Russian billionaire Mikhail Fridman in telecoms move with Letter One Technology April 7, 2015 Russian oligarch Mikhail Fridman is preparing to expand his holdings in the telecoms market with investment vehicle Letter One. The billionaire businessman will operate the Letter One Technology platform as a private equity-style fund to invest in telecoms assets across Europe, with initial funding of $16bn (£11bn). The technology offshoot of the Letter One group [...]
Fundraising and dealmaking help to boost profits at stockbroker N+1 Singer April 7, 2015 N+1 Singer yesterday became the latest City stockbroker to report a boost in profits last year as fundraising and dealmaking activity picked up. However, the group warned there was still too much capacity in the small- and mid-cap market because of falling secondary commissions. N+1 Singer’s revenue increased five per cent to £30.9m [...]
Cadbury hit with £62m Indian tax bill over ‘phantom factory’ April 6, 2015 Chocolate maker Cadbury was yesterday hit with a new 5.7bn Indian rupee (£62m) tax claim in India in relation to allegations that it claimed excise benefits on a “phantom” factory. India, under pressure to reduce its budget deficit, has sought to boost fiscal revenue, not least by pursuing billions of dollars in unpaid tax claims [...]
Why hiring chief executives externally is better for struggling businesses April 2, 2015 It's an age-old argument: when a leader steps down, do you promote from within or bring in fresh blood? Each brings their own benefits – one has a fresh view on business and new ways of working, while the other already has a deep understanding of a company's strengths and weaknesses. Now we might have [...]
400 jobs cut at EDF’s Hinkley nuclear power station project April 2, 2015 French power giant EDF has cut 400 contractors' jobs at the £16bn Hinkley Point C power station. In a statement, the company said because negotiations with potential investment partners have been delayed, it was not prepared to keep investing in the project – although it will continue to make preparations for the next phase of [...]
The future looks less sour for Tate & Lyle as profits are set to meet expectations April 2, 2015 After a string of profit warnings, Tate & Lyle's financial outlook seems to be stabilising at last. The figures For the full year to 31 March, Tate & Lyle estimates its pre-tax profit will be fall “modestly below” the range of £230m to £245m it predicted in September. The update is based on trading [...]
Marks & Spencer’s share price jumps as retailer finally breaks 14-quarter decline in general merchandise April 2, 2015 The numbers Marks and Spencer has recorded its first growth in general merchandise – the division heavily focused on clothing – in 14 quarters. The like for like growth of 0.7 per cent for the three months to March 28 brings to a close a two-and-a-half-year downwards spiral that has plagued chief executive Marc Bolland's tenure. [...]
From Aldermore to Autotrader, flotation fever’s back as IPO returns jump to 8.1 per cent April 1, 2015 The 10 UK stock market floats conducted this year have generated an average return of 8.1 per cent, according to figures released yesterday by financial services firm Deloitte. As of 31 March, these 10 initial public offerings (IPOs) – which include challenger bank Aldermore and Autotrader – had outperformed the FTSE 100. Their 8.1 per cent [...]
StanChart loses another top exec just weeks after board shake-up April 1, 2015 Group executive director Viswanathan Shankar resigned from his board role at Standard Chartered yesterday. The announcement of his departure comes a month after the bank revealed chief executive Peter Sands and chairman Sir John Peace were also on their way out. Shankar was also chief executive for Europe, the Middle East, Africa and the Americas, [...]
Sanne share price rises 10 per cent on its first day of trading after IPO April 1, 2015 Shares in corporate administration provider Sanne Group surged on their debut yesterday, opening at 221p per share, a 10 per cent premium on its listing price. The company raised £142m when it floated last Friday in a move which valued the company at £232m. Previous majority holder Inflexion Private Equity said the initial public offer [...]