Genel Energy and New Age in early stages of merger talks November 24, 2015 Genel Energy, which is chaired by former BP boss Tony Hayward, today entered merger talks with exploration group New African Global Energy (New Age). According to Sky News, the two companies are in the early stages of discussing a merger that could be worth £2bn, although sources added the talk was just one of many [...]
Rolls-Royce’s Warren East admits investor confidence “not good” upon announcing major restructure to cut costs by £200m annually November 24, 2015 Rolls-Royce’s chief executive Warren East admitted today that his company must become more transparent towards its shareholders, after several profit warnings have sent its stocks plummeting. When announcing restructuring plans that will cut costs by up to £200m, East said investor confidence was “not in a good place”, and added that the company would begin [...]
Profits jump at food producer Greencore as sandwich orders pile up November 24, 2015 Sushi, salad and sandwich maker Greencore reported better-than-expected full-year profits after winning several new contracts in the UK food to go market and expanding its presence in the US. The food producer, which supplies retailers and supermarkets ranging from Marks & Spencer to Boots, said pre-tax profits increased by 33.8 per cent to to £59.4m in [...]
At the close: FTSE 100 index closes down on airlines and Burberry November 24, 2015 The FTSE 100 fell on Tuesday, led lower by airline stocks and Burberry Group. The UK's top blue-chip index closed 0.45 per cent down at 6,277 points. EasyJet and International Consolidated Airlines Group (IAG) were both among the largest casualties, falling 3.22 per cent to 1,594p per share and 3.08 per cent to 550.25p per share respectively. Read more: Kingfisher brings home [...]
Shares in Pets at Home slide as it warns of living wage cost November 24, 2015 Shares in Pets at Home closed down 2.3 per cent after the company warned of higher costs due to the introduction of the National Living Wage next year. The company, which has 405 shops as well as 353 veterinary practices and 191 grooming salons, said George Osborne's new wage of £7.20 per hour, which is being [...]
CMC Markets IPO around March 2016 November 24, 2015 The long awaited floatation of financial spread betting company CMC Markets won’t happen before March 2016, chief executive Peter Cruddas tells City A.M., following the company publishing a strong set of half year results. Earlier this year CMC hired city bankers Goldman Sachs and Morgan Stanley to bring the company to market amid rumours the float [...]
US GDP expanded faster than initially believed due to smaller decline in inventories November 24, 2015 The US economy grew at faster rate than expected in the three months to September, according to new official figures published today. The US commerce department said the economy grew at an annualised rate – the rate the economy would grow if the pace were maintained for a year – of 2.1 per cent rather [...]
Now Lidl’s getting into the online grocery delivery business after Amazon Fresh’s UK debut and Aldi’s plans, taking on Tesco, Sainsbury’s, Asda and Morrisons November 24, 2015 Fresh from Amazon's launch into the highly competitive grocery delivery game with Pantry, is fellow supermarket disrupter Lidl about to follow suit? The German discounter, which is already giving the big four a run for their money in bricks and mortar, has snapped up a fresh food delivery startup in its home country. Kochzaube, which delivers fresh [...]
Bond movie Spectre boosts bottom line for Cineworld, as revenues up 11.9 per cent in most recent results November 24, 2015 Cineworld Group today unveiled a 11.9 per cent increase in total revenues for its 46 weeks to 19 November 2015. The cinema chain also reported growth of 10.8 per cent in box office takings, thanks in particular to the release of the latest Bond film Spectre. Speaking to City A.M., Israel Greidinger, Cineworld’s deputy chief [...]
Pound sterling edges down as Bank of England governor Mark Carney errs on the side of caution November 24, 2015 The pound edged down against the euro today after Bank of England governor Mark Carney failed to give any indication that interest rates might climb faster than markets expect. "The question in my mind is when is the appropriate time for interest rates to increase, and that is strongly consistent with the strength of the domestic [...]