WPP gets stake in Turkish digital media firm Wanda as lira takes a fall June 8, 2015 Advertising giant WPP’s subsidiary firm J Walter Thompson has acquired a minority stake in Turkish digital agency Wanda Digital. The move comes at a fraught time in the Turkish domestic market. Yesterday the Turkish lira fell five per cent to an all time low against the US dollar, on the back of the country’s [...]
Nat Rothschild lays down Arms in battle with Asia Coal Energy Ventures June 8, 2015 The bitter dispute over the future of Asia Resource Minerals (Arms) was finally resolved yesterday after Nat Rothschild backed out of the firm he co-founded five years ago. Rothschild, through the fund NR Holdings, announced his intention to sell his 17.2 per cent stake in the struggling miner after attempts to wrest back control [...]
Star manager Neil Woodford invests £21m in online brokers AJ Bell June 8, 2015 Neil Woodford, one of the UK’s most successful fund managers has poured £21m into AJ Bell, the online investment platform and stockbroker service provider. Woodford Equity Income Fund is investing £13m while a further £8m is being invested by Woodford Patient Capital. Woodford founded Woodford Equity Income after quitting Invesco Perpetual, AJ Bell’s largest shareholder. [...]
Gateley IPO: Blue chip backing for first ever float of a UK law firm June 8, 2015 City fund managers including Schroders Investment Management and Miton Group have backed the pioneering float of Britain’s first listed corporate law firm. Gateley become only the second law firm in the world to list shares publicly following the introduction of new rules in 2012 allowing non-lawyers to invest in law firms. Shares in [...]
Tritax Big Box to raise £125m as it seals deal on Stoke warehouse June 8, 2015 Property investor Tritax Big Box said yesterday that it plans to raise £125m by issuing new shares at a price of 113p each. Since a placing undertaken by the company in March, which raised £175m, the company has acquired five logistics warehouses for £238.2m, net of acquisition costs. The firm has also completed two additional [...]
Car manufacturer Renault offers RCI Banque bank account for UK savers June 8, 2015 Car manufacturer Renault’s finance arm is launching savings accounts in the UK for the first time, diversifying its funding base. Motor companies often run finance businesses to fund customers’ purchases of their cars, as well as related insurance products. But offering a wider range of services is not as common. RCI Banque, as the unit [...]
Deutsche Bank’s share price ends day 4pc higher as boss resignations continue to please June 8, 2015 Yesterday's resignation by Deutsche Bank co-chiefs Juergen Fitschen and Anshu Jain is still going down very well with investors. This morning, shares rocketed seven per cent in value, and have continued to do well throughout the day. When markets closed, they were 3.57 per cent higher at €28.60. Read more: As Deutsche Bank share [...]
Diageo share price lifted by billionaire Brazilian bid talk from Jorge Paulo Lemann and 3G Capital June 8, 2015 Shares in Diageo have shot up today following reports the drinks giant is the target of a takeover bid by Brazil's richest man. Jorge Paulo Lemann and his private equity partners at 3G Capital are said to be mulling a buyout, according to local media reports. London-listed shares in the maker of Smirnoff vodka and Johnnie [...]
Burberry chief executive Christopher Bailey’s pay sinks to £8m June 8, 2015 Burberry chief executive Christopher Bailey earned £7.9m last year, including a £1m salary, a £1.7m bonus and £424,000 in allowances and benefits, the company said today. The remuneration package of Bailey – who is notoriously shy of the financial media – was subject to a shareholder revolt at the company's annual general meeting last year, [...]
New Look launches £1.2bn bond issue to repay high interest Pik loans June 8, 2015 New Look is launching a bond issue totalling £1.2bn to restructure its debt and pay off its high-interest loans as it transitions to new owners. The group, which has recently been bought out by South African tycoon Christo Wiese, is issuing £1bn-worth of senior secured notes due in 2022 and £200m senior notes due [...]