Metro Bank investor interest deadline looms, as bank prepares for unconventional stock market float March 2, 2016 UK challenger Metro Bank is gearing up for its unconventional stock market float next week, looking to raise £400m from mostly institutional investors. On Monday Metro will have a so-called introduction to the market, meaning it will float without a public sale. In February Metro Bank cut the offer price in its fundraising round from £24 to £20 a share [...]
Morrisons chairman Andrew Higginson joins Shore Capital as senior adviser March 2, 2016 Investment firm Shore Capital has signed up retail veteran and Morrisons chairman Andrew Higginson as a senior adviser to help bolster its expertise in consumer industries. Higginson, who is also currently chairman of home shopping group N Brown, joined Morrisons in 2014 to lead a shake-up at the supermarket following years of worsening sales. He previously spent 15 years on the [...]
Darty share price soars as Christo Wiese’s Steinhoff International wades in with £662m offer March 2, 2016 Shares in Darty have soared by nearly 10 per cent this morning after South African retail conglomerate Steinhoff International made a £662m offer for the UK-listed electrical chain – a move that could scupper its already agreed sale to French rival Fnac. Darty said it has received a cash offer of 125 pence per share from the [...]
Seadrill, EnQuest, Tullow Oil and Ithaca: Moody’s issues another warning over UK oil firms’ credit ratings March 2, 2016 Credit ratings agency Moody's has sounded the alarm over the effects of crumbling crude prices on oil companies' ratings, as it issued a series of credit rating cuts and downgrades for UK companies in the sector. Moody's downgraded independent explorer Seadrill's credit rating by three notches, citing the continued deterioration of the offshore drilling market. Independent explorer [...]
Rolls-Royce share price rises after it appoints new executive Bradley Singer from activist investor ValueAct March 2, 2016 Roll-Royce has appointed a new non-executive to its board from US-based activist investor ValueAct, as the company presses ahead with its turnaround plan. California-based hedge fund ValueAct raised its stake in Rolls-Royce from 5.4 per cent to 10 per cent in December, fuelling expectations that it would seek a seat on the firm’s board and work with [...]
Shop prices decline in February for 34th consecutive month as supermarket price wars gather pace March 2, 2016 Shop prices fell for the 34th month in a row in February, to the benefit of consumers, as food returned to deflationary territory and competition on the high street remained fierce. Prices fell by two per cent in the year to February, which was an acceleration on the 1.8 per cent decline reported in January and [...]
Knight Frank Wealth Report 2016: The world’s super-rich population shrank last year March 2, 2016 The world's population of super rich shrank by three per cent last year as a more volatile financial climate and the continued fall in oil prices dented their wealth. Knight Frank’s Wealth Report released today found that there were 187,500 high net worth individuals (UHNWI) – those with $30m assets or more – at the [...]
Schroders boss Michael Dobson reported to be preparing to stand down March 1, 2016 Michael Dobson, chief executive of asset manager Schroders, is to announce he is stepping down tomorrow, according to reports. Dobson has led the company for over 14 years. He previously worked for Deutsche Bank, among other City firms. He will reveal his intended departure when the company reports its annual results tomorrow, the Financial Times [...]
Zynga share price up as Farmville developer appoints Frank Gibeau as new chief executive as current chief executive and founder Mark Pincus becomes executive chairman March 1, 2016 Shares in Zynga jumped in after-hours trading when the social gaming company revealed it was appointing a new chief executive as its founder becomes executive chairman. Frank Gibeau, who has been on Zynga's board since last August and is currently a director of data visualisation company Graphiq, will take up his role as chief executive on 7 March. Gibeau [...]
Qualcomm share price up as electronics company fined $7.5m by US authorities for allegedly hiring relatives of Chinese officials to gain business March 1, 2016 Qualcomm has agreed to pay a penalty of $7.5m (£5.4m) to the US Securities and Exchange Commission (SEC) today to settle charges for hiring relatives of Chinese government officials to influence them to pick the company above its competitors. According to the SEC, Qualcomm offered both full-time jobs and paid internships to officials' family members, flagging the candidates [...]