asos bosses snap up cheap shares after day of horror for fashion sector December 18, 2018 Asos boss Nick Beighton and chairman Adam Crozier have snapped up thousands of shares in the company in a show of confidence following the retailer’s profit warning. The two executives each bought shares worth roughly £100,000 this morning after the company saw £1.3bn wiped off its value in a disastrous day of trading. Beighton and [...]