Toshiba is set to report a £3bn loss for nine months of 2016 later this week February 12, 2017 Toshiba, the troubled Japanese conglomerate looking to build a new nuclear reactor in Cumbria, is set to report a group net loss of approximately ¥ 400bn (£2.8bn) for the three quarters to December, the Nikkei reported. The loss is largely due to a goodwill impairment of around £4.2bn on a US nuclear unit that came to light in late [...]
The Body Shop attracts buyout bidders in £850m sale February 12, 2017 Potential buyers are emerging in the $1bn (£850m) sale of ethical beauty brand The Body Shop. Apax Partners, a high-profile backer of companies including Karl Lagerfeld and Orange, has registered its interest, The Sunday Times reported yesterday. Current owner L’Oréal put the iconic British store up for sale last week, saying it wanted to “give it [...]
Bank of England officials are talking Brexit with City bosses February 12, 2017 Bank of England officials have been meeting with various senior City figures, with wishlists for Brexit high on the list of talking points. Many across the financial sector have warned a bad Brexit deal with no suitable substitute for passporting, the complex set of rights currently used by UK firms to access EEA markets, and no [...]
William Hill investor pushing for sale February 12, 2017 The high street betting chain, William Hill, is being considered as a potential target for acquisition, according to reports in the Sunday Times. Parvus Asset Management has been pushing for a sale of William Hill for four months, according to sources in the City. The Mayfair-based hedge fund is William Hill’s biggest single shareholder, with [...]
UK has a future as a cannabis hub, says biotech company February 12, 2017 The UK has the potential to become a world leader in drugs derived from the cannabis plant, according to a leading biotech firm. GW Pharmaceuticals chief executive, Justin Gover, told the Telegraph that the company is rapidly expanding its processing operations and hopes to get regulatory clearance for a new cannabis-derived drug in 2018. GW, [...]
Barclays mulls plans to freeze chief executive Jes Staley’s £8m a year pay as investors reach breaking point over bumper deals February 12, 2017 Barclays is considering freezing its chief executive's maximum pay at £8m for the next three years, in a bid to dodge fallout from a potential shareholder spring. According to Sky News, which first reported the story, the chair of the bank's remuneration committee has briefed leading investors on plans to keep salary and incentives for Jes Staley, who [...]
Boden appoints Tesco veteran as new CEO February 12, 2017 British clothing brand Boden has appointed Jill Easterbrook as its new CEO. Easterbrook formerly worked at Tesco for 15 years, holding at different times the roles of chief customer officer, group business transformation director and managing director of clothing. She left the company in 2016 and has been a non-executive director at Auto Trader since [...]
Hedge funds bank on Sky takeover bid success February 12, 2017 Two US hedge funds have banked on the Murdoch family succeeding in taking over the UK-based communications giant, Sky plc. According to reports in the Sunday Telegraph, the two funds, HBK and Pentwater, each disclosed they have amassed positions worth £310m and £300m respectively. In December last year, 21st Century Fox announced that it would be [...]
RBS on track for ninth straight year of losses, as struggling bank pressed to close branches and cut jobs in digital push February 12, 2017 Royal Bank of Scotland looks set to announce a multi-billion pound loss for 2016, its ninth straight year wallowing in the red, while it is also being pushed to cut branches as customers flee to digital banking. The 73 per cent state owned bank, which will reveal its annual results on 24 February, racked up losses attributable [...]