Betfair misses despite hitting its goals as traders and analysts go cold on fears that the firm is over-valued June 17, 2015 The City stopped championing Betfair yesterday, despite premier full-year results from the online bookmaker. Shares in the FTSE 250-quoted firm slid throughout the day, with analysts warning that the stock was overvalued due to intense competition in the online gaming market. Betfair closed 3.9 per cent lower at 2,416p, against the FTSE 250 [...]
Cheesegrater bolts to cost Severfield £6m after Leadenhall building loses five June 17, 2015 Steelmaker Severfield said yesterday that the cost of replacing bolts in the Cheesegrater building, after five broke, is likely to hit £6m. There are around 3,000 bolts in the City skyscraper, formally known as the Leadenhall building, and most will be replaced, chief executive Ian Lawson told City A.M. “These bolts were a specialist [...]
JD Sports warns weak euro will dent its margins June 17, 2015 Sports fashion group JD Sports yesterday said it has made a “strong start” in the first 19 weeks of the year despite tough comparatives with last year, having announced record annual pre-tax profits of £100m in April. In a trading update ahead of its annual general meeting yesterday, the Size? and Millets owner said the [...]
JPMorgan Chase vice chairman Jimmy Lee dies June 17, 2015 JPMorgan vice chairman Jimmy Lee has unexpectedly died, the company announced in a statement. Lee, a veteran banker involved in the industry for over 40 years, had led the company's investment banking arm and had recently worked on the record-breaking Alibaba IPO. Read more: JP Morgan’s lead over broking rivals increases In a statement chief executive [...]
Waitrose PYOO (“pick your own offers”) ups game in supermarket price wars with Aldi, Lidl and big four June 17, 2015 Middle England favourite Waitrose has upped the stakes in the supermarket price wars with what it's calling "game-changing" discounts. The latest salvo in the battle with Aldi, Lidl and the big four – and adding a new acronym to our lingo almost as good as BOGOF – is "Pick Your Own Offers", or PYOO, which is [...]
Former Nokia executive Stephen Elop jumps off his burning platform June 17, 2015 Stephen Elop has finally jumped off his burning platform after going from Microsoft to Nokia and then back again. He is leaving Microsoft, it was announced today, after moving to the tech giant as part of its $7.2bn (£4.58bn) acquisition of Nokia in 2013. He had worked for Microsoft's business division before joining the Finnish [...]
RBS missing payments blasted by Treasury Select Committee chairman Andrew Tyrie June 17, 2015 The Treasury Select Committee chairman has blasted RBS for the “serious” glitch that caused hundreds of thousands of payments to go missing. It emerged this morning that around 600,000 payments, including tax credits and benefits, had not been made overnight, leaving thousands of RBS, Natwest, Coutts and Ulster Bank customers stranded without enough cash [...]
RBS glitch affecting 600,000 payments for customers of RBS, Natwest, Coutts and Ulster not resolved until Saturday June 17, 2015 RBS has failed to put through around 600,000 payments for customers across the group as a result of a technical issue – and the money could be missing for several more days. RBS, Natwest, Coutts and Ulster Bank are all thought to have been affected by the issue, which was discovered first thing this [...]
Rangers shareholders vote against immediate repayment of Mike Ashley’s £5m loan June 17, 2015 More than half of Rangers' shareholders have voted against paying back Mike Ashley's £5m immediately. The Sports Direct founder and owner of Newcastle called a meeting at Ibrox on Friday – which he did not attend personally – seeking repayment of the loan as well as an explanation for why the club had delisted from [...]
Rupert Murdoch steps down as 21st Century Fox chief: Here’s a chart of every company his son James will inherit (and the News Corp empire) June 17, 2015 Rupert Murdoch has announced he will be stepping down from his post as chief executive of 21st Century Fox in two weeks. Read more: James Murdoch confirmed as new 21st Century Fox chief exec Murdoch’s son, James, will take over, leaving Rupert and his other son, Lachlan, as executive co-chairmen. Chase Carey, a career Murdoch man [...]