Diageo share price flat after completing Red Stripe sale to Heineken as the drinks giants swap emerging markets assets December 22, 2015 FTSE-listed drinks giant Diageo has completed its $780.5m sale of Red Stripe lager to Heineken. The deal was announced in October as the pair unveiled plans to swap assets in emerging markets. Red Stripe will join other Heineken-owned beers like Desperados, Sol, Tiger and Birra Moretti, as Diageo offloaded its stake in Jamaican Red Stripe maker Desnoes & Gedden [...]
FTSE 100 index opens up as oil prices hold steady December 22, 2015 The FTSE 100 index opened 0.75 per cent up this morning at 6,080 points, after a boost from oil prices, which recovered slightly. As oil prices rose, BP, Royal Dutch Shell and BG Group were all embedded at the top of the FTSE 100, while miners continued to make gains as commodities rebounded just in time for Christmas. BP [...]
UK retailers scramble to rescue Christmas as distress levels rise amid fierce discounting December 22, 2015 High street retailers have suffered a disappointing Christmas so far this year amid fierce competition and the rise of online, Begbies Traynor has warned, with retailers now pinning their hopes on a last-minute sales spree this week. According to the insolvency specialist's latest Red Flag research, which monitors the health of UK companies, the number of retailers now suffering [...]
Mike Ashley’s Sports Direct hits back after facing defeat in Findel shareholder vote December 21, 2015 Sports Direct has lashed out at Findel after shareholders today overwhelmingly voted against appointing one of its representatives to the board. In a fiery statement issued this evening, the company said the combination of Sports Direct's retail expertise and having Ben Gardener as a board director "would have added value to Findel for the benefit of all of its [...]
European banking watchdog delays bonus cap as it recommends scrapping bonus deferral for smaller lenders December 21, 2015 Smaller banks should be exempt from some regulations relating to bankers’ bonuses, the European Union banking regulator said today as it pushed back the start date for a controversial cap on remuneration. The European Banking Authority said while “smaller and non-complex” financial institutions would still be hit with a so-called bonus cap, they should not [...]
Grant Thornton subject of Financial Reporting Council investigation over its audit of Globo’s accounts December 21, 2015 The Financial Reporting Council (FRC) has today revealed that it is launching an investigation into accountancy firm Grant Thornton regarding its audit of the accounts of Globo for the years ended December 2013 and 2014. The technology company announced in October that its former chief executive had alerted the board to misrepresentations of the company's financial situation. [...]
Serious Fraud Office takes 11 from Barclays, Deutsche Bank and Societe Generale to court over Euribor rigging December 21, 2015 The Serious Fraud office (SFO) is set to take 11 individuals to court for the rigging of a key European interest rate. The European interbank offered rate (Euribor) is a rate at which banks can lend to one another in euros and which acts as benchmark for other interest rates. The SFO named 10 of the individuals last month, adding [...]
Camden Town Brewery AB InBev sale defended to craft beer lovers by founder Jasper Cuppaidge December 21, 2015 The founder of Camden Town Brewery has been forced to defend a decision to sell the craft brewery to AB InBev, receiving angry questions during a Twitter Q+A today following news of the acquistion. Jasper Cuppaidge fielded questions from craft beer fans and investors, many of them worried that the beer would change or what would happen to [...]
At the close: FTSE 100 index closes down despite gains by Glencore, Antofagasta, ITV December 21, 2015 The FTSE 100 index closed down today, as losses from Associated British Foods (ABF) and Smith and Nephew were not compensated by gains at ITV, Glencore and Antofagasta. The UK's top blue-chip index closed 0.29 per cent down at 6,034 points ITV led the pack after it emerged Comcast's NBCUniversal was reportedly bidding to takeover [...]
Martin Shkreli fired as chief executive of KaloBios December 21, 2015 Martin Shkreli, the self-styles pharma bro who was last week arrested on charges of securities fraud by the FBI, has been fired as chief executive of KaloBios. Shkreli rose to fame after hiking the price of a life-saving drug treatment by more than 5,000 per cent, earning him the title of the most hated man in America. [...]