Former JJB boss Chris Ronnie to be sentenced for £1m-plus fraud December 7, 2014 The former chief executive of JJB Sports will be sentenced this week after being found guilty of accepting more than £1m in backhanders from suppliers. Christopher Ronnie was convicted last month of pocketing six-figure payments from three suppliers while in charge of JJB and failing to declare them to the board. He will be sentenced [...]
UK activist fund Crystal Amber vies for change at Sainsbury’s December 7, 2014 UK activist investment fund Crystal Amber is in talks with several overseas investors about buying shares in Sainsbury’s, as part of a plan to shake-up Britain’s third largest grocer. Aim-listed Crystal Amber is understood to be looking at Sainsbury’s on behalf of a big American investor interested in buying a sizeable stake in the food [...]
Canary Wharf suitors look to one shareholder to back £2.6bn bid December 7, 2014 The two bidders for Canary Wharf, Qatar Investment Authority (QIA) and Brookfield Property Partners, are hoping to persuade one major shareholder in the east London-based financial district to accept their takeover bid. The pair made a new hostile takeover offer for Canary Wharf-owner Songbird Estates directly to shareholders on Thursday, worth 350 pence-a-share. Songbird subsequently [...]
Aviva in danger of losing major Asian contract as rivals close in December 7, 2014 INSURER Aviva is facing a sale of one of its biggest contracts in Asia, according to market sources. If the company does not want to lose its bancassurance deal with Singapore’s DBS, which is due to end in 2015 after 14 years, it may be forced by a competitive auction process to pay in excess [...]
Uber driver held in India over rape allegations after woman reports assault in Delhi December 7, 2014 Controversial ride hire service Uber was back in the spotlight yesterday after Indian police arrested an Uber cab driver suspected of raping a female passenger and said they would take legal action against Uber for failing to run background checks on him. Police opened an investigation after a 26-year-old woman reported that she had been [...]
Treasury will reveal tax structures targeted by Google Tax this week December 7, 2014 THE TREASURY will this week unveil details of how it will implement the so-called Google tax, targeting firms that shift profits to overseas tax havens, as well as a list of the “artificial arrangements” used by businesses to dodge UK tax. The draft 2015 Finance Act will be published on Wednesday along with guidance on [...]
Chinese media giants rivalling US dominance December 7, 2014 CHINA is gaining ground on America’s dominance of the world’s biggest digital media companies with the Asian powerhouse now accounting for two of the six largest online media firms, by revenues generated. Baidu, the Chinese internet search firm, and Tencent, the Chinese online services giant, both reached the top six with revenues of $3.4bn (£2.2bn) [...]
London growth strengthens as UK rebounds December 7, 2014 Economic growth in the UK rose to a stronger pace in November, new survey data shows. The UK purchasing managers’ index – a survey of private sector firms – rose to 57.6 in November from October’s 55.8, according to figures released today by Lloyds Bank. A score above 50 signifies expansion. The figures represent a [...]
British firms expect robust 2015 despite concern over Eurozone December 7, 2014 UK FIRMS expect to grow strongly in early 2015 despite confidence being dented by stagnation in Europe. The BDO output index, which tracks UK firms’ order books, held steady at 103.2 per cent in November, according to figures released today by accountants BDO. The 100 figure marks long term growth. However, the sub-index for manufacturing [...]
Insolvencies at a pre-recession low but young families suffering December 7, 2014 THE NUMBER of people being declared insolvent in the UK has fallen to pre-recession levels, new data shows. However, the number of insolvencies remains high for young families, according to figures released by information services firm Experian today. All 15 of Experian’s demographic groups saw a decline in insolvency rates on the year in the [...]