Mike Ashley’s Sports Direct HQ raided by police investigating former Rangers owners May 6, 2015 Scottish police have raided Mike Ashley's Sports Direct headquarters as part of a two-year investigation into two takeovers of Rangers football club. Mike Ashley owns an 8.6 per stake in Rangers, whose previous owners Craig Whyte and Charles Green are the subject of the investigation that led police to Sports Direct's Derbyshire base. In a statement [...]
Sainsbury’s share price falls after it posts first loss in a decade May 6, 2015 Nine years of uninterrupted sales growth came to a halt today as Sainsbury's reported a pre-tax loss of £72m. Investors were not impressed, and the grocer's shares were down 3.6 per cent to 264.8 pence this afternoon. The figures Sainsbury's said underlying profit before tax had fallen by 14.7 per cent to £681m in the year [...]
ViiV Healthcare: GSK share price rises as it scraps plans for £17bn HIV drugs spin-off which would have been one of the biggest IPOs this decade May 6, 2015 Pharma giant GSK (aka GlaxoSmithKline) has abandoned plans for an IPO of its HIV medicines division, it said today. In first quarter results published today, the company said its decision to hang on to ViiV Healthcare reflected an "updated strong positive outlook". Analysts at Jefferies have said ViiV could be valued at as much as [...]
How Sainsbury’s, Tesco and even discounters Aldi and Lidl reined in property expansion plans and ended the supermarket turf wars May 6, 2015 In the never-ending quest for growth, for decades supermarkets held a major arsenal in their weaponry – land. But not any more. Sainsbury's today revealed it took a £682m writedown on its property portfolio in another sign the decades-long land grab by supermarkets has failed to pay off. Tesco's property writedowns run into the billions [...]
Poundland brings forward competition probe into 99p Stores deal May 6, 2015 Bargain store Poundland has bought forward a competition probe into its offer to buy rival 99p Stores for £55m. The Competition and Markets Authority (CMA) previously said the tie-up could create "a realistic prospect of less competition" in 80 local areas – and an additional 12 areas where they will be competitors in the near future. It said [...]
Wetherspoon is holding its own in the face of the supermarket price war May 6, 2015 It may be at a “great disadvantage” to supermarkets, but JD Wetherspoon still managed to report an increase in sales. The figures In an interim management statement, the company announced like for like sales were up 1.7 per cent in the 13 weeks to 26 April, and 3.6 per cent for the financial year to [...]
US economy set for lift after slow start to 2015 May 5, 2015 An expansion in the US trade deficit suggests that economic growth is likely to have been negative at the start of the year, when second estimates are released at the end of May. The first official estimate last week showed that the US economy slowed to near-stagnation in the first three months of the year. However, [...]
End of the Terry Leahy era for Tesco as Ken Hanna and Stuart Chambers step down May 5, 2015 The last two non-exec directors who served during Terry Leahy’s reign at Tesco are to step down, in another shake-up of its board following last year’s profit scandal. Tesco said yesterday that Ken Hanna and Stuart Chambers would retire at the firm’s annual general meeting on 26 June, after serving on the board for six [...]
Former Lehman Brothers bankers in line for healthier pension payouts May 5, 2015 More than 2,000 ex-Lehman bankers are set for bigger pension payments after bosses of the retirement plan struck a £675m deal to offload it to an insurance firm. Members of the Lehman Brothers Pension Scheme will see payment restrictions – put into place after the bank’s dramatic collapse nearly seven years ago – lifted in [...]
Salesforce.com share price climbs on Microsoft takeover reports May 5, 2015 Shares in Salesforce.com jumped 6.2 per cent yesterday, after it was reported that Microsoft is considering a bid for the cloud software provider. Salesforce shares rose from $71.4 to $75.82 after which trading was temporarily halted. Microsoft is evaluating a bid after Salesforce was approached by another potential buyer, Bloomberg reported, citing people with [...]