Afren share price jumps on confirmation Alan Linn will become new chief executive April 7, 2015 Embattled oil firm Afren has confirmed speculation that Alan Linn is the anointed one, saying he will become chief executive and concluding a six-month search. Shares in the Aim-listed company shot up seven per cent as investors were buoyed by the news, which signals a return to less choppy waters. Afren said Linn, formerly the [...]
Ryanair share price rises as passengers soar more than a quarter in March April 7, 2015 Confirmation Ryanair's attempts to show its softer side are working? Passenger numbers at the airline rose 28 per cent in March, figures published this morning showed. Ryanair said it carried 6.7m passengers during the month, up from 5.2m in March last year. Its load factor – how full its planes were, on average – rose [...]
Fedex to buy TNT Europe in €4.4bn deal April 7, 2015 FedEx is making a major acquisition to expand its business in Europe with a billion-euro bid for TNT Europe. The US delivery firm has made an all-cash offer of €8.00 per share for the Dutch delivery group, valuing TNT at €4.4bn (£3.2bn). The offer represents a 33 per cent premium on its previous closing price. A major shareholder, PostNL [...]
Samsung profit decline to moderate in first quarter ahead of Galaxy S6 launch April 7, 2015 The figures Operating profit at the Korean electronics firm is expected to be 5.9tn won (£4bn) for the quarter to the end of March – down 31 per cent on the same quarter last year, but a more moderate decline than expected. It remains the sixth consecutive quarterly decline for the firm. But sales for [...]
Flash Boy firm Virtu set to launch new flotation bid to raise $314m April 7, 2015 Virtu, which delayed its initial public offering (IPO) amid a furore over high-frequency traders, renewed the fundraising effort with a plan to raise as much as $314m (£211m). The company will offer about 16.5m shares at $17 to $19 apiece, according to a regulatory filing yesterday. At the high end of the range, Virtu would [...]
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 [...]