Babcock International’s French arm scoops €500m defence contract with French Air Force January 5, 2017 The French arm of defence and support services group Babcock International has scooped a €500m (£425m) contract with France's air force. Under the 11-year contract, which begins immediately, Babcock France will provide and maintain a training platform and related services for the French Air Force (l'Armée de l'Air). The FTSE 100-listed firm had been tipped to get [...]
ITV chief exec Adam Crozier appointed as non-exec of Costa and Premier Inn owner January 5, 2017 The owner of Costa coffee has swooped during the January transfer window to sign the former head of the Football Association as a non-executive director. Current ITV chief exec Adam Crozier will join the board of Whitbread from 1 April and will be part of the remuneration committee of the group that also owns Premier Inn hotels. [...]
Bank of England chief economist Andy Haldane says they were wrong on Brexit, but UK must factor in financial services in negotiations January 5, 2017 The Bank of England's top economist has said the financial services sector should be one of the top concerns for the government in the upcoming Brexit negotiations, while acknowledging that the Bank's predictions on the effects of a vote to leave the EU were badly wrong – a "Michael Fish moment". Andy Haldane, chief economist of [...]
The 9 best paying companies in the UK for directors January 5, 2017 Recruitment website Glassdoor has ranked British companies based on how much they pay directors — senior staff who generally take care of a particular area of a company. The site, which lets staff anonymously submit company reviews and salary information, used data compiled over the past three years to produce its list. Perhaps unsurprisingly, the [...]
The most gripping private equity tale of 2017? Japanese tyre firm agrees £215m takeover deal for British counterpart January 5, 2017 A Japanese tyre company has agreed a £215m takeover deal for a UK counterpart. Private equity firm Graphite Capital today announced the sale of Micheldever Tyre Services (MTS) to Sumitomo Rubber Industries (SRI), Japan’s sixth largest tyre manufacturer. Graphite said the sale represents a 3.7 times return on its individual investment. The private equity house originally backed [...]
Non-Ascential items: Events company puts 13 magazines up for sale, including Health Service Journal, Drapers and Construction News January 5, 2017 Publisher and events company Ascential has put 13 of its magazines up for sale. The Health Service Journal, Construction News, Local Government Chronicle, Drapers and other titles have been separated from the rest of the business into a separate operating entity. Ascential said it was seeking new owners for the “heritage brands”, which sit within EMAP, [...]
British American Tobacco drops its nicotine inhaler Voke to prioritise vapour and tobacco heating products January 5, 2017 British American Tobacco (BAT) today announced it would drop its medical nicotine inhaler Voke to focus more directly on products like e-cigarettes aimed at consumers. BAT said it will give up its manufacturing, intellectual property and know-how assets to Kind Consumer, from which it licensed the product, in return for deferred, contingent payments. No financial details were disclosed. Read [...]
Sun and Times newspapers report losses as revenues are hit by advertising decline January 5, 2017 The publishers behind the Times and Sun newspapers, both owned by Rupert Murdoch’s News UK, part of News Corporation, have reported falling revenue and losses. Times Newspapers, which publishes the daily Times newspaper and the Sunday Times, saw its revenue dip from £342.6m to £341.7m in the year to 3 July 2016. The company made [...]
The EU cracked the whip on cartels last year, while the US backed down January 5, 2017 Global fines for cartels rose to over $6bn (£4.9bn) last year, as a clampdown from the EU helped to push the figure higher, statistics out today show. Law firm Allen & Overy has calculated that fines for cartel involvement rose to $6.68bn worldwide in 2016, up 28 per cent compared with $5.2bn the year before, while the [...]
Southern rail driver-operated doors: Rail regulator satisfied they are “a safe method of working” January 5, 2017 The chief inspector of railways has concluded Southern rail's plans for driver-operated doors are safe. Nevertheless, unions highlighted a series of recommendations in the report by Ian Prosser on behalf of regulator, the Office of Rail and Road (ORR). Driver-operated doors are at the heart of the Southern rail dispute that has blighted the network for almost a year, [...]