Morrisons AGM: The best quotes so far June 4, 2015 It might not be quite as explosive at last year's event but the annual general meeting of troubled supermarket Morissons is shaping up to be another lively affair. The best lines so far A shareholder on new chief executive David Potts: “It's nice to hear the new chief executive talking English. The predecessor [Dalton Philips] [...]
Lloyds Banking Group faces record £100m PPI fine this week June 4, 2015 UPDATE: Lloyds Banking Group fined £117m for PPI failings Lloyds Banking Group could be slammed with a record fine from the FCA for its handling of PPI complaints. The bank – which is currently still part-owned by the taxpayer – could receive a penalty of “well over £100m” from City watchdog the FCA . [...]
Marks & Spencer chief executive Marc Bolland pockets £600,000 bonus after retailer’s first profit rise in four years June 4, 2015 It's not just shareholders who will be pleased that Marks & Spencer finally returned to growth last year. Marc Bolland has pocketed a bonus worth nearly £600,000 for the high street retailer's green shoots, which reported its first rise in profits in four years last month. Bolland received a bonus worth £596,000 on [...]
UK Oil and Gas Investments shares suspended pending Horse Hill oil announcement June 4, 2015 Trading in the shares of UK Oil and Gas Investments has been temporarily suspended pending an announcement about the firm's Horse Hill oil reserves. Shares were suspended on Aim from 7.30am Read more: "Gatwick gusher" shares are going berserk "The company has requested the temporary suspension of trading in its shares, pending an announcement in relation [...]
Mike Ashley’s Sports Direct hires Matt Pearson as new finance boss after 18 months… but he’s only “acting” June 4, 2015 It's taken 18 months and some serious shareholder pressure, but Sports Direct has finally appointed a new finance boss… although only on an interim basis. The Mike Ashley-owned retailer has today promoted Matt Pearson to the role of acting chief financial officer with immediate effect. He also joins the board. Pearson was group [...]
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 [...]