WPP shareholders revolt against Sir Martin Sorrell’s £43m pay (but not as many as last year) June 9, 2015 More than a fifth of WPP shareholders have refused to back Sir Martin Sorrell's £43m pay package – but that is less than this time last year. At today's AGM 19.5 per cent of investors in the marketing and advertising giant voted against Sorrell's pay, while 2.7 per cent absented. While that means [...]
Conservative MP Zac Goldsmith announces bid to run for London mayor June 9, 2015 Zac Goldsmith has joined the race to become the next London mayor, boosting Conservative hopes of holding onto power at City Hall. He becomes the fifth Tory in the race to succeed Boris Johnson as London mayor, after the Johnson won a seat in Parliament in last month's General Election. The young Tory MP has [...]
London mayor election 2016: Who will be the next Boris Johnson? Runners, riders and potential candidates June 9, 2015 The General Election is out of the way, but that means the race is now on for City Hall in 2016 – and we can expect a slew of candidates to start the firing gun on their campaigns. Now shadow business secretary Chuka Umunna has thrown in the towel in the race to become leader [...]
EU in/out referendum: David Cameron climbs down on vote rules for ministers June 8, 2015 Any progress made at the G7 summit in Germany was overshadowed by Prime Minister David Cameron’s insistence yesterday that his comments on the forthcoming in/out referendum on Britain’s European Union membership had been “misinterpreted”. Over the weekend, Cameron was asked if he would allow government ministers a so-called “free vote” in the in/out referendum on [...]
Star manager Neil Woodford invests £21m in online brokers AJ Bell June 8, 2015 Neil Woodford, one of the UK’s most successful fund managers has poured £21m into AJ Bell, the online investment platform and stockbroker service provider. Woodford Equity Income Fund is investing £13m while a further £8m is being invested by Woodford Patient Capital. Woodford founded Woodford Equity Income after quitting Invesco Perpetual, AJ Bell’s largest shareholder. [...]
After a row over ministers’ freedom to back the No vote, is David Cameron bungling EU renegotiation? June 8, 2015 Tim Knox, director of the Centre for Policy Studies, says Yes Successful negotiation is based on clarity, conviction and consistency. Sadly, in our renegotiations with the EU, clarity is scarce. Are we talking about an optout from ever-closer union? Or is it just a matter of limiting welfare entitlements? So too is conviction. Who can [...]
Burberry chief executive Christopher Bailey’s pay sinks to £8m June 8, 2015 Burberry chief executive Christopher Bailey earned £7.9m last year, including a £1m salary, a £1.7m bonus and £424,000 in allowances and benefits, the company said today. The remuneration package of Bailey – who is notoriously shy of the financial media – was subject to a shareholder revolt at the company's annual general meeting last year, [...]
London mayor Boris Johnson calls on Cameron to drive through EU reform June 8, 2015 Boris Johnson has called on the Prime Minister to "roar on" in a "full-scale breakout" of EU reform, insisting that David Cameron has the momentum in Europe. The Mayor of London, who was elected as MP for Uxbridge in the General Election, said that Europe did not expect Cameron to win the election. This, he [...]
New Look launches £1.2bn bond issue to repay high interest Pik loans June 8, 2015 New Look is launching a bond issue totalling £1.2bn to restructure its debt and pay off its high-interest loans as it transitions to new owners. The group, which has recently been bought out by South African tycoon Christo Wiese, is issuing £1bn-worth of senior secured notes due in 2022 and £200m senior notes due [...]
EU referendum: 40pc increase in campaign budget limit angers Eurosceptics as Barack Obama again voices support for Yes vote June 8, 2015 David Cameron has angered Eurosceptics with plans to raise the campaign spending limits for the EU referendum by 40 per cent. According to The Times, he amount the “lead” organisation in each campaign will be permitted to spend will hit £7m, up from £5m, while the total for each campaign would be £35m, up from [...]