Marks & Spencer to enter Beijing as it shuts five Shanghai stores March 2, 2015 Marks & Spencer is poised to open stores in Beijing and Guangzhou – but will reduce its presence in greater Shanghai. Currently M&S has around 15 stores in China, but this will be the first time it has entered the country’s capital city. The high street giant said it had “firm intent” to enter those [...]
FTSE 100 and 250 promotions and relegations: Tullow Oil, Afren set to slip after quarterly review March 2, 2015 Tullow Oil and Afren are likely to slip out of their respective FTSE indexes after this week's quarterly review. Analysis by Société Générale said Tullow Oil could fall out of the FTSE 100. The Irish firm recently reported a £1.3bn pre-tax loss, its first in 15 years, having revealed a $2.3bn (£1.5bn) write-off in January. [...]
Rangers FC chairman David Somers resigns days before EGM March 2, 2015 The chairman of Rangers has resigned from the troubled Scottish football club just days before a crucial extraordinary general meeting in which the fate of the board is due to be decided. David Somers was facing one of its major shareholders who has called for the entire board to be removed. Dave King is seeking [...]
Olympic Park development: Balfour Beatty just agreed to build two new neighbourhoods in East London March 2, 2015 Builder Balfour Beatty has signed a deal to construct 1,500 homes at East Wick and Sweetwater, the next two neighbourhoods to come out of the Olympic Village. The project, at Queen Elizabeth Olympic Park, will deliver 450 affordable homes, 530 for private sale and 500 to be rented out under a similar model to the [...]
Afren share price jumps as much as 27 per cent after debt deadline extension March 2, 2015 Some off the heat is off London-listed oil producer Afren after it secured an extension on its debt repayments. Afren obtained another deferral of the $50m (£33m) amortisation until 31 March 2015 on its $300m Ebok debt facility. The payment was initially due on 31 January, and the previous extension expired on 27 February. It will continue [...]
Thorntons share price slides as sales melted by supermarket woes March 2, 2015 The figures The latest figures from chocolate maker Thorntons were hard to digest for investors, sending shares down more than seven per cent in early trading. Like-for-like sales in the first half of the year to 10 January were £128m – a fall of eight per cent. Pre-tax profit fell 11 per cent to £6.5m, largely as a result woes [...]
Hiscox pre-tax profit falls amid low interest rate environment March 2, 2015 The figures Specialist insurer Hiscox has said pre-tax profit fell to £231.1m for the year ending 31 December 2014, down from £244.5m a year earlier. The London-listed group reported a 3.3 per cent increase in gross written premiums, jumping to £1,756.3m in the same period. Why it's interesting Insurers such as Hiscox have struggled amid a [...]
Trinity Mirror pays first dividend in six years despite supermarket ad spend slowdown March 2, 2015 The figures The publisher of the Daily Mirror, Sunday Mirror and Sunday People has turned in a full-year adjusted profit of £102.3m, a slight uptick of one per cent on the previous year. Revenue for the year to 28 December fell to £636.3m from £663.8m, a fall of 4.1 per cent on the previous year, but [...]
UK fails to stop RWE Dea North Sea oil sale to Russian billionaire Mikhail Fridman March 1, 2015 The UK government could face legal action if it attempts to interfere with a Russian billionaire’s bid for several North Sea energy assets. An investment vehicle called Letter One, which is owned by Russian tycoon Mikhail Fridman, is buying German oil company RWE Dea in a €5.1bn (£3.7bn) deal expected to be closed today. RWE [...]
Abu Dhabi fund in £1.6bn bid for London’s Maybourne Hotel Group March 1, 2015 Abu Dhabi’s sovereign wealth fund has put forward a £1.6bn bid for Maybourne Hotel Group, owner of London venues the Berkeley, the Connaught and Claridges. Abu Dhabi Investment Authority (ADIA) is reported to have sent a letter declaring its interest in such a deal to Maybourne’s holding company, Coroin. The firm is understood to have [...]