Deutsche Boerse turns attention to regulation after cementing shareholder support for London Stock Exchange merger August 10, 2016 Deutsche Boerse has announced a “major milestone” in its quest to complete a merger with the London Stock Exchange. The German exchange said more than 75 per cent of shares have now been tendered in support of the deal. The firm had already received the 60 per cent support necessary. Read more: More European opposition, this [...]
City watchdog shuts bond manipulation investigation into Lloyds senior trader August 10, 2016 The City watchdog has today shut down an investigation into possible bond manipulation by a Lloyds Banking Group trader. In late 2015, The Financial Conduct Authority (FCA) launched an investigation into whether Tony Gray, head of gilts trading at the bank, had rigged the UK government bond market but has now decided there is no case for [...]
Toscafund urges Speedy Hire chairman to resign ahead of general meeting August 10, 2016 Activist investor Toscafund today published an open letter to Speedy Hire, reiterating its call for the industrial tools and equipment rental firm's chairman to resign. Toscafund believes Jan Astrand has failed to deliver during his time as executive chairman and lacks the "appropriate track record or attitude" to oversee the company's turnaround. It now wants him to resign ahead of [...]
Rank Group and 888 Holdings still want the chance to woo William Hill for a takeover deal August 10, 2016 Rank Group and 888 Holdings have hit back at William Hill's rejection of their £3.6bn takeover offer yesterday, claiming the move would save £100m per year in cost synergies. The consortium formed by Rank, the operator of Grosvenor Casinos, and online gambling giant 888 has not given up, saying it would still "welcome the opportunity to [...]
Labour leadership contender Owen Smith wants an inquiry into working practices at Asos August 10, 2016 An urgent inquiry into working practices at online retailer Asos is necessary, Labour leadership contender Owen Smith has said. Smith today called for an inquiry to deal with employment practices at Asos, warning it is "the new Sports Direct". Writing to chair of the Business, Innovation and Skills Select Committee Ian Wright, Smith asked for consideration [...]
Stock Spirits appoints new chief executive and refocuses business on Poland August 10, 2016 Stock Spirits' activist investors will be pleased today after the company appointed a new permanent chief executive and said it is already seeing positive results from boosting its operations in Poland. The troubled Eastern European vodka maker has appointed former interim chief exec Miroslaw "Mirek" Stachowicz as its new leader, after former head Chris Heath stepped down [...]
Charitable cryptocurrency Cross-Stratum Coin to be launched next year August 10, 2016 A NEW cryptocurrency slated for release next year is set to bridge the world of digital currencies and international charity payments. The Cross-Stratum Coin (CSC), created by UK-based fintech company Cross-Stratum Mutual Community (CSMC) Asia, will utilise trading fees as a method for donation to global charities when it launches in the first quarter of [...]
Ralph Lauren shares get trendy as fashion group sets out “Way Forward Plan” August 10, 2016 Ralph Lauren’s share price shot up on Wednesday despite the luxury fashion group reporting falling turnover and profit. The firm’s performance was affected by restructuring costs associated with its “Way Forward Plan”. The figures The US company’s net revenue for the three months to 2 July came in at $1.55bn (£1.19bn), down from $1.62bn in [...]
Coal industry urges UK government to reconsider carbon capture storage August 10, 2016 THE COAL industry is urging the new government to change its stance on support for the development of carbon capture storage (CSS). The World Coal Association, which represents FTSE-listed miners such as Glencore and Anglo American, has written to business secretary Greg Clarke asking him to better support the requisite technology in the UK. CCS would remove and store CO2 emissions [...]
Perform kicks off live sports streaming service in three European countries August 10, 2016 UK-based media company Perform has launched its live sports video streaming service in Germany, Austria, and Switzerland. DAZN – inexplicably pronounced Da Zone – is described by Perform as the world’s first dedicated live sports streaming service and allows subscribers to watch games on demand. Football is expected to be the services' top draw with the English Premier League, Italy's Serie A, Frances' Ligue [...]