Korn Ferry: Retail sector shake-up drives 40 per cent rise in new chief executive appointments in 2015 March 7, 2016 Retailers made a wave of chief executive officer (CEO) appointments last year as businesses came under pressure to improve their performance and battle declining footfall. Executive search firm Korn Ferry’s latest retail CEO tracker released today shows that there were 45 hires across the sector last year, an increase of 41 per cent on the [...]
Hilton Worldwide unveils plans for £76m hotel in the City March 7, 2016 Hilton Worldwide has unveiled plans today to launch a new hotel in the City after striking a franchise agreement with the developer of the £76m scheme. The US conglomerate, which already has 35 hotels across the capital including a Hilton London near the Tower Bridge, said it will partner with the site's owner 4C Hotel Group to [...]
South African retailer Foschini eyes fashion chain Whistles March 6, 2016 Another South African company could soon step up its presence in the UK retail industry, this time with upmarket high street brand Whistles as the target. Foschini, a Cape Town-based retail conglomerate which bought Phase Eight last year, is said to be eyeing a bid for Whistles after its owners hired advisers at KPMG to sound out [...]
Lloyds share price bounce back prompts sale restart speculation March 6, 2016 A rebound in the value of Lloyds Banking Group shares has sparked speculation the sale of the remaining government stake could still happen this year. The final tranche were due to be sold in February but the sale was postponed by chancellor George Osborne after worries over of the health of some of the world’s biggest [...]
Old Mutual could be broken up amid private equity takeover bids March 6, 2016 Old Mutual, the FTSE 100 insurance group, is reviewing options for a breakup following a joint takeover attempt for its wealth management division from private equity firms Cinven and Warburg Pincus. A breakup is one option being considered in a review of Old Mutual’s operations, and an update will be given on Friday along with [...]
Aviva set to report £100m impact from UK floods while Prudential will post another year of earnings growth March 6, 2016 Aviva is set to reveal the UK floods in December put a £100m dent in earnings for 2015 when it reports its annual results on Thursday. The impact of the floods, as well as the recently announced acquisition of RBC Insurance in Canada, is likely to drag operating earnings per share from 49.2p to 47p, [...]
Npower to slash 2,500 jobs amid ongoing financial difficulties March 6, 2016 Big six energy supplier Npower is gearing up to axe 2,500 jobs this week, as the firm's German owner RWE attempts to turn around the ailing company. The announcement of the cuts across the RWE group and its partners is due this week, it was first reported by Sky News. Npower employees 11,500 people in Britain people, meaning the [...]
CME reportedly eyeing up London Stock Exchange after ICE said it was considering a bid amid Deutsche Boerse merger talks March 6, 2016 CME Group, the operator of the Chicago Mercantile Exchange, is reportedly considering making a bid for the London Stock Exchange Group (LSE), in just the latest move by a rival financial exchange to snatch up the London operator. Multiple news outlets reported over the weekend that CME – the world's largest financial exchange – is looking [...]
Metro Bank achieves £400m equity capital target, ahead of float on London Stock Exchange under MTRO ticker with £20 per share offer price March 4, 2016 Challenger bank Metro Bank has today announced that it has reached its target of raising £400m equity capital. The bank, which was founded in 2010 and opened its first store in Holborn, intends to have a so-called introduction to the London Stock Exchange on Monday, meaning it will float without a public sale under the ticker MTRO. "From a [...]
FTSE finishes the week higher after Brent crude, WTI oil and commodities prices rally March 4, 2016 The FTSE 100 finished the week comfortably above the 6,000 mark, after a week in which the price of oil surged. The FTSE finished at 6,199 points – 1.1 per cent higher. That brought its total rise for the week to 1.7 per cent. The rally came after the price of oil surged every day [...]