Pensions watchdog “concerned” Melrose bid for GKN could damage pension fund March 6, 2018 The Pensions Regulator (TPR) has expressed concerns that the hostile bid for GKN by US engineering firm Melrose could damage the British company’s pension scheme. In a letter to the chair of Parliament’s Work and Pensions Committee, Frank Field, TPR said it is “concerned that the increased leverage involved in the proposed takeover by Melrose [...]
Jaguar Land Rover and Cadbury stop production after Storm Emma water supply failure says Severn Trent March 5, 2018 Car manufacturer Jaguar Land Rover and chocolate giant Cadbury were today forced to stop production at their separate Midlands plants because of damage to the water supply from Storm Emma. Severn Trent said it has been forced to bring in “extra teams and tankers” and increasing production at treatment works as it struggles to keep [...]
Theresa May suggests technical border could be option for Ireland March 5, 2018 Theresa May has suggested a technical border could be an option for the island of Ireland after Brexit. During a grilling in the Commons today, the Prime Minister told MPs that she had asked officials to consider a report, put forward by a committee within the European Parliament, on how to avoid a hard border [...]
Focus On Victoria: A £4bn investment has completely changed the area from dowdy offices to shiny penthouses and hip restaurants March 5, 2018 If the Queen’s getting a £369m refurbishment of Buckingham Palace, it seems only fair that the neighbourhood surrounding it should get a polish, too. £4bn should just about cover it, and that’s how much has been invested in the area by developer Land Securities over the last five years. Around £700m of that has gone [...]
Trade war looms as EU readies retaliation on bourbon and Levi jeans over US’ steel and alumnium tariff move March 5, 2018 Fears are growing of a looming global trade war as the European Union has warned of impending retaliatory measures, following Donald Trump’s unilateral decision to impose tariffs on steel and aluminium imports. The US President last week moved to unilaterally impose levies of 25 per cent on steel products and 10 per cent on aluminium, [...]
What happened when we got a job picking weed in California’s booming cannabis industry March 5, 2018 The rugged wilderness of Humboldt, Mendocino and Trinity Counties, northern California’s “Emerald Triangle”, produces over half the cannabis consumed in the US. Every year, from September to December, the region swarms with seasonal agricultural workers known as “trimmers”, or “trimmigrants”, here to work the land to supply America’s legion of stoners. For years the going [...]
Healthcare blockchain startup Medicalchain lists its tokens on exchanges after raising $24m in an ICO March 5, 2018 A healthcare-focused blockchain startup will list its tokens on five major exchanges following a successful initial coin offering (ICO) at the start of the month. London-based Medicalchain has created a blockchain platform for medical records, which allows for the secure, fast and transparent exchange of medical records by patients and doctors. The firm raised $24m [...]
Done deal: Tesco completes £3.7bn acquisition of Booker Group | City A.M. March 5, 2018 Tesco today completed its acquisition of Booker Group, creating the leading food group in the UK. The £3.7bn deal was given court approval on Friday after shareholders voted it through last week. Booker Group’s shares have been de-listed from the London Stock Exchange. Each share has been exchanged for 42.5p in cash, and 0.861 new [...]
Ultra Electronics share price (ULE) drops as it scraps a deal to buy US rival Sparton March 5, 2018 Defence firm Ultra Electronics tumbled this morning as it scrapped a $235m (£170m) deal to buy a US rival and reported a drop in profits. Ultra agreed to buy Sparton Corporation, which makes anti-submarine warfare devices used by the US Navy, in July. However, following discussions with the US Department of Justice over competition concerns, [...]
3i is boosting its investment in the UK’s largest landfill-to-electricity business Infinis by £125m to help fund acquisition of Alkane Energy March 5, 2018 The UK’s largest generator of electricity from landfill gas, Infinis, is set to get a £125m boost to help fund a new acquisition. 3i Infrastructure, its listed private equity owner, will provide the cash as Infinis grabs Nottinghamshire-base Alkane Energy, a power generator which turns coal mine methane into electricity. 3i bought Infinis from Guy [...]