How are the UK’s business groups reacting to the Brexit white paper? February 2, 2017 Some of the UK's biggest business groups have come out in favour of a Brexit white paper published by the government today, but questions still remain on the rights of EU nationals. The Department for Exiting the European Union published the paper earlier this afternoon, following pressure from MPs to provide more information on Brexit [...]
“You just have to get on with things”: UK dealmaking is off to its best start to a year since 2008 February 2, 2017 UK dealmakers have had a flying beginning to the year, with 2017 marking the best annual start for British mergers and acquisitions (M&A) activity since 2008. After Reckitt Benckiser’s offer for Mead Johnson Nutrition, the total value of deals involving UK parties so far this year has reached $34.9bn (£27.8bn), according to Thomson Reuters. Read [...]
Saudi Aramco will publish its finances ahead of what could be the world’s biggest IPO February 2, 2017 Saudi Aramco, which is plotting what is expected to be the world's largest initial public offering (IPO), will publish its annual financial statements before the float in 2018. The Saudi state-owned company will disclose 2017 annual statements prior to the listing, Bloomberg reported energy minister Khalid Al-Falih said today at a seminar in Riyadh. “Aramco applies [...]
Diversified Gas and Oil says it will target high dividends from strong cash flows after its float tomorrow February 2, 2017 Tomorrow the London Stock Exchange's junior flotation market will welcome its largest initial public offering (IPO) from an oil and gas firm since oil prices tanked in 2014 – and the company says it sees potential for "substantial" growth. US-based Diversified Gas & Oil is gearing up for its floatation on the Alternative Investment Market (Aim), which chief [...]
Six people, including two HBOS bankers, jailed for more than 47 years between them February 2, 2017 Two former HBOS bankers are among six people who have today been jailed for almost 50 years between them for a scheme which ran businesses into the ground for their own personal gain, generating losses of around £250m for the now collapsed bank. Lynden Scourfield, 54, once head of the HBOS department responsible for businesses in financial [...]
GVC shares jump after final quarter bonanza and debt savings February 2, 2017 Shares in online gambling firm GVC leapt nearly six per cent today after the firm revealed a jackpot fourth quarter that beat market expectations. Net gaming revenue (NGR), gross bets less associated payouts, jumped by nine per cent to €231m (£199m) in the final three months of the year. Read more: GVC shares jump after betting [...]
Why an “imminent” Robin Hood tax is the latest nail in the EU’s coffin February 2, 2017 It is easy to be sceptical when any European Commissioner comes out and says something is imminent – particularly when you consider the ponderous and remote nature of the various institutions that make up the EU. But with Britain no longer having a say, last week’s comments from Commissioner Pierre Moscovici about a financial transaction [...]
Coutts & Co told to pay £5m by Swiss watchdog for anti-money laundering failures in dealings with 1MDB February 2, 2017 Coutts & Co has today been ordered to pay CHF 6.5m (£5.2m) by Swiss watchdog Financial Market Supervisory Authority (Finma) over anti-money laundering failings in its dealings with scandal-hit Malaysian 1MDB. The watchdog, which launched enforcement proceedings last year, claims the private bank "failed to adequately clarify the circumstances surrounding a number of business relationships and unusually large, high-risk transactions". [...]
German prosecutors searched office and home of Deutsche Boerse chief in insider trading probe February 2, 2017 Prosecutors in Germany have searched the home and office of Deutsche Boerse’s chief executive as part of its probe into alleged insider trading, it emerged today. The Public Prosecutor’s Office of Frankfurt is investigating a €4.5m (£3.8m) share purchase by Carsten Kengeter in December 2015, shortly before Deutsche Boerse agreed to the terms of a [...]
No more misery? Southern rail deal announced between the train operator and union Aslef February 2, 2017 A deal has been agreed in the long-running dispute between Southern rail and train drivers' union Aslef, in the wake of fresh talks. It is expected to bring the row over the so-called driver-only operated trains to a close, subject to a referendum of Aslef members. The ballot of Aslef drivers on whether to accept the deal [...]