Electra share price drops as shareholders fend off activist investor Edward Bramson and Sherborne Investors October 6, 2014 Electra shareholders have fended off a bid by activist investor Edward Bramson to join the private equity fund’s board at its annual general meeting today. The move sent shares in Electra down almost two per cent this morning. Bramson’s Sherborne Investors had sought backing for reform of the group, with the elusive investor telling shareholders [...]
Webuyanycar owner BCA gears up for London IPO October 6, 2014 Britain's largest car auctioneer BCA has confirmed plans to list on the London Stock Exchange, in a move that would value the business at £800m. Blackbushe-based BCA, which acquired webuyanycar.com last August, is looking to raise £200m by issuing a quarter of its equity. The company said the proceeds would be used to pay [...]
Why the price of gold is down to a year low? Falling US unemployment boosts investor confidence October 6, 2014 Gold's appeal has been tarnished by stronger-than-expected employment data for the US. The commodity, which is viewed by investors as a safe haven at times of economic instability, fell in value by 0.7 per cent to $1,183 per ounce during Asian trading this morning – its lowest price since June last year. On [...]
Arsenal fail to beat top four team for 14th game in a row with defeat at Chelsea October 6, 2014 Unfortunately for Arsenal fans, their 2 – 0 defeat to Chelsea was almost inevitable. In what was this season's first trip to one of last season's top four, Arsene Wenger's men stuck to a script that has gone from scary, to shocking to no-longer surprising for their frustrated fans. Although Arsenal's performance was [...]
Jim Mellon: Three things you didn’t know about the multi-millionaire fund manager October 6, 2014 1 He once ended up owning a nightclub in Manila due to non-payment of a debt. Luckily the debt was repaid. But for six months, he was the owner of the Firehouse Club, unbeknown to his employers. 2 He was once charged with accompanying the ex-Foreign Secretary, George Brown, on a trip around Japan. Then [...]
German factory orders add to Eurozone woes October 6, 2014 German factory orders haven't fallen this far since January 2009. Orders for August dived by 5.7 per cent month on month after a bullish 4.7 per cent jump in July. The fall was far worse than a group of economists polled by Bloomberg had anticipated. As a measure taken in isolation it wouldn't be as [...]
France on collision course with the EU over budget deficit October 6, 2014 It's not like France is trying and failing to keep its budget deficit in line – the country is actually planning to overrun. So said an EU official to the Wall Street Journal, which is reporting that the EU may reject France's 2015 budget proposal – a move that could lead to a wider conflict. Five charts [...]
Tesco share price rises on board announcements October 6, 2014 Tesco's share price rose this morning after the troubled supermarket revealed it was bolstering its senior team. The retail giant, whose share price had fallen 52 per cent this year by the end of Friday's trading, has added two new non-executive members to its board, including former chief executive and president of Ikea Group Mikael Ohlsson. The [...]
BG Group receives $350m from Egyptian government October 6, 2014 BG Group has received a $350m repayment from the Egyptian government, it announced this morning. The British gas producer, whose operations span 25 countries worldwide, said the payment reduced its domestic receivables balance in Egypt to around $1.2bn. Egypt is currently facing its worst energy crisis in decades as gas production declines and [...]
BHP Billiton share price falls despite Australian expansion plan October 6, 2014 BHP Billiton says it can cut costs at its iron ore mines in Australia, providing attractive returns for shareholders despite pessimism pervading the iron ore industry as a whole. This failed to impress investors, however, with shares in the company going down by 0.2 per cent to £16.48 in trading this morning. The [...]