North east Potash mine in village of Boulby which is owned by ICL Fertilizers announces 360 job cuts November 12, 2015 A Potash mine in the north east has announced 360 job cuts as its potash reserves begin to run dry, prompting a restructuring of the business. The Boulby mine, owned by ICL Fertilizers, is moving towards a polyhalite-based form of potash which is more environmentally friendly, and away from that of potassium-based potash. As part of this, [...]
British Airways owner IAG has launched a €1bn convertible bond for Aer Lingus acquisition November 12, 2015 British Airways owner International Consolidated Airlines Group (IAG) has launched a €1bn (£706m) convertible bond to help fund its acquisition of Aer Lingus. The unsecured bond is split into two: a €500m offering redeemable in 2020, and €500m in 2022, and can be converted into ordinary shares priced at a premium. The five-year bond will yield [...]
Cyber attacks rise for EE following TalkTalk hack November 12, 2015 Mobile operator EE has had to fend off an increased number of cyber attacks since TalkTalk revealed it had 15,000 customers financial details stolen. EE chief executive Olaf Swantee told City A.M.: Since the TalkTalk breach we have seen heightened activity from criminals and people who want to access our system. “We have successfully prevented [...]
Asda’s ToYou teams up with online retailers for launch of parcel collection service in UK stores November 12, 2015 Shoppers will be able to pick-up goods in Asda supermarkets that they have ordered from other online retailers as part of a new service launched today by the Walmart-owned chain to boost footfall in its stores. The retailer said the new service, called ToYou, allows customers to collect and return orders placed with third parties at any one of [...]
Spire healthcare shares plummet on lowered full-year outlook November 12, 2015 Shares in UK-based hospital group Spire Healthcare fell in trading this morning, after it cut its revenue guidance for the full year. The company said it expects revenue for 2015 to grow by between three and 3.7 per cent compared to last year, which is a decline from its previous forecast of between four and six per cent. [...]
Engineering company IMI’s share price is tanking after warning on profits November 12, 2015 Specialist engineering company IMI's share price is plummeting today after warning on profits. IMI's share price was 7.87 per cent down at 902.5p per share in mid morning trading. In an interim management statement released today the company said that during the third quarter "economic and market conditions have continued to be challenging". The news comes [...]
European Banking Authority decrees role-based allowances do count as bonuses – and must be subject to a cap November 12, 2015 Bad news for January's bonus season: the European Banking Authority (EBA) has made the controversial ruling that role-based allowances do count as bonuses – and therefore must be subject to a cap. In a paper published today, the EBA ruled that role-based allowances, which many UK institutions have used to sidestep bonus cap rules set out by Brussels in [...]
Apple working on iPhone-to-iPhone payments November 12, 2015 Apple doesn’t want to become a bank, insists chief exec Tim Cook, shutting down longstanding rumours that the tech giant will be pushing into the financial services industry. But on the same day, a new report suggests that Apple has big plans for a new mobile payment system: one that would allow iPhone users to [...]
China’s Singles Day 2015: Alibaba broke sales records and made £9.4bn in 24 hours November 12, 2015 Alibaba just smashed sales records for China’s Singles Day, netting £9.4bn in sales in just 24 hours. Singles Day is China’s biggest shopping holiday, and yesterday’s results broke all previous records, as the e-commerce giant revealing its sales figures showed. The company passed last year’s record-breaking revenue of £6.12bn by half day yesterday, and landed [...]
The Co-operative Bank swerves £120m fine despite being slammed by Prudential Regulation Authority and Financial Conduct Authority for “serious and wide-ranging failings” November 12, 2015 The Co-operative Bank has been slammed by two of the UK's biggest regulators for “serious and wide-ranging failings” over its control and risk management between 2009 and 2013 – but has managed to swerve being fined. The Bank of England's Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) found that the Co-op [...]