Sir Philip Green agrees to contribute £363m to BHS pension scheme February 28, 2017 Controversial retail tycoon Sir Philip Green has sought to put a torrid period of parliamentary and media scrutiny behind him, agreeing to put £363m in cash towards BHS’ substantial pension scheme deficit. MPs investigated the sale of BHS last year and labelled Green the "unacceptable face of capitalism" for selling the high street store to [...]
Fraud squad lawyer tells court two ex-Barclays traders accused of Libor rigging treated honesty as if it were expendable February 28, 2017 A lawyer acting for the fraud squad told a court today that two ex-Barclays traders accused of Libor rigging treated honesty as if it were expendable. The Serious Fraud Office (SFO), which is prosecuting the case, has claimed Stylianos Contogoulas, 45, and Ryan Reich, 35, played roles in a conspiracy to fix the benchmark rate between 1 June [...]
Human rights issues and your portfolio February 28, 2017 | City Talk We would rather not think about human rights issues when it comes to asset allocation. In the developed world, we often treat human rights violations — modern-day slavery, child labour, etc. — as anachronisms, at least as far they concern us. Or we dismiss them as problems for someone else to deal with, whether activists, [...]
Tui UK says it’s “so very sorry for the pain and loss” caused by the 2015 Tunisia terror attack as families plan legal action February 28, 2017 Nick Longman, Tui UK's managing director, has said the company is "very sorry for the pain and loss" of those affected by the 2015 Tunisia terrorist attack. A coroner has concluded the police response to a terror attack at the Tunisian beach resort where 30 Britons died was "at best shambolic and at worse cowardly", [...]
Yep, US GDP growth was 1.9 per cent last quarter – but business and consumers think Donald Trump is going to keep the economy moving upwards February 28, 2017 The US has confirmed GDP growth in the fourth quarter of last year was a disappointing 1.9 per cent – despite economists expecting 2.2 per cent. Figures published today confirmed the less-than-encouraging figure, originally mooted last month by the US Bureau of Economic Analysis. The figure put annual growth in 2016 at 1.6 per cent. Although [...]
Engineer GKN’s shares jump on solid results and promising news for military spending February 28, 2017 Following GKN's previous struggles with slowing military spending, news of Donald Trump's plan to increase the US defence budget must have been music to the ears of the engineering firm's investors. The figures For the year to the end of December, the car part maker posted underlying profits before tax up 12 per cent to £678m. That includes a £39m restructuring [...]
ITV has snapped up a French TV production company February 28, 2017 ITV has purchased a majority stake in French television production group Tetra Media Studio for an undisclosed sum, the broadcaster announced today. Tetra’s flagship dramas include crime series Profilage (Profiling), now in its seventh season, and Les Hommes de l’Ombre (The Men of the Shadow), the critically acclaimed political thriller. Last year, the group produced [...]
Rolls-Royce freezes the pay of 8,000 managers as it gears up for a challenging 2017 February 28, 2017 Rolls-Royce has frozen pay for around 8,000 managers, about 4,600 in the UK, as the company prepares for a challenging year ahead. Losses at the aeroplane engine maker were worse than expected last year as it racked up a £4.6bn loss before tax. Read more: Rolls-Royce made its largest ever loss last year City A.M. [...]
Transitional arrangements after Brexit could take 18 months or more, says Charlotte Hogg, the new Bank of England deputy governor February 28, 2017 The Bank of England (BoE)'s new deputy governor Charlotte Hogg today said UK banks will need 12 to 18 months at least to make transitional arrangements after certainty on Brexit negotiations is reached. Appearing before the Treasury Select Committee, Hogg said banks will need additional time after the two-year negotiations are reached to change their business models in terms [...]
When will it stop? Boohoo upgrades sales forecast yet again February 28, 2017 Boohoo has upgraded its sales forecast yet again, saying this morning that sales will double this year. Previously, Boohoo said its sales growth would be in the range of 46-48 per cent for the full year to 28 February. The online retailer, which targets millennials, said it had also improved its operations, meaning its margins [...]