Pfizer and Allergan speed up $150bn mega-merger talks November 19, 2015 Pfizer has hastened discussions with Allergan over a potential acquisition, according to reports. Ireland-base Allergan confirmed at the end of last month it was in talks to join forces with its US rival, but according to a source close to the matter the decision making process has picked up pace. Pfizer is said to be [...]
FCA report into HBOS collapse: Former HBOS senior staff to be investigated over collapse November 19, 2015 Former senior managers of banking group HBOS are set to be investigated following a report from banking regulators into the failed bank published yesterday. The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) three year report into failures at the bank found that senior managers and the board of the bank were ultimately responsible [...]
FTSE 100 index opens up on Royal Mail, Johnson Matthey and miners November 19, 2015 The FTSE 100 opened 0.7 per cent higher this morning, at 6,322 points, led by gains in Royal Mail, Shell, BG and Johnson Matthey. Royal Mail's share price increased 4.1 per cent to 18.6p as markets opened , after reporting progress in its cost-cutting programme, which left revenue largely flat against difficult market conditions. The company reported [...]
Royal Mail share price rises as it reports progress in cost-cutting programme – but the second half will depend on the Christmas period November 19, 2015 Shares in Royal Mail jumped four per cent to 472.4p after its first-half results showed it's making headway as it accelerated its cost cutting programme and says the outlook for letters and parcels markets remains unchanged. The figures Royal Mail reported revenue of £4.4bn for the half year ended 27 September, two per cent down from the £4.5bn for [...]
Shell and BG Group’s £47bn merger receives Australian approval – now it just needs the OK from China and the FIRB November 19, 2015 The mega-merger between oil giants Royal Dutch Shell and BG Group has taken a step closer, after receiving unconditional clearance from the Australian Competition and Consumer Commission (ACCC). The £47bn takeover of BG, which was announced back in April, has already received approval from competition bodies in Brazil and the European Union, meaning that three of [...]
Tinder parent company Match Group “clarifies” Sean Rad’s statements as company prices IPO at lower end of range November 19, 2015 Tinder's parent company Match Group has filed a last-minute submission to the US Securities and Exchange Commission (SEC) after the app's chief executive Sean Rad went rogue in an interview during the company's "quiet period" in the run-up to its IPO. Rad's interview with the Evening Standard ran yesterday, the same day that Match Group [...]
City regulators to look into possible bans for HBOS execs November 19, 2015 City regulators will today decide if bans should be imposed on chiefs at HBOS after a long-awaited report into the bank’s collapse is published. The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are expected to announce that they will undertake more work on potential enforcement action against individuals. Sky News also reported that [...]
HBOS report: Crisis probe is the Never-Ending Story November 19, 2015 It has been 2,617 days since Lloyds TSB’s merger with HBOS was struck. Today – at last – we will get the fullest account yet of why HBOS needed rescuing in the first place. The delay in publication isn’t the least shocking aspect of Britain’s banking crisis. If the purpose of such inquiries is to [...]
Blackrock fund Global Ascent to be wound down November 19, 2015 Blackrock, the world’s largest asset manager, is shuttering another of its macro funds, citing headwinds facing the industry. The Global Ascent Fund, which makes bets on stock, bond and currency markets, will return money to investors. The fund’s assets under management had reportedly fallen to under $1bn (£660bn), having previously numbered multiple billions. In a [...]
Danone aims for five per cent sales rise by 2020 November 19, 2015 French food giant Danone unveiled yesterday new sales growth targets as it vowed to bolster the profitability of its struggling dairy division. The world’s largest yoghurt maker is aiming for organic sales growth – which excludes acquisitions and currency moves – of more than five per cent by 2020, and an increase of at least [...]