Afren share price falls as it puts off another interest payment to bondholders June 10, 2015 Afren, the troubled oil producer whose share price plummeted 98 per cent last year, admitted this morning that it will use another 30-day grace period to put off an $11.9m (£7.7m) interest payment due yesterday. The Aim-listed company added that it was unlikely to make the payment, due on its 2020 bonds, at the end [...]
Boohoo share price soars as trading update suggests etailer is back “on track” June 10, 2015 Boohoo's shares soared this morning as investors lapped up a strong trading update from the etailer, following a stumble earlier this year. The figures: Revenues rose 35 per cent for the three months to May 31, while gross margins climbed more than 60 per cent. The company, which listed last year, now has 3.3m [...]
Sainsbury’s sales fall for sixth successive quarter – with 2.1 pc fall June 10, 2015 Sainsbury's sales have fallen again, showing the supermarket giant is yet to shrug off the challenges facing the big four. The figures: Like-for-like sales were down 2.1 per cent for the first quarter of 2015. Food deflation and a competitive market were blamed for the poor sales figures, which were down 2.1 per cent for the [...]
HSBC lays down the gauntlet to George Osborne on bank levy as it mulls exit from UK June 9, 2015 HSBC moved a step closer to leaving the UK yesterday, piling pressure on chancellor George Osborne to take action to persuade the bank to stay. Chief executive Stuart Gulliver set out details of HSBC’s review of the location of its headquarters, looking at 11 different criteria, including taxes, the government’s attitude to finance, and [...]
London Groucho Club to open a media watering hole in New York June 9, 2015 Soho’s best-known members-only establishment, the Groucho Club, is to open its second outpost in New York after being sold by owner Graphite Capital to the club’s management team. Groucho chief executive Matt Hobbs also said plans for a third club were underway. The management buyout was backed by Alcuin Capital Partners, Isfield Investments and a [...]
Vice founder hints at IPO despite admitting he is not enthusiastic June 9, 2015 VICE co-founder and chief executive Shane Smith hinted at a possible public offering of the burgeoning media outlet, but said he was personally against the idea. Smith, who was speaking at the WPP shareholder meeting yesterday, alluded to the possibility of a flotation when asked by Sir Martin Sorrell if Vice was “going to go [...]
Challenge set for Bill Winters on day one at Standard Chartered as UK domicile remains “under review” June 9, 2015 HSBC’s plan of action to review the location of its headquarters puts pressure on Standard Chartered’s new boss Bill Winters as he takes up the role today. StanChart is domiciled in the UK but carries out almost all of its business overseas, specialising in emerging markets. As a result it is set to [...]
Deutsche Bank’s Renaissance man: John Cryan is a cultured accountant ready to take on his biggest challenge June 9, 2015 With an encyclopedic knowledge of Mozart and a finely honed understanding of fine wine, Deutsche Bank’s new British boss John Cryan is a far cry from the masters of the universe-type banker. Cryan’s appointment at the top of Germany’s financial establishment has cast the spotlight on a man who, until Sunday, had worked in positions [...]
HSBC share price closes lower after revealing plans to cut 25,000 jobs – 8,000 of which are in the UK June 9, 2015 Shares in HSBC closed just short of one per cent lower, at 613.74p, after it announced plans to cut 25,000 jobs as part of a move to strip out $5bn (£3.25bn) worth of costs from Europe's biggest bank. Read more: HSBC to rebrand retail banking arm – or possibly sell it Shares had [...]
Supermarket price war attracts short sellers to record positions in sector June 9, 2015 It's no secret UK supermarkets have been under the cosh both in terms of the ongoing price war with discounters Aldi and Lidl, as well as several problems of their own making. Now it seems short sellers are making hay while the sun shines. The sector has attracted record interest from short sellers, with [...]