Chris Hohn’s activist fund attacks Safran’s “enormously destructive” €8.5bn Zodiac takeover March 14, 2017 Chris Hohn’s activist hedge fund has had another bite at French aircraft-engine maker Safran over a planned €8.5bn (£7.4bn) takeover. The Children’s Investment (TCI) Fund, which owns a 4.1 per cent stake in Safran, publicised its opposition to the deal for plane-seat maker Zodiac last month, saying it had “no strategic rationale”. Safran hit back shortly [...]
Google, Facebook and Twitter won’t tell MPs how many staff moderate content in a major grilling by the Home Affairs Select Committee March 14, 2017 Several of the world's biggest tech companies faced a major grilling from MPs over their efforts to tackle online abuse and hate crime as German authorities pushed further, threatening them with multimillion pound fines over failures. Top executives from Google, Facebook and Twitter faced a lashing from MPs on the Home Affairs Select Committee for failing to do enough [...]
Ithaca Energy shareholder urges fellow investors to reject $1.2bn Delek takeover and hold out for better deal March 14, 2017 A major shareholder in North Sea oil producer Ithaca Energy has issued a statement urging fellow investors to reject a $1.24bn (£1bn) takeover deal. Ithaca’s board accepted a bid from Delek Group, which is currently the company’s largest shareholder with a 19.7 per cent stake, in February. The deal values Ithaca’s share value at $646m and [...]
Now “gallant George” Osborne has ridden to Charlotte Hogg’s defence March 14, 2017 Former chancellor George Osborne has taken time out from his newly-established portfolio career to wade into the debate about Charlotte Hogg, the now ex-Bank of England deputy governor for markets and banking. Hogg, who came under fierce criticism last week when it emerged that she had forgotten to add her banker brother's name to her official list of [...]
Banking pressure group, the British Bankers’ Association, plans to lobby the EU27, arguing a strong UK financial sector post-Brexit benefits everybody March 14, 2017 The UK's pressure group for the banking industry is pulling together plans to lobby the EU27 for a Brexit deal that will benefit all involved, just days before Prime Minister Theresa May is expected to pull the trigger on Article 50. The British Bankers' Association (BBA) has signed up an army of experts to draft plans to persuade [...]
Cheltenham Festival sets new alcohol restrictions after last year’s debauchery March 14, 2017 After last year's booze-fuelled escapades at Cheltenham Festival tarnished the lavish event, the racecourse has instated new rules in an attempt to limit how much customers drink. Racegoers are now barred from purchasing more than four alcoholic drinks at a time. However, complimentary water will be made available at each bar. In 2016, two footballers were fined after apparently urinating in a [...]
Storm Stella has hit airline share prices (including British Airways owner IAG) March 14, 2017 With Storm Stella blowing an icy blizzard on the East Coast of the United States, New Yorkers have battened down the hatches – along with airlines, which cancelled thousands of transatlantic flights today, hitting their share prices hard. On this side of the pond, International Airlines Group, the parent company of British Airways, Iberia and [...]
Private equity firm Privet Capital cuddles up with Care Bears maker Vivid Toy Group March 14, 2017 Private equity firm Privet Capital has snapped up a toymaker behind Care Bears, Thunderbirds and Moshi Monsters. Vivid Toy Group sells its products to major retailers across the UK, France, Benelux, Germany and the US, including in Tesco, Argos, Wal-Mart, Toys ‘R’ Us and Amazon. Headquartered in Guildford, the firm also has operations in Paris, Frankfurt and [...]
Developer behind 33 Central turns away from regional cities after Brexit March 14, 2017 HB Reavis, the developer behind Wells Fargo's European headquarters, has turned away from investing in the UK's regional cities due to the Brexit vote. Last July, HB Reavis' sale of 33 Central was widely-feted as a coup for London following the EU referendum, and while the developer is confident about the capital's prospects in the future, it [...]
Storm Stella: Dozens of British Airways and Virgin Atlantic flights from London to New York cancelled as snow envelops the US March 14, 2017 Dozens of London flights to and from the US have been cancelled after Storm Stella caused travel chaos in the north east of America. The US' National Weather Service issued blizzard warnings for parts of Pennsylvania, New York, New Jersey, Connecticut, Rhode Island, Massachusetts, Maine, Vermont and New Hampshire. According to live flight tracker FlightAware, 6,022 flights [...]