Another director leaves House of Fraser following Chinese acquisition April 27, 2015 House of Fraser is losing another member of its senior team, months into the department store's ownership transition. Chief financial officer Mark Gifford is leaving the company in September after eight years in the role, and 13 years at the company all told. Colin Elliot, a chartered accountant who has most recently worked [...]
HSBC share price continues surge in London and Hong Kong after UK HQ review and potential Brit spin-off revealed April 27, 2015 Shares in HSBC have surged in early trading extending last week's gains, made after it was revealed the bank was considering relocating away from the UK. HSBC shares opened three per cent higher in London today following reports over the weekend that Britain's largest bank could spin off its UK business into a separate division and [...]
RBS sells $5.6bn North American loan portfolio to Mizuho Bank April 27, 2015 The Royal Bank of Scotland (RBS) will sell a $5.6bn (£3.7bn) portfolio of loan commitments to Mizuho Bank, it said today – its second deal with the Japanese lender in three months. Around two-thirds of RBS' North American corporate loan portfolio has now been disposed of as the shrinking bank looks to exit many of [...]
Centrica expects choppy waters ahead as low oil and gas prices continue to weigh on peformance April 27, 2015 Centrica said this morning that the continued weight of low commodity prices meant it was unable to revise up the gloomy forecast it gave investors in February. The company's preliminary results, released on 19 February, revealed a full-year net loss of £1bn and left dividends slashed by 30 per cent. Also in that statement, the [...]
Diageo battles subsidiary boss Vijay Mallya after financial misconduct probe April 27, 2015 Diageo was forced to hold an emergency meeting over the weekend after the chairman of its Indian subsidiary, United Spirits, was accused of financial misconduct. Vijay Mallya, the former majority stakeholder in United Spirits, was asked to step down by Diageo, which purchased 55 per cent of the company for £1.8bn last year. Mallya is [...]
Warm reception for HSBC boosts chance it will move to Hong Kong April 27, 2015 HSBC’S bosses received a substantially warmer welcome from investors in Hong Kong than at its annual general meeting (AGM) in London on Friday, City A.M. understands. It comes at a crucial time for the UK-based banking giant as it considers moving its headquarters out of the UK, in response to the rising tide of regulation [...]
Elliott Advisors: The activist US hedge fund shaking up Britain April 27, 2015 Elliott Advisors is the UK subsidiary of a much larger American group, which began life in 1977 when it was established by Paul Elliott Singer. Its British arm has a reputation for activism which is not always welcomed by companies’ executives, as the hedge fund analyses performance and pushes for changes to squeeze better returns. [...]
BHS hires 250 new staff in food retail push amid withheld credit insurance rumours April 27, 2015 BHS announced its intention to take on 250 staff yesterday, and denied rumours its suppliers were seeing their credit insurance withheld. The struggling department store is hiring the extra staff as it seeks to expand into food retail following a successful trial in its Romford, Staines and Warrington stores. BHS has signed a contract with [...]
Citigroup floods market in Yorkshire Water shares as it prepares to sell £2bn stake April 27, 2015 Yorkshire Water is set to become the focus of an investor scramble for shares after Citigroup announced its intention to sell its £2bn stake in the utilities company yesterday. In what would be one of the largest utilities deals in years, Citi is seeking to offload its 30 per cent holding in the company which [...]
K&C REIT IPO: London house fund set to list April 27, 2015 A group of City veterans is looking to raise £6m on the Alternative Investment Market (Aim) to kick start a fund which will invest in the central London property market. The K&C REIT (real estate investment trust) issues its intention to float document today, notifying investors of its plans. It hopes to raise £6m at [...]