Centrica completed its exit from wind power as it sold its stake in the Lincs offshore wind farm January 13, 2017 Centrica has completed its exit from the wind power generation business with the sale of a 50 per cent stake in its Lincs offshore wind farm to the Green Investment Bank. The UK energy company's joint venture partner Siemens Project Ventures has also agreed to sell its 25 per cent share to the bank, while Dong Energy, [...]
Employers must act early when strike action looms: Industrial action and what can be done January 13, 2017 Strike action is continuing to cause significant disruption for commuters, business travellers and holidaymakers in early 2017 – but could it have been prevented? Southern Rail has announced that it is going ahead with three-day stoppages of its train services this month – the first started this week – and British Airways’ cabin crew held a 48-hour strike [...]
Government wants to restore faith in Britain’s businesses by shaking up corporate crime laws January 13, 2017 The government has unveiled plans to get tough on corporate crime in an attempt to hold businesses to account for any unscrupulous behaviour. The Ministry of Justice is concerned the bar is set too high for proving criminal offences such as fraud, money laundering and false accounting, meaning many prosecutions are successful. "Companies must be held [...]
James Bond’s yacht from Skyfall has gone on sale January 13, 2017 Looking for a great Valentine's Day present? Look no further – James Bond's yacht is for sale. The yacht – also known as Regina – appeared in Skyfall and is now on the market for £7.76m. Taking the yacht out for a week normally costs nearly £150,000 (manned by a crew of 8). Read more: [...]
Property interview: Melissa York speaks to CEO Fredrik Korallus of upstart hostel brand Generator about breaking America January 13, 2017 From the way chief executive officer Fredrik Korallus talks about his hostel group Generator, you’d think he was heading up a trendy Shoreditch club night. He speaks about “having the right art, the right music, the right culture” and even aspires to turn the £20-a-night shared accommodation hubs into “living art centres”. But exceeding expectations [...]
This is not a drill: Private equity giant in £1bn power tool company takeover January 13, 2017 Private equity giant KKR is drilling further into Japan with a deal to buy a power tool company. KKR’s HK Holdings has agreed to acquire a majority stake in Hitachi Koki, valuing the company at $1.3bn (£1.1bn). Some 40.25 per cent of the company is being bought from Hitachi and 10.9 per cent from Hitachi [...]
Wells Fargo’s profits slumped as fourth quarter earnings missed expectations January 13, 2017 Wells Fargo today reported profits were down for the second year as its fourth quarter earnings missed expectations. The figures The US' third-largest bank said quarterly net income was down to $5.3bn (£4.3bn) from $5.6bn the previous year, while diluted earnings per share were down to $0.96 compared with $1.00 last year. Revenue stayed consistent with the fourth [...]
JP Morgan has ushered in the Trump era by smashing expectations January 13, 2017 JP Morgan smashed expectations in the fourth quarter, reporting adjusted earnings per share of $1.71 on forecasts of $1.43. The figures Revenues rose to $24.3bn in the fourth quarter, five per cent lower than the $25.5bn it brought in during the previous quarter – but two per cent up on the $23.7bn it made in the fourth quarter [...]
Bank of America kicks off Wall Street bank results with strong performance in final quarter of 2016 January 13, 2017 Bank of America Merrill Lynch (BoAML) today revealed an increase in revenue, income and earnings during the final quarter of last year. The figures Revenue excluding interest expense was up two per cent in the quarter, to $20bn (£16.4bn) from $19.6bn this time last year. Net income jumped to $4.7bn from $1.4bn in the fourth quarter of 2015.The [...]
Best and worst: The UK cities that are most and least likely to follow through on New Year’s promises January 13, 2017 For many of us, a couple of weeks into January and we're ready to bin those well intentioned promises made on New Year's Day. But new research by Amex has revealed which UK city is most confident about following through on their New Year's resolution. Read more: This is how much you're going to spend on getting [...]