FTSE 100 and 250 quarterly review takes effect as Hikma, Tullow Oil and Afren shuffle March 23, 2015 The shake-up revealed as a result of the quarterly review of the FTSE 100 and 250 takes effect this morning. Hikma Pharmaceuticals entered the blue-chip benchmark index, and its shares were down 2 per cent at £21.40. The pharmaceutical products manufacturer, which floated around ten years ago, has a market cap of £4.22bn. Hikma knocked out Tullow Oil [...]
Afren shares inch up as it informs Serious Fraud Office of expense payment concerns March 23, 2015 Troubled oil firm Afren has notified the Serious Fraud Office of concerns over expenses payments thrown up by a review by its legal advisers. Afren said the concerns arose from work by its law firm Willkie Farr & Gallagher "regarding the hire of an individual within its operations in 2012 and the payment of certain travel [...]
FirstGroup share price edges up after securing Great Western rail franchise March 23, 2015 FirstGroup's share price edged up this morning after it announced a deal with the Department of Transport (DfT) to operate the First Great Western rail franchise all the way through to 1 April 2019. The deal could be extended by a year at the DfT's discretion. After losing a series of bids for rail franchises [...]
Halfords names Jill McDonald new chief executive to replace Matt Davies March 23, 2015 Halfords has named Jill McDonald as its new chief executive, filling the saddle left empty by Matt Davies who's departing to lead Tesco's business operations in June. McDonald will leave fast food chain McDonald's where she is UK chief and president of North West Europe. The former marketing chief joined the restaurant business in 2006 [...]
City UK boss Gerry Grimstone: We’re not all bad apples March 23, 2015 Huge numbers of finance workers are unfairly bashed by politicians whose rhetoric mixes up the misbehaviour of a few bad apples with that of the honest majority, the head of a leading City lobby group said last night. Chancellor George Osborne hit the Square Mile hard in his Budget last week, raising several billion pounds [...]
CityFibre asks watchdog to level playing field after BT-EE merger March 23, 2015 High speed fibre optic firm CityFibre has attacked BT, saying its planned acquisition of EE would “stifle innovation” and “deliver little tangible benefit for consumers”. CityFibre revealed the objection this morning, saying that it submitted a formal complaint to the Competition Markets Authority (CMA) on Friday. The company demanded Ofcom be allowed to enforce extra [...]
MPs demand a change to rules over insolvency following City Link collapse March 23, 2015 The collapse of delivery firm City Link over Christmas shows the insolvency system is flawed and mistreats contract workers, two influential groups of MPs claimed today. It can be cheaper for firms to pay a fine for breaking the rules, rather than to give workers the proper notice of redundancy, the Business, Innovation and Skills [...]
Aldi aims to leave rivals in its wake by adding 60 new stores March 23, 2015 Discount retailer Aldi looks set to outpace the big four this year as it ramps up plans for further expansion by opening 60 new stores in the UK this year. While the chain opened its first UK outlet 25 years ago, it was not until the onset of the financial crisis – and the subsequent [...]
City boss Gerry Grimstone: The buck has to stop with board directors March 23, 2015 Who is to blame when a banker many tiers from the top of the firm misbehaves? The banker alone? Their manager? The boss of their division? The chief executive? It can be chaotic working out who should be punished in a vast organisation across dozens of countries and hundreds of thousands of workers. But there [...]
CityFibre gets revenue boost but losses grow March 23, 2015 CityFibre saw its revenues rocket last year but failed to stem rising losses on its bottom line, the firm revealed this morning. The fibre optic specialist is the largest independent provider of fibre infrastructure in the UK, with a focus on Britain’s mid-sized cities, including York, Coventry and Doncaster. The firm’s specialisation in pure [...]