Spirit rejects strong takeover bid from Magners maker C&C Group October 23, 2014 SPIRIT Pub Company has rejected a takeover bid from Magners maker C&C Group, it emerged last night. It will instead move forward in a deal with rival Greene King. Spirit said in a statement that it had “reviewed the proposal and rejected it”. C&C had made an attractive offer for the company yesterday despite currently [...]
Credit Suisse to cut more jobs October 23, 2014 INVESTMENT bank Credit Suisse yesterday revealed plans to cut more jobs, following a round of reductions in weak areas like fixed income trading. It came as the bank announced profits of SFr1bn (£654m) for the third quarter. That is up 126 per cent on the same quarter of last year. The bank’s shares fell 1.92 [...]
Soc Gen moves into the Wharf October 23, 2014 INVESTMENT bank Societe Generale is moving into Canary Wharf after it signed up to take 280,000 sq ft at the area’s new 1 Bank Street building. The bank will take the ground floor and floors one through seven, consolidating its three current locations into one development. The company will occupy the building on a 25 [...]
Foxtons hit by cooling London housing market October 23, 2014 ESTATE agency Foxtons yesterday warned on future earnings, as the firm fell prey to London’s property market slowdown. Third quarter property sales commissions were £16.4m, down from £17.8m in the same period last year, according to the firm’s interim management statement. The sales figures mark a fall of 7.8 per cent year-on-year in the third [...]
New mortgage hurdles begin to make impact on property market October 23, 2014 THE NUMBER of mortgage approvals fell for the third month in a row as housing market activity continued to slow. Data released yesterday by the British Bankers Association, a trade body for UK banks, revealed that the number of mortgage approvals in September was 39,271 – a 14-month low. The figure marks a 10 per cent [...]
Lazard profits rise as bank sees surge in cross-border transactions October 23, 2014 Investment bank and asset manager Lazard yesterday reported a better-than-expected quarterly profit as it earned more fees from advising on M&A deals amid a surge in cross-border transactions. The volume of cross-border transactions has risen 119 per cent this year to the end of September, passing the $1 trillion (£624bn) mark for the first time [...]
QPR need to go through hoops for stadium October 23, 2014 CARGIANT’S Geoff Warren owns 47 acres at Old Oak Common on which Premier League strugglers Queens Park Rangers want to build a new stadium. But, says Warren, it won’t happen. “We own the land. We are going to develop it. The stadium is just not going to happen.”
Miner Rio Tinto transfers CEO Sam Walsh and CFO Chris Lynch to open-ended contracts October 23, 2014 Mining company Rio Tinto has extended the tenure of its chief executive Sam Walsh and chief financial officer Chris Lynch, the firm announced yesterday. Walsh, whose contract was due to end on 31 December 2015, with a break clause from 31 October 2014, and Lynch, whose contract was due to end on 28 February 2017, [...]
KKR third quarter earnings beat expectations after cash surge October 23, 2014 Private equity firm KKR reported a lower-than-expected 27 per cent year-on-year drop in third-quarter profit yesterday as its holdings appreciated more than many analysts foresaw and it generated more cash by exiting its investments. Pictured is co-chief executive Henry Kravis and his wife Marie-Josee Kravis.
Tesco is shopping for a new chairman October 23, 2014 SIR RICHARD Broadbent yesterday announced his plans to leave Tesco, and said he felt the need for a demonstration of accountability by the supermarket’s bosses. His decision came as the firm revealed its pre-tax profits had slumped 92 per cent on the year to £112m in the first six months of its financial year. Sales [...]