High street retailers steal share of physical entertainment market from Amazon January 25, 2016 Sales of physical DVDs, CDs and video games may be dropping but bricks and mortar stores are still holding their own after taking market share from the likes of Amazon in the quarter. According to Kantar Worldpanel figures, high street retailers took 68 per cent of spend on physical entertainment in the 12 weeks to 20 [...]
Electra Private Equity forced to shake up its strategy now activist investor Edward Bramson is on the board January 25, 2016 The board of Electra Private Equity has announced it is reviewing its investment strategy just a few months after activist investor Edward Bramson joined the board. Bramson was finally voted on to the Electra board in November with 53.5 per cent of shareholders voting in favour, along with Ian Brindle, former PwC boss and a [...]
Kingfisher’s share price dips as it reveals new strategy to target £500m annual profit uplift January 25, 2016 KIingfisher led the FTSE lower this morning as investors digested the DIY giant's new five year strategy – and the costs it will incur. Kingfisher, whose share price dropped as low 4.5 per cent in early trading, is hoping to return an additional £600m to shareholders over the next three years, with a plan to deliver a [...]
Falling demand for diamonds and the weak South African rand weigh on Petra Diamonds’ revenues January 25, 2016 Petra Diamonds, the FTSE listed miner, announced revenues for the last six months fell 28 per cent, as a result of falling diamond prices, and a weak South African rand. The figures Revenue fell 28 per cent to $154m (£108m) in the six months ending December, down from $214.8m the year before. This includes the $10.5m sale of a 23.16 [...]
JKX Oil & Gas blocks shareholders Eclairs and Glengary from vote over Proxima bid January 25, 2016 JKX Oil & Gas has blocked two of its biggest shareholders from attending or voting at a general meeting this week, at which the board risks being ejected. Eclairs Group and Glengary Overseas – who own 27.5 per cent and 11.4 per cent respectively – have been banned from taking part in the meeting on Thursday, [...]
Adidas ends sponsorship with IAAF four years early as doping scandal continues to dog athletics January 25, 2016 Adidas is pulling out of its sponsorship of athletics' world governing body IAAF four years before the contract was due to expire, as the doping scandal continues to dog the sport. The BBC reports that the sportswear giant told the IAAF of its plans – which will result in millions of dollars in lost income – earlier [...]
Astbury Marsden warns City workers face bonus shock this year January 25, 2016 City workers are anticipating bumper bonuses this season, but recruitment experts have warned that they could be in for disappointment. Two thirds of employees are expecting a hefty bonus payout, according to a survey published by Astbury Marsden this morning. Yet the job specialist’s MD, Adam Jackson, added: “This optimism is being severely tested. The current [...]
Shareholders demand information about diversity in global firms’ annual reports January 25, 2016 Two-thirds of the world’s biggest banks now include diversity reporting in their annual reports, according to new research out today from DHR International, a global executive search firm. According to DHR, shareholders are increasingly keen to receive information on diversity at the banks they are investing in. “Addressing diversity is no longer optional for world-leading businesses,” [...]
Tax experts pour cold water on heated debate over Google’s £130m corporation tax agreement January 25, 2016 Tax experts have poured cold water on a heated debate over Google’s agreement to hand over £130m to HM Revenue & Customs (HMRC) in unpaid corporation tax, dismissing suggestions that the deal was unfair. Tighter rules surrounding corporation tax will result in a string of companies striking deals with HMRC, accountants say. “There will be lots of businesses that [...]
The Co-operative Group kicks off hiring spree for members’ council January 25, 2016 The Co-operative Group has embarked on a recruitment drive to find 24 candidates to join the representative body for its eight million members. The mutually-owned group, which operates everything from supermarkets to funeral care services, has undergone a radical overhaul over the last two years that resulted in a shake-up of both its governance practices [...]