Celebrity rehab center The Priory in talks with banks over London flotation September 18, 2015 Priory Group, the mental care homes provider famous for its celebrity clientele, has moved closer to realising plans for a public listing after kicking off a search for bankers to work on the float. The company, which runs a chain of rehabilitation clinics, best known for treating pop stars such as Robbie Williams, is understood [...]
UK insurance sector shakeup puts spotlight on Association of British Insurers September 18, 2015 Britain's insurance market has undergone massive changes over the past year, and a series of megadeals recently taking place in the sector is just one sign of how companies are scrambling to protect themselves against new policies impacting the industry. Chancellor George Osborne famously shook up the market with his 2014 Budget, when he [...]
Federal Reserve puts US interest rate rise on hold: Global risks trigger Fed chair Janet Yellen’s dovebomb September 18, 2015 The Federal Reserve left interest rates unchanged last night, sending markets on a roller coaster ride as investors struggled to understand the economic factors behind the dovish decision. Trading was turbulent after the Fed announced its decision to hold rates, with the three major US indices first hitting session highs, and briefly turning negative [...]
Lidl promises to pay above the National Living Wage to all its UK staff September 18, 2015 Lidl has already beaten the big four supermarkets on price. Now, the German discounter also plans to trump them on employee benefits, after revealing that it will pay its staff above the living wage from October. The fast-growing chain announced yesterday that it will adopt the new higher rate it expects the Living Wage [...]
Glencore’s equity placing attacked for ignoring shareholders’ rights September 17, 2015 The Institute of Directors (IoD) has slammed mining giant Glencore for its recent £1.6bn equity placing, saying that the firm’s “conduct falls short of what we would expect of a major global company”. Oliver Parry, senior corporate governance adviser at the IoD, said that Glencore’s decision “appears to be in direct contravention of the [...]
How the world reacted to the Federal Reserve interest rate decision: Emerging markets soar and US stocks whip about on Fed’s decision not to hike rates September 17, 2015 Emerging markets took off after the Federal Reserve’s decision to hold interest rates steady at a historic low – but the dollar swooped on the news. Blaming a shaky global economy, the Fed’s Federal Open Market Committee voted to hold its fire on a US rate hike, leaving interest rates at the zero to a [...]
Retail sales suggest UK economic growth to slow in the third quarter September 17, 2015 UK retail sales inched up in August – having dipped a month earlier – but a lack of strength is leading analysts to warn that UK growth is hitting a "soft patch" in the third quarter. Retail sales grew by just 0.2 per cent on a monthly basis, in line with expectations, according to the [...]
Here’s what a new City office scheme with five garden roof terraces will look like at 80 Fenchurch Street September 17, 2015 Work on a new office tower that will boast the biggest number of roof gardens in the City got underway this week, as developers began knocking down the old site. Partners Group, a Swiss private equity firm, is developing a 245,000 square feet office tower at 80 Fenchurch Street together with joint venture partner Marick Real [...]
Four reasons why the Fed should not postpone a rate hike September 17, 2015 The probability of the US Federal Reserve ending seven years of near-zero interest rates September is stronger than is generally believed. While there is no perfect timing for the tightening monetary policy, several arguments confirm that the Fed is able to begin this month if it so desires. Here are the four we can see: The [...]
Ukrainian parliament backs crucial debt restructuring September 17, 2015 Ukraine’s parliament has today rubber stamped a vital debt restructuring deal, helping the country to avoid bankruptcy. The deal was agreed by the finance ministry and a group of Ukraine's largest creditors including US-based fund Franklin Templeton at the end of August following months of tense negotiations. It will lead to a write-down of 20 [...]