End of the Terry Leahy era for Tesco as Ken Hanna and Stuart Chambers step down May 5, 2015 The last two non-exec directors who served during Terry Leahy’s reign at Tesco are to step down, in another shake-up of its board following last year’s profit scandal. Tesco said yesterday that Ken Hanna and Stuart Chambers would retire at the firm’s annual general meeting on 26 June, after serving on the board for six [...]
Former Lehman Brothers bankers in line for healthier pension payouts May 5, 2015 More than 2,000 ex-Lehman bankers are set for bigger pension payments after bosses of the retirement plan struck a £675m deal to offload it to an insurance firm. Members of the Lehman Brothers Pension Scheme will see payment restrictions – put into place after the bank’s dramatic collapse nearly seven years ago – lifted in [...]
Salesforce.com share price climbs on Microsoft takeover reports May 5, 2015 Shares in Salesforce.com jumped 6.2 per cent yesterday, after it was reported that Microsoft is considering a bid for the cloud software provider. Salesforce shares rose from $71.4 to $75.82 after which trading was temporarily halted. Microsoft is evaluating a bid after Salesforce was approached by another potential buyer, Bloomberg reported, citing people with [...]
UBS’ investment bank roars back with deal successes and soaring profits May 5, 2015 If you believe everything US investment bankers tell you, it is only a matter of time before a handful of American giants rule the world, and Europe’s challengers crumble into the dust. You can see why they are so confident, with Britain splitting its would-be universal banks with a ring-fence, and a series of [...]
EU mulls McDonald’s tax probe: Margrethe Vestager considers investigation into sweetheart deals May 5, 2015 The EU’s competition commissioner Margrethe Vestager is considering adding McDonald’s to the list of companies being investigated over sweetheart tax deals. The Danish commissioner is weighing up an inquiry following claims by campaigners and unions of an alleged deal with Luxembourg that allowed the fast-food chain to massively reduce its tax bill on European sales. A [...]
Ryanair lays on the charm and sells more seats May 5, 2015 Budget airline Ryanair’s passenger numbers soared in April, jumping 16 per cent on the same month last year. During April, there were 9m Ryanair passengers, up from 7.8m in April 2014. Rolling annual traffic was up to 91.8m passengers. The Irish airline’s load factor, an industry measure of how much of an airline’s capacity is [...]
Greene King hit by drink-driving rules in Scotland May 5, 2015 Pub and restaurant group Greene King yesterday blamed recently tightened drink-driving laws in Scotland for flat sales. The company, whose brands include Old Speckled Hen and Abbot Ale, plus the Hungry Horse and Loch Fyne chains, reported just a 0.4 per cent increase in sales for the 51 weeks to 26 April, but said sales [...]
IPOs breathe life into stagnant small caps after investment struggle May 5, 2015 Investments in the UK’s smaller companies have struggled this year, but some fund managers are hoping that newly-listed companies will help revive the sector. Since the start of the year, small caps quoted on the FTSE Aim All-Share TR index have lagged their large-cap peers on the FTSE 100. But since April, smaller companies have [...]
UK Oil & Gas Investments share price dips after issuing second clarification on Horse Hill Gatwick “100bn barrels” oil discovery claim May 5, 2015 UK Oil & Gas Investments (UKOG), the firm behind a potentially huge oil discovery at Horse Hill near Gatwick, has issued a second statement clarifying the size of the find following comments made by the company's chairman. Shares dipped more than three per cent in afternoon trading after spiking as much as five per cent [...]
More changes on the Tesco board as Ken Hanna and Stuart Chambers quit May 5, 2015 It's all-change at Tesco at the moment: following the appointment of Dave Lewis as chief executive and John Allan as chairman, two of the supermarket's non-executive directors have decided to step down. More on this story: Is Sainsbury's about to have its Tesco moment? Ken Hanna and Stuart Chambers, who have served on the board for [...]