Volkswagen emissions scandal: VW to name Porsche’s Matthias Muller new chief executive after Martin Winterkorn’s exit – reports September 25, 2015 Volkswagen is to announce its new boss today, after former chief executive Martin Winterkorn stepped down on Wednesday amid the ongoing emissions scandal. The favourite to replace him is Porsche boss Mattias Muller, according to several reports. Reacting quickly to Winterkorn's departure on Wednesday, the car maker is expected to make an announcement about the [...]
Catalonian independence proxy vote weighs on Spanish bonds September 25, 2015 Regional elections, which have turned into a de-facto independence vote for the breakaway region of Catalonia, have hit Spanish bonds. The pro-independence coalition is on track to win in Catalonia, albeit perhaps without a majority, in the 27 September vote. Catalan president Artur Mas has vowed to kick off the secessionist measure if he holds [...]
SVG Capital’s Hugo Boss and New Look sell-off reaps rewards September 25, 2015 The sale of fashion brands Hugo Boss and New Look have helped boost SVG Capital’s returns, even as a background of currency volatility weighed on its investment portfolio. The listed private equity firm has, like its rivals, benefitted from a fertile market for asset sell-offs, and returned £101m of capital to investors in the last [...]
Ryanair investors will reap €400m in spoils from sale of Aer Lingus September 25, 2015 Ryanair announced at its AGM yesterday it would be sharing the €398m (£293m) spoils from the sale of its Aer Lingus stake with shareholders. Ryanair agreed to sell its 29.8 per cent stake in the Irish airline to International Airlines Group, which owns British Airways and Iberia, this summer. The budget airliner also said it [...]
Leaked document suggests government looking into privatising Channel 4 September 24, 2015 Leaked documents suggest that the government is looking into privatising public broadcaster Channel 4. Papers being carried by an unidentified individual walking towards Number 10 Downing Street said: "In your recent meeting with Matt Hancock … extracting greater public value from the Channel 4 Corporation, focusing on privatisation options in particular whilst protecting …" Channel [...]
Marks and Spencers looking to sparkle with new lingerie and womenswear designer September 24, 2015 Marks and Spencers yesterday announced the appointment of its first director of design for womenswear, lingerie and beauty. The appointment of Queralt Ferrer, a former Inditex executive, is part of an attempt by Steve Rowe, the retailer’s new head of its non-food businesses, to revive the fortunes of M&S’ flagging women’s department. Ferrer will report [...]
Nike profit rises as sales of higher-margin products jump September 24, 2015 Sportswear giant Nike yesterday posted better-than-expected earnings and revenue, sending its share price up. On the back of selling more high-margin basketball shoes and clothing, Nike net income rose to $1.18bn (£774m), or $1.34 per share, in the first quarter ended 31 August, from $962m, or $1.09 per share, a year earlier. Revenue rose 5.4 [...]
VW emissions scandal: Reduced emissions come at a price – if we aren’t prepared to accept this, we must expect more scandals like Volkswagen’s September 24, 2015 The scandal that has engulfed Volkswagen over the measurement of oxides of nitrogen has been held up as yet another example of large companies pursuing profitability by dubious means at the expense of the rest of the population. But this is an oversimplification. We want the best of all worlds, and messages from government try [...]
Glencore’s share price falls further as commodities rout makes giant FTSE 100’s biggest loser – again September 24, 2015 Glencore’s woes aren’t over yet, as the commodities firm’s share price plunged anew today, making it the FTSE 100’s biggest loser for the second day this week. Worries over China’s economic slowdown have been pushing the price of raw materials sharply down, and the commodities rout is taking its toll on Glencore, which is the [...]
Volkswagen emissions scandal: Fitch threatens VW with downgrade over car pollution catastrophe September 24, 2015 Credit ratings agency Fitch has placed Volkswagen on "negative watch" until the full scale of the emissions scandal that's engulfing the carmarker becomes clearer. "The rating action reflects the reputational damage on the group's brands following alleged manipulation of emission tests in the US and the expected multi-billion euros financial impact from potential fines, recall [...]