National Grid: Britain’s power supplies will see out the winter despite Brexit October 10, 2019 Britain will have enough power and gas to see out the winter even with Brexit, but could need regular supplies of liquefied natural gas (LNG). The UK is set to leave the EU at the end of this month but the terms are still unclear. Read more: National Grid calls for security review following massive [...]
Merian Global agrees first acquisition since spinoff October 10, 2019 Merian Global Investors has agreed to acquire Kestrel Investment Partners’ multi-asset business, in its first acquisition since its management buyout from Old Mutual in June last year. The acquisition will boost Merian’s £26.4bn of funds under management with Kestrel’s $151m (£123m). Read more: Investment firm responsible for £1bn assets goes into special administration Kestrel’s entire [...]
Online cosmetics firm Cult Beauty hires advisers to explore sale October 10, 2019 Online cosmetics business Cult Beauty has reportedly hired advisers to explore a potential sale of the company. The firm, which is one of the UK’s fastest-growing online beauty businesses, has appointed JP Morgan to explore its options, Sky News reported. Read more: The Body Shop owner Natura buys Avon for £1.6bn Co-founders Jessica De Luca [...]
US diplomat’s wife will not return to UK over crash death, Trump note reveals October 10, 2019 The US diplomat’s wife involved in a car crash that killed a British teenager will not return to the UK to face justice, according to a note accidentally shown by President Donald Trump. Anne Sacoolas claimed diplomatic immunity and fled the country following a head-on collision near a military base that killed 19-year-old motorcyclist Harry [...]
DCMS chair Damian Collins calls for crackdown on fake news spread by ‘wealthy people’ October 10, 2019 A top MP has called for a crackdown on campaign groups funded by “wealthy people” that spread disinformation on social media. Damian Collins, chair of the Digital, Culture, Media and Sport (DCMS) select committee, warned that much of the discourse on social media was not spread organically but rather promoted by shady backers. Read more: [...]
London City Airport: Police and Extinction Rebellion vie for control of travel hub October 10, 2019 Extinction Rebellion protesters attempted to block the entrance to London City Airport today, as well as blockading the DLR station near the travel hub. London City Airport said that flights remain unaffected, with 60 planes having arrived and departed from the airport by 9.15am. Read more: Extinction Rebellion protesters seek to shut down City airport [...]
Dunelm shares slump despite revenue growth October 10, 2019 Shares in Dunelm dropped more than eight per cent this morning despite reporting growth in the first quarter, following a string of positive trading updates this year. Total like for like revenue grew 6.4 per cent to £255.6m, with a 34.7 per cent increase in online sales. In-store revenue was up 2.9 per cent to [...]
Danske Bank begins hiring freeze to meet costs associated with money laundering scandal October 10, 2019 Danske Bank has initiated a hiring freeze on non-critical positions in a bid to meet rising compliance costs related to its involvement in a money laundering scandal. “The hiring freeze comes after we’ve seen higher compliance costs and costs related to our anti-money laundering efforts,” a spokesperson for the bank said. Read more: Former head [...]
N Brown returns to profit after digital transformation October 10, 2019 Shares in N Brown jumped 7.8 per cent this morning after the plus-size retailer reported it returned to profit in the first half. The figures The retailer reported a statutory profit of £18.8m, up 169.4 per cent from a loss of £27.1m last year. Earnings increased four per cent from £52m to £54.1m in the [...]
Barclay brothers mull £800m sale of The Ritz Hotel October 10, 2019 David and Frederick Barclay, the billionaire brothers that own The Ritz, are reportedly mulling an £800m sale of the five-star Mayfair hotel. The twin brothers, who also own The Telegraph newspaper and Spectator magazine, bought the Grade-II listed building for £75m in 1995. Read more: Profits plunge at Barclay brothers’ Ritz hotel Richard Faber, Frederick [...]