After banning Uber in Guangzhou, the Chinese government is starting its own online taxi service in the city May 25, 2015 The Chinese city of Guangzhou may have banned Uber, but that hasn’t stopped its municipal government setting up its own, strikingly similar, online taxi company. The new company will be named Ruyue, which means “by appointment”. Uber was shut down in the city a matter of weeks ago, after authorities raided its offices, murmuring about [...]
Patrick Drahi’s Altice and John Malone’s Charter Communications are fighting to take over Time Warner Cable May 25, 2015 Time Warner Cable (TWC), one of the biggest US cable companies, could become the subject of a takeover clash. John Malone, a US cable tycoon who owns Charter Communications, and France’s Altice are vying to buy TWC for $48bn (£31bn), sources told the Financial Times. Discussions are said to be ongoing through the weekend, with [...]
Germany denies reports Greece could get a parallel currency May 22, 2015 Germany's finance ministry has denied reports it was considering offering Greece its own parallel currency. Earlier today Germany's finance minister Wolfgang Schaeuble was said to have raised the possibility of offering it a parallel currency during a recent meeting, according to a a report by Bloomberg. This prompted speculation that Germany was preparing for the cash strapped country's [...]
Plus500 suspends shares after it suffers a shorting attack May 22, 2015 Beleaguered spread-betting firm Plus500 today suspended trading in its shares on London's junior market, following a sell-off sparked by a hedge fund's blog post which said it was shorting the company's stock. US hedge fund Cable Car said it was shorting the trading platform with a price target of 76 pence per share. This sent the [...]
UK government faces legal action from British American Tobacco and Philip Morris over plain packaging law May 22, 2015 The UK government is facing legal action from two of the world's biggest tobacco companies over its new “plain packaging” law. British American Tobacco and Philip Morris have filed law suits with the High Court, claiming the regulation breaches EU and English property trademark laws. Marc Firestone, senior vice president of Philip Morris, [...]
Young landlords are revitalising Britain’s ailing pub industry May 22, 2015 Over the last three years young pub landlords breathed new life into Britain's ailing pub industry, helping it bounce back from a painful period of decline. Youthful landlords have tapped into the nation's penchant for pub food, helping the sector's sales rise by 23 per cent in the three years to March 2015, according to data published [...]
Nationwide chief executive Graham Beale to retire next year as profits jump 54 per cent May 22, 2015 Nationwide's chief executive Graham Beale will step down next year, the building society has confirmed. Beale, who is expected to retire “at or around the date of the AGM in July”, will have been at the helm of the lender for nine years and a board member for 13 years. Nationwide is now looking [...]
Severn Trent share price falls as investments squeeze profits May 22, 2015 The figures Severn Trent's revenue increased 2.4 per cent to £1.8bn in the year to the end of March, up from £1.76bn a year earlier. Nevertheless, investments squeezed profits: pre-tax profit fell 53.5 per cent to £148.2m, down from £318.8m in 2013. It said that investment "in business development in US concessions impacted profit year on [...]
Quindell share prices rises as regulators give Slater & Gordon disposal the nod May 22, 2015 Quindell shares opened 2.7 per cent higher at 132p this morning after it revealed the Financial Conduct Authority (FCA) had given its plans to sell its law arm the thumbs up. The company announced plans to sell its professional services division, which accounts for 90 per cent of its business, to Slater & Gordon in [...]
Number of women FTSE 100 chief execs rises to six as Whitbread appoints Alison Brittain as chief executive May 22, 2015 Whitbread has appointed Alison Brittain as its new chief executive, taking the total number of women chiefs on the FTSE 100 to six. The owner of Premier Inn hotels and Costa Coffee has picked the Lloyds Banking Group director to replace Andy Harrison who will retire on 16th February. Chairman Richard Baker described Brittain as [...]