Morrisons may face revolt over Dalton Philips’s £3m pay package May 31, 2015 Morrisons is expected to clash with shareholders this week over the supermarket’s ousted chief executive Dalton Philips £3m pay package. Philips was forced to step down in February, after failing to halt the decline in sales at the grocer during his five years in charge. He walked away with a £1.1m payoff, as well as [...]
Fishing Republic IPO: Fish tackle group nets £1.5m as its shares go public May 31, 2015 Tackle shop group Fishing Republic successfully raised £1.5m in its initial public offering, revealing today that it will be worth approximately £3.6m when the shares start trading on Thursday 4 June. The group, established by life-long fishing enthusiast Steve Gross, hopes to be the first retailer to consolidate a fragmented market. There are 2,500 independent [...]
William Hague gets new private sector role with Teneo May 31, 2015 Former foreign secretary William Hague has taken a high-profile new job in the private sector. Hague, who was leader of the Conservative party from 1997 to 2001, has joined Teneo Holdings, an international business consultancy with ties to former US president Bill Clinton and former prime minister Tony Blair, the Sunday Times reported yesterday. [...]
G7 agrees Chinese currency should be in IMF currency reference basket May 29, 2015 The G7 has agreed that the Chinese yuan should be part of an international basket of reference currencies. German Finance Minister, Wolfgang Schäuble, announced the decision after a meeting of G7 finance ministers and central bank governors. However, he told a press conference that there was no need to rush the process. He said: There [...]
Quindell share price falls as it finalises Slater & Gordon deal and Lord Howard joins board May 29, 2015 Shares in troubled insurance claims outsourcer Quindell fell in late morning trading after the company announced it had completed a deal to sell its professional services division to legal giant Slater & Gordon. The £637m sale of the division, which comprised 90 per cent of Quindell's business, will return £500m to shareholders. The company took the [...]
More lettings at the Cheesegrater as new TSB owner Banco Sabadell takes two floors May 29, 2015 British Land and Oxford Properties, the developers behind the Cheesegrater (aka Leadenhall Building), confirmed three new lettings across seven floors of the building – including new TSB owner Banco Sabadell. Among the new signings are insurance giant Brit, which has signed a 15 year lease to occupy 66,300 sq ft across five storeys – 16 [...]
RBS joins Barclays in search for new corporate brokers May 28, 2015 Two of Britain’s biggest banks are both now searching for new corporate brokers, City A.M. understands, in a shake up of the sector’s relationships with the investing marketplace. UBS and Morgan Stanley are RBS’ current corporate brokers. UBS, it is understood, is highly unlikely to repitch for the role because of existing privatisation work it [...]
Equities slip as doubt lingers over Greek deal May 28, 2015 EUROPEAN and US shares slipped lower yesterday amid continued uncertainty over Greece’s debt problems. Equities had rallied earlier in the week on reports of provisional agreements between Greece and its creditors, but later dropped off when German finance minister Wolfgang Schaeuble said that not much progress had been made. In a last-ditch effort to receive [...]
S&P downgrades Vodafone as shareholders mull Liberty deal May 28, 2015 Telecoms group Vodafone has been downgraded by ratings agency Standard & Poors (S&P) which said the company is facing tough business conditions in key markets. The agency said obstacles to Vodafone include “strong sustained competition” and consolidation in the UK market that is likely to leave the firm in the number 3 position. In addition, [...]
Abercrombie & Fitch says sales improving with Hollister’s help May 28, 2015 Clothing retailer Abercrombie & Fitch said yesterday that its business is recovering, buoyed by the strong performance of its Hollister brand. Abercrombie shares rose nearly 12 per cent yesterday after the company reported that same-store sales fell eight per cent in the first quarter, less than the 8.7 per cent analysts had on average expected. Comparable [...]