George Osborne starts £2bn Royal Bank of Scotland sell-off August 4, 2015 Chancellor George Osborne has kick started the government's first sale of shares in Royal Bank of Scotland (RBS) today, a sale likely to raise £2bn for the government. UK Financial Investments (UKFI), the agency which holds the government's 79 per cent stake in RBS, announced its intention to sell about 600m shares, representing 5.2 per [...]
Just Eat earnings up 62 per cent as the digital food business keeps piling on the pounds August 4, 2015 Just Eat is gobbling up market share, with earnings up almost two-thirds in the first half of 2015 as the business says it expects at least two years of “over-performance”, The figures The digital food marketplace grew revenues 54 per cent to £107.8m in the six months to 30 June, while underlying EBITDA rose [...]
ICE Brent crude oil falls below $50 a barrel August 4, 2015 Brent crude oil has fallen below $50 a barrel to hit a six month low. ICE September Brent crude, which acts as the global benchmark, fell 18 per cent in July. Having fallen by 4.64 per cent in the first session of August trading, it lost more than $2, falling to $49.58, its weakest price [...]
AlixPartners names former Zolfo Cooper boss Simon Freakley as its new chief exec August 4, 2015 Turnaround specialist AlixPartners yesterday named Simon Freakley as its new chief executive. The company, which is owned by private equity firm CVC Capital Partners, said Freakley would take on the co-CEO role alongside current boss Fred Crawford immediately. He will become sole chief executive from 1 January 2016 onwards. Crawford will take a new role [...]
School holiday season boosts retail figures at Birmingham Bullring operator Hammerson August 4, 2015 The start of the school holiday season helped drive a sharp rise in retail sales in July, according to one of Britain’s biggest shopping centre owners. Hammerson, which owns the Bullring in Birmingham as well as north London’s Brent Cross shopping centre, launched the Hammerson Retail Tracker — or HART — earlier this year to [...]
HSBC share price rises as profit climbs 10 per cent and it confirms Brazil unit sale August 4, 2015 The UK's biggest bank has unveiled a 10 per cent rise in profits – but it has yet to decide whether it will remain headquartered in the UK. Shares in HSBC were trading up 0.6 per cent to 583p in London today. The figures HSBC said profit climbed 10 per cent to $13.6bn (£8.7bn) in the first six [...]
Heineken proves a good sport after profits beat expectations August 4, 2015 Dutch brewer Heineken is counting on its sponsorship of the Rugby World Cup to help boost sales in the second half after posting better-than-expected profits in the first six months of the year. Organic revenues rose two per cent to €10.9bn (£7.7bn) thanks to double-digit volume growth of higher-margin brands including Desperados and Sol Premium. [...]
Investment by UK businesses supports one million US jobs August 4, 2015 The UK is the largest foreign investor in the US, new research from the Confederation of British Industry (CBI) reveals today. At the end of 2013, the UK had $519bn (£333bn) in the US, $200bn more than the next largest investor. The CBI estimates that 962,900 jobs are supported by investment from UK firms. The UK [...]
Designer of Greek crisis plan James Galbraith warns bailout deal is destined for failure August 4, 2015 The latest Greek bailout deal is destined for failure, an economist who helped engineer the cash-strapped country’s controversial currency crisis plan has warned. Negotiations on Greece’s third bailout plan – which would grant the country up to €86bn (£60.4bn) – have been ongoing since last week. “Nobody wants this deal,” Professor James Galbraith told City [...]
Commodities in freefall as China faces slowdown August 4, 2015 Mining stocks were dealt a body blow yesterday, with one index dropping to a 13-year low, as Chinese manufacturing PMI data dragged the commodities market down yet again. The data, which came out yesterday morning, showed that the downturn in China’s manufacturing sector intensified at the start of the third quarter. Production was cut at [...]