Aveva expands portfolio with FabTrol buyout June 1, 2015 Aveva Group has agreed to acquire Oregon-based software firm FabTrol in a deal worth $6.5m (£4.2m), it announced yesterday. FabTrol, which is currently owned by Dowco Group, specialises in the provision of management software for the steel fabrication industry. Aveva views the acquisition as a way of further integrating this technology into its existing Bocad [...]
Chinese equities – a steady bull market? Despite risks, stocks will continue to rise in coming months June 1, 2015 Despite a six per cent sell-off on Thursday, the Chinese equity markets made fresh gains yesterday. Shanghai’s CSI 300 index rose 4.86 per cent to 5,076.18, while the Shanghai Composite Index gained 4.72 per cent to 4,828.74, following a 136.9 per cent increase in the last 12 months. These gains came despite relatively weak market [...]
HSBC expected to unveil thousands of job cuts June 1, 2015 HSBC is expected to unveil thousands more job cuts as the lender attempts to improve profitability. Chief executive Stuart Gulliver is thought to be planning to reveal plans to slash as many as 20,000 jobs at an investor presentation next week, Sky News reported. The scandal-hit bank has been under pressure from shareholders in recent months. [...]
Fancy a buffet with Warren Buffett? World’s most expensive power lunch with the Oracle of Omaha goes under the hammer (again) June 1, 2015 There are some things you can't put a price on, but having lunch with the Oracle of Omaha is not one of them. The annual action to have lunch with billionaire investor Warren Buffett is underway and already bids have risen above $1,000,500. There are three days and several hours left to get [...]
Mike Ashley adds MegaValue.com high street store to Sports Direct business June 1, 2015 Mike Ashley rarely sits still. With his ownership of the beleaguered Newcastle United dominating the headlines, the Sports Direct owner has quietly added a new high street business to his interests. Read more: Rangers and Sports Direct boss Mike Ashley has too much power, says IoD The subtly-titled MegaValue.com is a new discount store that recently appeared [...]
Former British Gas director Michael Uzielli spends first day as Heathrow CFO June 1, 2015 Former British Gas financial director Michael Uzielli has taken up the reins as chief financial officer of Heathrow, weeks before the Airports Commission announces its decision over a third runway for the airport. Read more: Sir Howard Davies says third runway will deliver more benefits at Heathrow than Gatwick. Uzielli's appointment was announced in [...]
Chief executive Jordan Hansell leaves Warren Buffett and Berkshire Hathaway’s luxury jet firm NetJets June 1, 2015 Change is afoot at NetJets, the luxury jet business backed by Warren Buffett's Berkshire Hathaway. The chief executive and chairman Jordan Hansell, who has been in the cockpit for four years, has stepped down from both roles with immediate effect. Adam Johnson, who has been at the business for 18 years and is [...]
Troubled grocer Morrisons set for FTSE 100 demotion June 1, 2015 Morrisons is facing relegation from the FTSE 100 this month, having been earmarked for demotion by the stock market's committee. The troubled supermarket, whose share price has fallen more than 15.5 per cent in a year, is the company “nearest to the 111th threshold” to enter the FTSE 250, the London Stock Exchange said [...]
Thousands of job losses expected as Malaysia Airlines enters pre-pack administration June 1, 2015 Malaysia Airlines has started a “hard reset” of its business, which could include as many as 6,000 job losses, as it struggles to keep running. Last week the troubled carrier, which suffered two major tragedies last year, entered a pre-pack administration as it transitions to a new company, Malaysia Airlines Berhad. PwC Malaysia's [...]
Asos share price opens lower after “Black Friday” style outage as customers clamour for discount June 1, 2015 Shares in online retail giant opened 1.5 per cent lower at 3,630p after a day-long outage prevented thousands of customers from taking advantage of a 20 per cent discount. Banners on the website advertised a 20 per cent discount on "Every. Single. Thing", causing customers to flock to the site. But it failed to stand [...]