A third investor backs Songbird bid December 10, 2014 QATAR Investment Authority (QIA) and Brookfield said yesterday that a third shareholder had agreed to back its 350p-a-share offer for Songbird Estates, the owner of Canary Wharf. EMS Capital, which holds 3.2 per cent of Songbird’s free float, or 0.7 per cent of the company, said in a letter to the bidders that it intended [...]
Two of London’s oldest law firms to join forces next year December 10, 2014 A COUPLE of London’s oldest law firms – May, May & Merrimans, and Hunters – are to merge as of 1 April next year, they announced yesterday. The newly-formed firm will be known as Hunters, incorporating May, May & Merrimans, and will have its main office at 9 New Square, Lincoln’s Inn. It will be [...]
Bosses at miner Hochschild take a 30pc pay cut December 10, 2014 HOCHSCHILD Mining yesterday said its chairman would become non-executive chairman, and non-executive directors would take an estimated 30 per cent pay cut as part of an ongoing cost-cutting drive after it was hit by falling precious metals prices. In a statement, the company said chairman Eduardo Hochschild would become non-executive chairman from the start of [...]
FCA chiefs Martin Wheatley and David Lawton cling on despite damning Davis report on insurance market fiasco December 10, 2014 City watchdog Martin Wheatley came in for criticism yesterday as the £3.8m Davis report on the regulator’s handling of media briefings was released to the public. The Financial Conduct Authority’s (FCA) chief executive will forgo his bonus for 2013-14 as a result of the findings, as will David Lawton, director of markets, Zitah McMillan, director [...]
Davis report: Questions raised over Martin Wheatley’s leadership following FCA scandal December 10, 2014 Conservative MP Mark Garnier said yesterday that Financial Conduct Authority (FCA) boss Martin Wheatley faces questions over his fitness for the role. The former City fund manager, who now sits on the Treasury Select Committee, told City A.M.: “The question is whether the regulator’s priorities are badly distorted. It seems the regulator is confused about what [...]
Falling Nigerian naira hits profit at PZ Cussons December 10, 2014 PZ CUSSONS, the owner of Imperial Leather soap and St Tropez self-tan, said yesterday that it suffered a drop in profits in the first half of the year as tough trading conditions in Africa and the devaluation of Nigeria’s currency, the naira, took its toll on sales. Nigeria is Africa’s largest oil exporter and the [...]
Analyst Views: What did you think of PZ Cussons’ performance in the first half? December 10, 2014 DARREN SHIRLEY | SHORE CAPITAL PZ Cussons has issued a subdued trading update. Taking management’s guidance, and the lack of visibility in Nigeria where currency is likely to face a stronger headwind together with the potential for some short-term disruption around the presidential election in February, we have downgraded our forecasts. CHARLES PICK | NUMIS [...]
N Brown digital move pays off as sales thaw December 10, 2014 N BROWN yesterday said sales had picked up towards the end of the third quarter after warm autumn weather had forced the retailer to cut its full-year profit forecast in October. The company, which targets older and plus-sized shoppers with brands such as Jacamo and Simply Be, said it returned to growth in October and [...]
Farewell Nomad hello Champagne Odyssey at Daniel Stewart’s Christmas party December 10, 2014 ‘Tis the season to be jolly and for those of us in the City, the Christmas drinks invitations are piling as high as the empty mince pie casings in the bins. But there’s one party The Capitalist has been looking forward to the most – Daniel Stewart’s Champagne Odyssey, taking place this evening at Brown’s. [...]
Sledge fund: Hundreds of Santas run through City for Brainwave December 10, 2014 City workers heading for the Tube on Tuesday evening may have received a bemusing surprise – as hundreds of their peers ran past dressed head-to-toe as Little Saint Nick. The annual 5k fun run through the City started at Old Spitalfields market and ended up there once more – with mince pies and mulled wine [...]