Quintain takeover heats up after activist investor Elliott weighs in September 23, 2015 Activist hedge fund Elliott has swooped in and taken control of a 12.9 per cent stake in Wembley Arena owner Quintain, as it looks to put pressure on Lone Star to increase its £700m bid. Elliott, which successfully forced change at Alliance Trust this year, has bought 67,950,000 shares using a contract for difference, paying [...]
Bug has £25m sting for United September 23, 2015 United Utilities (UU) said yesterday its profits fell by £25m after a water bug was found to have contaminated water supplies in Lancashire. Over 300,000 people were affected over the summer, and forced to boil water so it was safe to drink. UU said compensation costs and extensive additional resources were behind the fall in [...]
Who will pay Edward Bramson’s tab for TGI Fridays bid? September 23, 2015 Perhaps Edward Bramson just likes caravan holidays. There are few other obvious reasons why the prominent activist investor is returning for a second bout of City-style pugilism with Electra Private Equity. Electra, the owner of Park Resorts and TGI Fridays, has barely recovered from its bruising (but victorious) encounter with Bramson’s investment vehicle, [...]
Former Lloyds trader sues for unfair dismissal after Libor probe September 23, 2015 A former Lloyds trader, who was among eight people dismissed after the bank's fine for alleged involvement in libor rigging, has sued the bank for unfair dismissal. John Argent's hearing will start on October 5, according to a schedule for a London employment tribunal released today. Lloyds paid £218m in fines to regulators on both [...]
WH Smith agrees to cut hospital store prices September 23, 2015 WHSmith has agreed to lower prices of some products in its hospital stores after an investigation revealed that the retailer was charging significantly more for some items than on the high street. The chain came under fire from Labour MP Paula Sherriff, who sits on the House of Commons select committee, following reports by the BBC this summer that WHSmith [...]
How much are employees really worth to their companies? Apple, Google, and Microsoft show tech companies have highest revenue per employee September 23, 2015 How much are employees really worth? And how much would every person in a company get paid if they earned their value? Shell’s workforce would consist of 94,000 multi millionaires, according to a study by Expert Market, and every Apple employee would get paid just over £1m. The value of employees at the world’s top [...]
Chancellor George Osborne announces North Powerhouse deal as part of China visit September 23, 2015 George Osborne unveiled a deal this morning for a major Chinese investment into three Northern Powerhouse schemes that will create 10,000 new homes, after a controversial visit to a Chinese region at the centre of a human rights row. The chancellor became the first serving government minister to visit Urumqi, in the region of Xinjiang, northwest China, [...]
Uber’s new carpooling service Uber Commute could change your commute September 23, 2015 Uber is trialling a carpool tool which allows people on longer drives to pick up extra passengers they can split the cost with. The new service, called Uber Commute, will be piloted in Chengdu, China first, but the plan is to expand to the rest of the world, Uber said in a statement: Over time [...]
Volkswagen chief executive Martin Winterkorn statement: Car boss asks for “trust in our journey” – but there is no mention of resignation yet September 23, 2015 Embattled Volkswagen chief executive Martin Winterkorn has said he would do anything for trust… but he won't do that. In a video statement issued this afternoon, Winterkorn said the car giant would do "everything necessary to reverse the damage. And we will do everything necessary to win back trust – step by step". It [...]
BBA Aviation’s share price down as it sets out deal to buy Carlyle Group’s Landmark Aviation for more than $2bn (£1.3bn). September 23, 2015 BBA Aviation's share price was down in mid-morning trading on the back of news that it could buy out private equity-owned Landmark Aviation for more than $2bn (£1.3bn). The British aircraft services provider confirmed this morning that it was making a $2.065bn offer for the Carlyle Group-owned business, which will be partly funded through a [...]