GSK searches for successor amid break-up calls February 28, 2016 GlaxoSmithKline is gearing up its search for a successor to chief executive Sir Andrew Witty, as pressure mounts for a break-up of the company. Sir Andrew, who has increased the company’s share price by 20 per cent since taking the reins in 2008, is not expected to depart before 2017. A sharp downturn in GSK’s sales [...]
JP Morgan traders were sacked over allegations they ignored compliance procedures February 28, 2016 Investment bank JP Morgan Chase sacked two traders earlier this year because they allegedly circumvented the company's compliance procedures. Andrew Lombara, who was head of US Treasury trading, and Chi Lee, a junior Treasury trader, left JP Morgan in January. At the time, no reason was given for their departures. However, the Financial Times has [...]
Premier Oil brings Rothschild on board as it tries to ward off problems with its financial covenants due to oil price pressure February 28, 2016 Premier Oil has signed up Rothschild to lead negotiations with banks, as it prepares for the possibility that it may breach its financial covenants. In its annual results published last week, chairman Mike Welton said the group had successfully renegotiated its financial covenants with its banks and bondholders: “Our long-term, unsecured debt structure and supportive [...]
Barclays results: British bank expected to sell off African operations and pay former chief executive Antony Jenkins a £500k performance bonus as it announces full-year results this week February 28, 2016 Barclays' new chief executive Jes Staley is expected to announce plans to sell off the lender's African business when the British bank reports full-year results for 2015 on Tuesday. It was widely reported over the weekend that Barclays' board decided last week that it made sense strategically for the British bank to exit the continent and refocus [...]
Zain Saudi Arabia posts strong results as it undertakes operational efficiency initiatives February 28, 2016 Zain Saudi Arabia has posted growing revenue and record gross profit for the year ending 31 December, with the company breaking even at an operating level for the first time since the company's inception. The Kuwait-based telecoms operator reported revenues having grown by nine per cent to 6,741m riyals (£1.3bn), with net losses narrowing by 23 per [...]
Honeywell and United Technologies timeline: What you need to know about last night’s rejected bid and what brought the two companies to this point February 27, 2016 Late last night, United Technologies' chief executive and president Greg Hayes issued a note revealing that the company had thrown out a takeover bid from rival Honeywell, slamming the offer for being "grossly" undervalued and stating that it would be "irresponsible to move forward with the proposed combination". As Honeywell is left to tend to [...]
Ahead of Budget 2016 on 16 March, the Resolution Foundation urges government to help more over 50s into work and rethink its old-fashioned approach to unemployment February 27, 2016 A think tank has offered a word of advice to chancellor George Osborne this morning ahead of the budget: if this government wants to achieve full employment, it must focus on helping over 50s get into work. Ahead of publishing a full report on employment next week, the Resolution Foundation urged government to put helping over 50s [...]
Standard & Poor’s Ratings Services puts Standard Chartered on negative watch a few days after bank reports major losses for the year February 26, 2016 Standard Chartered is at risk of having its rating cut by Standard & Poor's, it was revealed today. The ratings agency put the bank on negative watch this afternoon, which means the rating could move downwards the next time it is reviewed. Standard Chartered Bank previously had a stable outlook on its A+ rating, while [...]
G4S selling UK Children’s Services business, which consists of 13 children’s homes and contracts to manage two secure training centres February 26, 2016 G4S has today announced that it is selling its UK Children's Services business. The Children's Services business, which consists of 13 children's homes and contracts to manage two secure training centres at Medway and Oakhill, is being sold off as part of G4S's ongoing review into its business portfolio. The Children's Services division brought in revenues of [...]
Surprise: Dollar rises against the euro as US growth is revised upwards for the fourth quarter of 2015 February 26, 2016 The dollar rose this afternoon after US growth was unexpectedly revised upwards for the fourth quarter of last year – despite worries about global growth. GDP growth hit one per cent in the final three months of the year, figures from the US Commerce Department showed today, up from the 0.7 per cent initial estimate. That pushed [...]