Paul Drechsler pledges to use Brexit as opportunity for business as he swaps CBI for London First May 25, 2018 The Confederation of British Industry president Paul Drechsler is to become chairman of lobby group London First, pledging to use Brexit as an opportunity to improve the environment for the capital’s businesses and residents. Drechsler will take on the reins on 1 July, after his three-year term at the CBI concludes. He is taking over [...]
GDPR can rebuild public trust in businesses plagued by high-profile data breaches and privacy scandals May 25, 2018 I’ve been meaning to clean up my mailbox for a long time. Now, suddenly, it seems to be doing this itself. As a consumer, this feels like a welcome bit of help. But its more than that – these emails are a critical part of the UK’s future economic success. The great inbox purge marks [...]
Homebase flogged for £1 to HMV owner Hilco amid UK retail malaise May 25, 2018 Troubled DIY chain Homebase has been flogged by Australian retail giant Wesfarmers, which blamed a “deterioration” of the UK economy and took a painful loss of up to £230m. In a statement early this morning, Wesfarmers said the UK chain has been sold for £1 to turnaround fund Hilco – best-known known for buying what [...]
Shareholder anger spills over at Lloyds AGM as Noel Edmonds crashes the bank’s house party May 25, 2018 Lloyds Banking Group stole the title of the year’s most dramatic AGM yesterday, as investors took the lender’s board to task and TV personality Noel Edmonds made a vocal appearance. The meeting began with one angry shareholder accosting Lloyds’ chairman Norman Blackwell, shouting: “You’re a liar and a cheat.” Hostile exchanges followed between management and [...]
Skipper Joe Root fails to make the grade in first audition for regular No3 slot May 24, 2018 After a bruising winter of discontent there was a new school year feel at Lord’s with the opportunity for England’s underperforming pupils to absolve themselves within such seminary grounds. Recently-appointed chair of governors Ed Smith had taken his first assembly the previous week, laying out his timetable to prevent England’s porous top order from splintering [...]
Pakistan in driving seat as old failings return to haunt toiling England in first Test at Lord’s May 24, 2018 Former England skipper Alastair Cook is reluctant to accept the writing is on the wall for his side despite a limp batting performance on day one of the Test summer’s curtain-raiser against Pakistan. In what was depicted pre-match as a bold new era, the same travails which dogged England during a harrowing winter resurfaced as [...]
Cardboard company Smurfit Kappa completes €460m deal as it attempts to defend itself from an €8.9bn takeover May 24, 2018 Cardboard packaging company Smurfit Kappa, which is currently the target of one of the biggest live takeover bids in the FTSE 100, beefed up yesterday with its own €460m (£403m) deal. Smurfit announced it had agreed to acquire Reparenco, a paper business in the Netherlands which owns a 675,000 tonne capacity mill. This comes as [...]
Samsonite shares slide after short seller accuses it of massaging earnings May 24, 2018 Shares in Hong Kong-listed Samsonite, the world’s largest luggage manufacturer, crashed today after a short seller alleged the business had “concealed slowing growth… massaged earnings and inflated margins”. Hedge fund Blue Orca Capital, which described the suitcase maker as having a “history of mediocrity”, said that it should be trading at a discount to its [...]
Hedge fund Winton Capital sees profits edge up, but assets under advisement keep sliding May 24, 2018 Hedge fund firm Winton Group, founded by businessman David Harding, announced today that its profits were up slightly after a disastrous 2016. Pre-tax profits were up to £125m in 2017, after being slashed in half to £107m a year prior, as stronger investment performance helped to boost fees. However clients were seemingly still wary after [...]
Plus500 sets course for main market after crypto surge and record quarter results May 24, 2018 Broker and spreadbetting company Plus500 has announced that it is applying for all its shares to be admitted to the London Stock Exchange main market. The company, which is currently listed on the Alternative Investment Market (Aim), is announcing this move only a few weeks after revealing record-breaking first quarter results in which its pre-tax [...]