South African retailer Foschini eyes fashion chain Whistles March 6, 2016 Another South African company could soon step up its presence in the UK retail industry, this time with upmarket high street brand Whistles as the target. Foschini, a Cape Town-based retail conglomerate which bought Phase Eight last year, is said to be eyeing a bid for Whistles after its owners hired advisers at KPMG to sound out [...]
Lloyds share price bounce back prompts sale restart speculation March 6, 2016 A rebound in the value of Lloyds Banking Group shares has sparked speculation the sale of the remaining government stake could still happen this year. The final tranche were due to be sold in February but the sale was postponed by chancellor George Osborne after worries over of the health of some of the world’s biggest [...]
Old Mutual could be broken up amid private equity takeover bids March 6, 2016 Old Mutual, the FTSE 100 insurance group, is reviewing options for a breakup following a joint takeover attempt for its wealth management division from private equity firms Cinven and Warburg Pincus. A breakup is one option being considered in a review of Old Mutual’s operations, and an update will be given on Friday along with [...]
Oil eyes yearly price highs despite US stockpiles rising, and denials Opec will cut production March 6, 2016 The price of oil is set to record fresh highs for 2016 this week, despite comments from the Saudi Arabian oil minister that the de facto Organization of the Petroleum Exporting Countries (Opec) leader will not cut its production and stubbornly high reserves of oil in the US. Saudi Arabia will maintain its oil market [...]
Economists at the Bank for International Settlements warn negative interest rates come with risks March 6, 2016 The experimental policy of negative interest rates has come under fire from a top financial watchdog. Economists at the Swiss-based Bank for International Settlements (BIS), often referred to as the central bank of central banks, said: “There is great uncertainty about the behaviour of individuals and institutions if rates were to decline further into negative territory [...]
Aviva set to report £100m impact from UK floods while Prudential will post another year of earnings growth March 6, 2016 Aviva is set to reveal the UK floods in December put a £100m dent in earnings for 2015 when it reports its annual results on Thursday. The impact of the floods, as well as the recently announced acquisition of RBC Insurance in Canada, is likely to drag operating earnings per share from 49.2p to 47p, [...]
Npower to slash 2,500 jobs amid ongoing financial difficulties March 6, 2016 Big six energy supplier Npower is gearing up to axe 2,500 jobs this week, as the firm's German owner RWE attempts to turn around the ailing company. The announcement of the cuts across the RWE group and its partners is due this week, it was first reported by Sky News. Npower employees 11,500 people in Britain people, meaning the [...]
CME reportedly eyeing up London Stock Exchange after ICE said it was considering a bid amid Deutsche Boerse merger talks March 6, 2016 CME Group, the operator of the Chicago Mercantile Exchange, is reportedly considering making a bid for the London Stock Exchange Group (LSE), in just the latest move by a rival financial exchange to snatch up the London operator. Multiple news outlets reported over the weekend that CME – the world's largest financial exchange – is looking [...]
Chinese economy: China will “absolutely not experience a hard landing” says chief economic planner Xu Shaoshi March 6, 2016 Despite lingering concerns of a slowdown in the Chinese economy, China’s chief economic planner has said it will "absolutely not experience a hard landing". Growth forecasts for the Chinese economy have been cut, but any predictions of a hard landing are "destined to become nothing", Xu Shaoshi, head of China’s state planning agency, has said. [...]
EU referendum: British Chambers of Commerce boss John Longworth suspended over Brexit support March 5, 2016 The British Chambers of Commerce (BCC) have temporarily suspended director general John Longworth for expressing support for a Brexit. Longworth was suspended following an emergency board meeting on Friday night, reports the Financial Times, following remarks which do not reflect wider feeling amongst many of the BCC's members. On Thursday Longworth became one of the first major [...]