Sky launches bundle to give Netflix the chills June 29, 2016 Broadcaster Sky is moving into direct competition with streaming upstarts like Netflix with a contract-free online TV, internet, and phone bundle. Sky’s digital service, Now TV, was launched in 2012 and has recently come under pressure from Netflix and Amazon’s TV and movie streaming service Prime Video. Netflix works on a rolling monthly subscription, while [...]
General Mills’ revenue slides as customers choose fresh options June 29, 2016 US food giant General Mills most recent quarter revenue decline was less steep than analysts had expected. General Mills, which makes Haagen-Dazs ice cream and Cheerios cereal, is trying to get into shape as consumers opt for healthier food. The company reported a profit of $379.6m (£282.6m) over the past three months, up from $186.8m [...]
Buyout giant raises £5.7bn for European fund June 29, 2016 European private equity firm Cinven has raised €7bn (£5.7bn) from investors for its sixth fund. The fund was raised in four months and was oversubscribed for its original target of €5.5bn. Cinven’s last raising put together a fund of €5.7bn in December 2014, and led to investment in 17 companies, and 40 acquisitions. Over 90 [...]
Giant 1,109-carat diamond fails to sell at Sotheby’s auction June 29, 2016 The biggest uncut diamond to be discovered in more than a century has failed to sell at auction. Lucara Diamond Corp has announced that its giant Lesedi la Rona gem will be retained by the company after bidding at a Sotheby’s auction in London did not meet the reserve price. Read more: Petra Diamonds unearths [...]
Ten trade unions have hit out at the “deeply regrettable and unnecessary” crisis engulfing Labour, while acknowledging calls for a leadership election June 29, 2016 Ten of the UK's trade unions have slammed the conduct of the party's MPs, acknowledging Labour is heading for a leadership election. The carefully worded statement from the leaders of unions including Unite, Unison and GMB, argue that Corbyn is the democratically-elected leader of the party, chosen under procedures backed by Labour MPs. And while the statement stops short of directly [...]
War of words reignites over BHS as Sir Philip Green objects to comments by MP Frank Field about his company “nicking” June 29, 2016 THE war of words between retail tycoon Sir Philip Green and Frank Field, chair of the Work and Pensions Select Committee, has reignited after the MP accused Green's company of “nicking” which is investigating the collapse of BHS. In an evidence session with Sir Philip’s right-hand man, Paul Budge, into the collapse of BHS, Field said: [...]
Luxleaks whistleblowers handed suspended sentence June 29, 2016 Two ex-PwC employees have been found guilty on charges relating to their involvement in a leak of their firm's data, and handed suspended sentences. Antoine Deltour was given a suspended sentence of 12 months and a fine of €1,500 (£1,241), while Raphael Halet was handed a nine-month suspended sentence and a fine of €1,000 for their role in the so-called Luxleaks data leak. [...]
My Local formally collapses into administration putting 1,658 jobs at risk June 29, 2016 Convenience chain My Local has formally gone into administration putting 1,658 jobs at risk. The embattled retailer, which is set to shut 90 shops, has appointed KPMG to act as administrators. Formerly owned by Morrisons and called M Local, the supermarket chain was snapped up by Greybull Capital in a deal reportedly worth £25m last year. Morrisons has confirmed [...]
It’s premature to assume Britain will plunge into recession June 29, 2016 As the dust settles on last week’s referendum, pretty much every verdict I have heard or read agrees that the UK economy faces a period of contraction and the market has moved very quickly to price that scenario in. At first glance, this case is persuasive. There has been clear evidence of deferred investment in [...]
As Jeremy Corbyn clings onto the Labour leadership, is a split within the party now inevitable? June 29, 2016 Tim Worstall, senior fellow of the Adam Smith Institute, says Yes. Labour has been splitting for all my adult life. A difference has always existed between those who understand that there is a spectrum of possible economic and political models, which must exclude a non-market system, and those who do not. This is what the [...]