Department store chain BHS secures loan from former Blockbuster owners February 17, 2016 The owners of BHS are understood to have secured a £10m loan from US turnaround specialist Gordon Brothers, as it attempts to turn itself around and expand its fledgling food business. Documents filed on Companies House show that a subsidiary of Gordon Brothers has been granted a legal charge over BHS' leasehold store at Cribbs Causeway shopping centre in [...]
HealthCare Royalty Trust takes aim at £200m IPO February 17, 2016 HealthCare Royalty Trust, an investment company that targets healthcare royalties has announced it will float on the London Stock Exchange, aiming to for a dividend yield of six per cent and hoping to raise £200m. The net total return, including share price appreciation is planned to increase to 10 per cent in the medium term. The firm [...]
Ferrari share price rises on George Soros stake disclosure February 17, 2016 Shares in Ferrari have gone into overdrive, rising more than five per cent after it was revealed George Soros owns a stake in the luxury car maker. The billionaire's fund disclosed a €28m (£21.8m) stake which places him among Ferrari's top 10 shareholders, according to Bloomberg analysis. The biggest shareholders in Ferrari are the Agnelli family and Piero Ferrari, the [...]
Economic think tank calls for Openreach to be carved out from BT as Ofcom deadline looms February 17, 2016 BT faces fresh calls for its broadband infrastructure arm Openreach to be hived off today, after economists at the Centre for Policy Studies (CPS) found the UK is falling behind international competitors. The CPS also has warned Britain's current broadband infrastructure market appears anti-competitive and Ofcom should refer the issue to the Competition and Markets Authority [...]
Arla Foods claims robust performance despite milk price woes February 17, 2016 Arla Foods said full-year revenue declined by 3.3 per cent following a tough year for the industry, as increased milk supply in Europe combined with China’s slowdown in demand sent global prices tumbling. The Danish-based dairy giant behind brands including Lurpak, Castello and Arla, said total revenue dropped to €10.3bn (£3.73bn) in 2015, which Arla described as "robust" given the difficult market [...]
Glencore share prices rises as it launches refinancing of $8.45bn loan February 17, 2016 Shares in commodities miner and trader Glencore soared to the top of the FTSE 100 today, after it announced a refinancing deal to replace its $8.45bn one-year revolving credit facility that it initially signed in May 2015. In this initial pre-syndication phase, the company said it's received commitments from senior banks for $8.4bn, representing an increase from [...]
FTSE 100 index trades higher ahead of Federal Reserve minutes and UK employment and wage data as Glencore, Anglo American, Rolls-Royce and tourism companies share prices rise February 17, 2016 The FTSE 100 index traded higher this morning as all eyes turn to UK employment and wage data, as well as the latest Federal Reserve minutes. The UK's blue-chip index rose 1.27 per cent to 5,936 points in mid-morning trade, led higher by Glencore, Anglo American and Rolls-Royce despite the price of oil falling back slightly. "Despite yesterday’s slide [...]
Auto Trader share price hits the gas as it hikes profit expectations February 17, 2016 It's been a bumpy ride in recent weeks on the test track that is the UK markets – but recently-listed Auto Trader isn't showing any signs of oversteer. In a trading update this morning, the company said it had performed well in the past four months, with a stronger-than-expected increase in average revenue per retailer forecourt. Because [...]
Panmure Gordon chairman Ed Warner to leave the stock broker and investment bank February 17, 2016 Panmure Gordon is going to lose its non-executive chairman after Ed Warner today served notice of his intention to step down at the company's annual general meeting in May. Warner is leaving to "concentrate on his other business interests" and a search for his replacement is already underway. "A further announcement will be made in due [...]
UK Oil & Gas says Gatwick Gusher on Horse Hill to become commercially viable earlier than expected February 17, 2016 The oil at Gatwick Gusher is continuing to flow strongly, prompting the company behind it to say it should become commercially viable "earlier than expected". Yesterday UK Oil & Gas said it had discovered "significant" amounts of "moveable oil" of good quality, and would begin further testing to establish if it could become a "sustainable [...]