Aggreko to split itself into two new business units after review June 22, 2015 Power services firm Aggreko is splitting in two, separating its rental business from its power business. As part of a company review, announced in March, the board has decided to move the group from its current regional structure to the new structure, which will comprise of Aggreko Rental Solutions and Aggreko Power Solutions. Aggreko, which [...]
Tullow Oil agrees $250m settlement to wrap up Ugandan tax dispute June 22, 2015 Tullow Oil will pay the Ugandan government a $250m (£158m) settlement, bringing to an end a two year dispute over capital gains tax. The London-listed company has already paid $142m, and the remaining $108m is being paid in three separate $36m installments, one of which has already been paid. The total sum will be fully [...]
Government pumps millions into aerospace technology companies June 22, 2015 Small technology firms will be able to compete for £10m in subsidies under a new government scheme announced yesterday. Speaking at the opening of a new aerospace research facility in Coventry, small business minister Anna Soubry said that the competition aimed to find “game-changing” aerospace technologies. Soubry also announced four new projects with larger firms that [...]
Capita is awarded NHS England admin contract worth up to £1bn June 22, 2015 NHS England yesterday awarded Capita the contract to become sole provider of administrative services for primary care across the UK. The four-year sole provider deal to manage and deliver services in England has a maximum value of £1bn, with an initial seven-to-ten year contract worth around £400m. Capita, along with its subcontractor Anglian Community Enterprise, [...]
Popped corks as Greene King-Spirit pub partnership gets green light June 22, 2015 Pub operator Greene King yesterday toasted the competition watchdog’s approval of its £774m takeover of Spirit. The Competition and Markets Authority (CMA) said it was satisfied the proposed sale of 16 pubs by the combined group would fix concerns raised by the company’s acquisition of Spirit Pub Company, and would not be referring the [...]
Virgin Active to bulk up in size in Asia and Africa June 22, 2015 Virgin Active, one of the world’s largest gym chains, said yesterday it will step up growth in Asia and Africa, and embark on a complete overhaul of its online platform this year following, its acquisition by South African billionaire Christo Wiese. The fitness group was on course for a listing on the Johannesburg stock market [...]
Fastjet finally manages to sell its loss-making Fly540 Ghana for $1 June 22, 2015 African budget airline Fastjet sold its loss-making subsidiary airline Fly540 Ghana yesterday. It sold the business to airline DWG-G for $1 (£0.63). Operations in Ghana were suspended in May 2014 and since then the Fastjet management has been exploring opportunities to restructure or dispose of this loss-making business. In the year ended 31 December 2014, [...]
Cameron must take control of EU reform negotiations before referendum says Conservative rebel Tim Loughton June 22, 2015 David Cameron has been told by Conservative rebels to grab EU referendum negotiations by the scruff of the neck. Read more: EU referendum could be held October 2016, according to government source The former children’s minister, Tim Loughton, said leaving the reform plan to civil servants would end up with negotiations turning to mush. Loughton rebelled [...]
Is the UK going to solve its productivity puzzle? Deputy governor of the Bank of England Jon Cunliffe says yes June 22, 2015 The productivity puzzle may soon be solved, according to a high-ranking official at the Bank of England. Read more: Osborne uses speech to lay out government plans to tackle the productivity puzzle Jon Cunliffe, the deputy governor for financial stability, said that surplus labour in the jobs market was drying up, meaning companies would have to [...]
Greek crisis: Athens stocks bounce as Greece outlines offer and Dijsselbloem calls new reform proposals a welcome step in a positive direction June 22, 2015 Stocks in Athens were nine per cent higher in the late afternoon, despite the fact Eurozone finance ministers failed to reach an agreement on Greece. A Euro summit meeting was too late to find a deal, but hope not lost. Greece has apparently ceded ground on several of the main sticking points that had prevented [...]