Sky wants the markets watchdog to investigate BT Openreach June 30, 2015 Sky wants media regulator Ofcom to launch a full investigation into the UK’s broadband market and get the competition watchdog involved. Yesterday, Sky published the evidence it has submitted to Ofcom, which highlights what Sky considers to be the low quality service offered by BT’s Openreach division, which runs the UK’s telecoms network. Sky’s broadband [...]
Ocado targets international deals after beating profit expectation June 30, 2015 The figures Ocado delivered better-than-expected pre-tax profit of £7.2m in the first half of the year, amid reports the grocery delivery giant is closing in on a deal with an international retailer. Read more: Ocado's making robots that will help in the workplace Despite intense price competition in the UK's supermarket sector, Ocado enjoyed a 15.7 [...]
Germany, France and Italy warn Greek people referendum ‘no’ vote will spark exit from currency union June 29, 2015 Eurozone leaders ratcheted up the pressure on embattled Greek leader Alexis Tsipras yesterday by warning Greek voters that Sunday’s crunch bailout referendum was a vote on the return of the drachma. Amid a day of high drama in Greece, the Eurozone’s top three economies, Germany, France and Italy, raised the stakes by urging voters [...]
Who is Carolyn Fairbairn? Meet the first female director-general of the CBI June 29, 2015 The Confederation of British Industry (CBI) has appointed Carolyn Fairbairn, a former director of strategy at both the BBC and ITV, as its first female director-general. Fairbairn will take the reins of Britain’s biggest business group from John Cridland later this year, the CBI announced yesterday. Cridland has led the CBI since 2011. [...]
Sainsbury’s Bank shops for new non-exec: Michael Ross takes on digital strategy June 29, 2015 Sainsbury’s Bank has gone shopping in the lingerie department for a new non-executive director and appointed the former chief executive of Figleaves.com to the board. Michael Ross will join with immediate effect and help develop its banking arm’s digital and data strategies, the retailer said yesterday. Ross founded the online lingerie retailer Figleaves in the [...]
UK Oil & Gas share price drops as firm strikes farm-in deal with Edgon Resources June 29, 2015 Shares in UK Oil & Gas Investments (UKOG) tumbled yesterday after the firm announced it has increased its interest in the Weald Basin, where the so-called Gatwick Gusher is located, through a farm-in agreement with Egdon Resources. UKOG has bought a 20 per cent interest in an onshore licence located to the immediate west of [...]
Allegion to pay €210m in offer for SimonsVoss June 29, 2015 Private equity house HgCapital Trust has agreed to sell its European locking systems business, SimonsVoss, to security products specialist Allegion, in a deal valued at €210m (£150m). SimonsVoss was founded in 1995, and generated sales of €52m in 2014. It employs around 275 people. Allegion employs almost 8,500 people and its products are sold in [...]
Fracking: Cuadrilla’s plans rejected by Lancashire County Council in blow to UK’s fledgling shale gas industry June 29, 2015 Plans by Cuadrilla for excavating shale gas in Lancashire via the controversial method of fracking have been rejected by local authorities in a major setback for the UK's shale gas industry. The energy firm has been denied permission to frack at Preston New Road by Lancashire County Council, which last week made a similar decision on [...]
Afghanistan’s pharmaceutical sector gets a boost from London investors June 29, 2015 Afghanistan isn't known for its appeal to foreign investors, but one London-based private equity firm has seen its potential and poured money into a pharmaceutical company there. Read more: Abbvie just bought one of the best pharmaceutical investments ever InFrontier, which was set up specifically to look for investment opportunities in pre-emerging markets, has [...]
General Electric to sell capital fleet to competitor Element Financial for $6.98bn June 29, 2015 General Electric, the American multinational conglomerate, is to sell off GE Capital’s fleet management operations in the US, Mexico, Australia and New Zealand for $6.98bn (£4.44bn) in cash. One of America’s largest companies, GE will sell several of its fleet businesses to a Canadian rival, as part of the firm’s strategy of focuses on its [...]