Shell is expected to report huge annual profit gains as oil prices recover January 29, 2017 Royal Dutch Shell's annual profits are expected shoot up following last year's dramatic 80 per cent decline as oil prices continue to inch up. The oil giant is forecasted to post a profit of $8.17bn (£6.51bn), more than double its profit of $3.8bn the previous year, the Telegraph reported. The Anglo-Dutch business is also expected to announce the latest development in its drive to [...]
Amanda Staveley’s legal row with Barclays to reach crunch point this week January 29, 2017 It's a critical week for Amanda Staveley's legal battle with Barclays, with a judge due to decide whether the City financier can have access to documents key to her case. PCP Capital Partners, the investment vehicle Staveley founded, is suing the banking giant for almost £1bn over the way it handled a 2008 emergency fundraising. PCP [...]
Deadline looms as hope remains Sky and Discovery can hammer out a deal January 29, 2017 Last ditch negotiations between Sky and Discovery will run to the wire this week, with hope remaining that the axing of 12 channels can be averted. Earlier this week, Discovery revealed its UK channels, including Eurosport and Animal Planet, will be binned by Sky at the end of the month after negotiations broke down between the two media giants. [...]
Green must protect BHS pensioners or risk facing MPs again, warns Frank Field January 29, 2017 Pensions of former BHS workers must be protected under any deal struck by billionaire tycoon Sir Philip Green, chair of the Work and Pensions Committee Frank Field has said. Green, who sold BHS for £1 in March 2015 to serial bankrupt Dominic Chappell, is nearing a £350m deal to save pensions of ex-BHS workers, Sky News reported [...]
More than 12 offers on the table for Agent Provocateur January 29, 2017 At least a dozen offers have been made for troubled lingerie brand Agent Provocateur, according to sources familiar with the chain's owner. Private equity company 3i put the retailer up for sale this month following disappointing December trading. The firm is seeking an offer which exceeds the brand's £30m debt pile. Sources close to the [...]
Deposit protection limit for savings to be bumped back up to £85,000 tomorrow January 29, 2017 Savers will have an extra £10,000 safeguarded as of tomorrow, as the deposit protection limit is increased back up to £85,000. The deposit protection limit under the Financial Services Compensation Scheme (FSCS), which is designed to protect consumers' cash should lenders run into hot water, was cut to £75,000 last year in an effort to put [...]
Telefonica is working through a strategic plan that will pave the way for O2 float January 29, 2017 O2's owner has set the ball rolling on a strategic plan to clear legacy issues before either floating or selling the British mobile phone operator, according to reports. Singapore's sovereign wealth fund, GIC, is working with private equity fund CVC to buy a controlling share in Telefonica's infrastructure division in a deal worth €1.5bn (£1.3bn), the [...]
Deutsche Bank forecast to be in the red for 2016, with a net loss of almost €1bn predicted January 29, 2017 Deutsche Bank is predicted to announce it is almost €1bn (£850m) in the red when it releases its full year results for 2016 on Thursday morning. A consensus of analysts has forecast the German banking giant will report a net loss of €910m for the full year and €1.6bn for its fourth quarter. However, some analysts are predicting a full year loss [...]
Here’s how British citizens are affected by Donald Trump’s travel ban January 29, 2017 UPDATE: The Foreign Office has issued a clarification that UK nationals will be exempt from the travel ban. Read more. An executive order by President Donald Trump has provoked waves of protest at US airports, where those travelling from seven majority Muslim countries have been detained or turned back. Signed on Friday, the order has [...]
Mo Farah slams Trump’s travel ban as “deeply troubling” January 29, 2017 Star athlete and Olympic hero Sir Mo Farah has slammed Donald Trump's executive order banning entry into the US for nationals of seven majority Muslim countries, including those who hold dual citizenship. Farah said it was "deeply troubling that I will have to tell my children that Daddy might not be able to come home – [...]