E.On’s share price falls after it reports a net loss after booking writedowns as chief executive Johannes Teyssen warns of a tough course ahead March 9, 2016 E.On has warned that pressures on the company in 2015 will not let up into 2016 as it reports a net loss. Its share price fell over 2.5 per cent on the news. The figures E.On reported a net loss of €7bn for 2015, down from a net loss of €3.1bn a year ago. That came after [...]
Trunki vs Kiddee Case intellectual property judgement due at Supreme Court today – but what’s the big deal? March 9, 2016 It may look like fun and games, but Trunki’s design is big business. So big, in fact, that Magmatic, the company behind the popular children’s "ride-on" suitcases, has gone to the Supreme Court to defend its intellectual property rights – and the judgement is due out today In a case heard by the Supreme Court in [...]
Woodford backed telecoms vehicle poaches Goldman banker as it posts maiden dividend March 9, 2016 Telecoms takeover vehicle Zegona, set up last year by two former Virgin Media executives and backed by investor Neil Woodford, has poached Goldman Sachs banker Menno Kremer to grow its business across Europe. The ex-Virgin pair, former chief financial officer Eamonn O’Hare and ex-chief operating officer Robert Samuelson, tempted Kremer away from the bank with promises [...]
Simon Trim announced as new Sporting Index Group chief executive March 8, 2016 Simon Trim has been named as the new chief executive of the Sporting Index Group, the world's largest sports spread betting business. Trim's appointment follows the departure last month of former chief exec Warren Murphy, who led the betting firm for seven years. Trim has been with Sporting Index for 18 years and was appointed managing director [...]
Kanye West visited an Ikea in Sweden fueling speculation of a new design collaboration March 8, 2016 Superstar rapper Kanye West hasn't been shy about his money troubles. He turned to Twitter in a now famous rant asking Facebook billionaire Mark Zuckerberg for some cash to fund his (as yet unspecified) ideas as well as revealing that he is millions of dollars in debt. Has West now decided to rein in his spending? The musician has been [...]
Glencore: Two bodies recovered after mine accident in the Democratic Republic of Congo March 8, 2016 Glencore today said that two bodies have been recovered after an accident at a copper mine owned by one of its subsidiaries in the Democratic Republic of Congo. Rescuers are still searching for five unaccounted for individuals after a "geotechnical failure" this morning at the north wall of the open pit KOV mine run by Kantanga Mining. [...]
Glencore’s chief executive Ivan Glasenberg took home £1.1m last year March 8, 2016 Embattled Glencore's top dog took home a sizeable £1.1m last year, despite the commodities trader and miner's share price plunging 69 per cent during this period. The company's chief executive Ivan Glasenberg was paid a total of $1.5m last year (£1.1m) in pay and pensions according to the its annual report released today. Nevertheless, the figure was broadly in [...]
North Sea oil industry calls for urgent rescue package ahead of Chancellor George Osborne’s Budget March 8, 2016 The North Sea oil industry today called on the chancellor to deliver an "urgent" rescue package in next week's Budget, a move which will safeguard its increasingly uncertain future in the face of tumbling crude prices. Trade body Oil & Gas UK warned some 14bn barrels of an estimated 20bn barrels of oil located around [...]
Thomas Cook has extended its suspension of trips to the Egyptian resort of Sharm el Sheikh until the end of October, due to no change to travel advice March 8, 2016 Travel operator Thomas Cook has opted to extend its suspension of holidays to the Egyptian resort of Sharm el Sheikh until Monday 31 October 2016, due to no change to travel advice from the Foreign Office. A ban had previously been in place up to 25 May after a Russian commercial jet was downed in October. The Foreign [...]
Moody’s: RBS, Lloyds, Barclays, Santander, HSBC and Nationwide need to close a £129bn capital shortfall to satisfy new Bank of England requirements March 8, 2016 Britain's biggest banks need to close a £129bn shortfall in capital requirements by the end of the decade if they are going to satisfy new Bank of England rules by the time they go into effect in 2019, according to a new report out today. Moody's said Britain's seven largest banks – Royal Bank of Scotland [...]