Alibaba Pictures share price tumbles following $1.6bn placement June 4, 2015 Alibaba Pictures' share price has dropped over eight per cent on the Hong Kong Stock Exchange as it announced a massive share sale expected to raise at least HK$12.1bn ($1.6bn/£1.2bn). Read more: Alibaba will invest in Jackie Chan movies The company is a separately traded unit of the New York-listed ecommerce giant Alibaba, formed last year [...]
Birds Eye owner Nomad Foods gets taste for Findus takeover deal June 3, 2015 Birds Eye owner Nomad Foods is in talks to buy Crispy Pancake maker Findus, in a deal which would cement the firm’s dominance in the frozen food market. Nomad, an acquisition vehicle for hedge fund tycoon Noam Gottesman and consumer boss Martin Franklin, said it was in exclusive early stage talks with the owners of [...]
Former Barclays chiefs Sir David Walker and Martin Taylor clash in Bank of England ringfence row June 3, 2015 A pair of big City beasts clashed yesterday over the incoming ringfence, designed to split retail from investment banking, one of the key structural reforms being introduced after the financial crisis. To make matters more juicy, they are both former bosses of Barclays. Sir David Walker, chairman from 2012, in the wake of the Libor [...]
Lloyds to appeal against loss in £1bn bond buy back court case June 3, 2015 Lloyds Bank yesterday failed in its bid to buy back high-yielding bonds from retail investors, after a high court judge said it had not met the conditions for an exchange. The enhanced capital notes (ECNs) are designed to bolster the bank’s capital buffers, and were issued shortly after the lender was bailed out by the [...]
Merlin Entertainments feels the heat over Alton Towers Smiler rollercoaster accident as boss Nick Varney tries to mitigate crisis June 3, 2015 Merlin Entertainments boss Nick Varney faced his toughest test as a public chief executive yesterday, dealing with the aftermath of a crash which seriously injured four people on the so-called Smiler rollercoaster at Alton Towers. Two teenagers, Joe Pugh, 18 years old, and his girlfriend Leah Washington, 17, were named as two of the [...]
Goldman Sachs’ support staff lead salary and bonus rankings again June 3, 2015 BACK office bankers are best paid at Goldman Sachs, according to a study of salaries and bonuses in the sector from Emolument.com. Staff in support functions at the prestigious investment bank receive an average salary of £87,000 with an average bonus of £38,000, taking total pay up to £125,000. The next biggest bonuses is at BNP [...]
Cairn Homes IPO: Irish homebuilder to raise about £270m in London listing June 3, 2015 Irish housebuilder Cairn Homes will raise around £270m in a London flotation to take advantage of Ireland’s resurgence by building more homes for the country’s rising population of young househunters. The company, which was formed about a year ago by Michael Stanley and Alan McIntosh, will sell shares to investors for €1 each, raising money [...]
Morrisons stays in the FTSE 100 as Aggreko drops out and Inmarsat is promoted June 3, 2015 Troubled supermarket Morrisons held on to its listing in the FTSE 100, while power outsourcer Aggreko was given the boot as part of the index's quarterly reshuffle. Satellite maker Inmarsat will replace the company, which in recent months has been hit by the strength of the pound. Meanwhile, a trio of challenger banks, including Aldermore, [...]
Merlin Entertainments share price falls again as Alton Towers stays closed following Smiler rollercoaster collision June 3, 2015 Alton Towers will remain closed today following a collision on an £18m rollercoaster which left four people seriously injured. Read more: Two carriages of Alton Towers rollercoaster Smiler collide Shares in the theme park's owner, Merlin Entertainments fell in early trading this morning, after a 3.5 per cent drop yesterday afternoon made it one of the biggest [...]
JP Morgan draws the line on staff voicemail to cut costs June 3, 2015 Many of JP Morgan's employees will no longer have voicemail once a new cost-cutting plan is rolled out. The bank is getting rid of the service, which costs $10 (£6.5) per month per person, because it says many of its staff simply don't need it. “We realized that hardly anyone uses voicemail anymore…we’re [...]