Co-operative chief executive Richard Pennycook’s basic salary and bonus cut confirmed: And here’s how much it’s dropping by April 7, 2016 The Co-op has confirmed chief executive Richard Pennycook has requested – and been given – a "very large reduction in his own remuneration package". At the same time, the group has revealed a pay rise for store staff. As reported last night, Pennycook's basic salary will drop from £1.25m to £750,000 with effect from 1 July and his [...]
The Co-Operative Group is back on track as it unveils profit growth and flat group revenues April 7, 2016 The Co-Operative Group has said it is "firmly on track" as it unveils like-for-like growth in its food, convenience and funerals businesses and a rise in underlying profit. The figures The struggling business heralded "stable" group revenues at £9.3bn (though this was down from £9.4bn last year), with food like-for-likes up 1.6 per cent, and volumes up five [...]
Netherlands referendum: Dutch voters reject EU-Ukraine deal as Brexit campaigners claim victory April 7, 2016 Dutch voters have rejected a deal between the EU and Ukraine in a referendum that is seen as a test of eurosceptic sentiment. The outcome has been claimed as a victory by Out campaigners in the UK. With a turnout of near 32 per cent, 61 per cent voted "no", while 28 per cent supported [...]
Marks & Spencer’s share price soars as it reveals better-than-expected fourth quarter figures in Steve Rowe’s first results (but clothing is still down) April 7, 2016 Marks & Spencer's share price soared more than three per cent this morning after posting a better-than-expected set of fourth quarter results – albeit yet another set of declines in general merchandise. The figures Group sales at the high street giant were up 1.9 per cent in the 13 weeks to 26 March, but as with [...]
From butlers to bacon, here are the 10 weirdest things Brits have asked the Foreign Office for on holiday April 7, 2016 The Foreign and Commonwealth Office (FCO) has released details of the 10 weirdest calls it has received in the past year, adding the note is "a reminder to the public that they should only look to use its services for genuine emergencies". Latest FCO figures show that over the last year almost half a million calls were [...]
City Moves for 7 April 2016 | Who’s switching jobs April 7, 2016 White & Case Lindsey Canning has joined global law firm White & Case LLP as a partner in its global intellectual property practice, in London. She will work closely with the global mergers & acquisitions practice, advising clients on intellectual property and technology matters. Lindsey, who joins from Freshfields, has extensive experience advising clients on [...]
EU referendum: Prime Minister David Cameron appeals to younger people to back Remain April 7, 2016 Young people should vote to remain in the EU as their future opportunities are linked to membership, the Prime Minister will today say. As David Cameron shifts his focus onto younger generations, he will also press them to back continued EU membership as they will be the hardest hit in the event of a downturn [...]
Pfizer’s failed $160bn bid for Allergan is the largest withdrawn deal on record April 6, 2016 The giant pharma deal thwarted by new US tax inversion rules is the biggest transaction that has ever been withdrawn, according to financial software firm Dealogic. Viagra-maker Pfizer's $160bn (£113bn) takeover of Botox manufacturer Allergan was called off yesterday, following the introduction of new rules by the US Treasury. It was thought that US firm Pfizer [...]
EU referendum: JP Morgan chief exec Jamie Dimon tells shareholders a vote to Remain is better for the British economy April 6, 2016 Britain’s economy will suffer if the country votes to leave the EU, JP Morgan shareholders have been warned tonight. Chief executive Jamie Dimon has cautioned investors that “the range of outcomes of a Brexit is large and potentially unknown”, in a letter seen by City A.M. “In a bad scenario, and this is not the worst-case [...]
Yahoo anticipates another 15 per cent drop in revenues to $3.5bn in 2016 April 6, 2016 Yahoo is anticipating another 15 per cent drop in revenues this year. The web portal reported profits of $4.4bn (£3.1bn) in 2014, $4.1bn last year and is expecting this figure to drop to $3.5bn in 2016. Read more: Hedge fund wants to overhaul Yahoo's board The figures were first reported by Re/Code, which quoted them from a [...]