Russell & Bromley quaking in its boots as profits take a beating Shoe shop Russell & Bromley has taken an axe to its dividend after profits fell by more than 12 per cent last year. Accounts recently filed at Companies House show the Kent-based footwear purveyor plans to give its dividend a £3m haircut to £11m after profits and revenue took a hit. Last year Russell & [...]
BP scoops up stake in Abu Dhabi oilfields in a deal worth $2.2bn Oil giant BP has picked up a stake in Abu Dhabi’s largest oil fields in exchange for a two per cent share in the company in a deal worth $2.2bn (£1.9bn). BP will control 10 per cent of the Abu Dhabi Company for Onshore Oil Operations and its production, which stands at 1.66m barrels a [...]
RBS drawing up contingency plans for Williams & Glyn as sale stalls Royal Bank of Scotland (RBS) is having to rethink plans to offload its 314-branch strong Williams & Glyn unit as it struggles with the European Commission’s deadline for a sale. The bank, which is still 73 per cent owned by the taxpayer, is supposed to announce a buyer for its Williams & Glyn network by [...]
Deutsche Bank mulls axing bonuses to pay loans fine December 18, 2016 Deutsche Bank could axe bonuses for some of its senior staff as scrambles to shore up cash to pay a potentially massive fine over toxic US loans. The bank, which has spooked investors in recent months with warnings over lower for longer interest rates and red tape pushing up costs, will not make a decision [...]
London’s floats market sinks on political shocks December 12, 2016 The London IPO market will end the year on a subdued note, with total proceeds expected to be down by around 60 per cent compared to this time last year. According to PwC’s latest IPO survey the London market raised £5.3bn across 60 floats throughout the year, averaging proceeds of £121m per listing. The picture [...]
Sky seeks to calm shareholder concerns over Fox bid as board independence comes under fire December 11, 2016 Broadcasting giant Sky is vying to convince investors that 21st Century Fox’s £10.75 per share takeover bid is not undervaluing the company. Sky revealed last Friday it had reached an agreement with Fox that values the business at £18.5bn – but some shareholders criticised the approach over the weekend. One big name City shareholder told City [...]
Lingerie brand Agent Provocateur gets a refit amid accounting issues December 11, 2016 Chris Woodhouse has stepped down as chairman of Agent Provocateur amid the lingerie brand’s ongoing inquiry into “accounting issues”. The upmarket label, which has counted supermodel Kate Moss among its roster, has handed the reins to Ian Lobley, a partner at Agent Provocateur’s controlling shareholder 3i Group, it was first reported last night by Sky [...]
Project Prosecco: Virgin Media exploring budget broadband December 11, 2016 Virgin Media is working on secret plans to launch a new budget broadband brand. Under the codename Project Prosecco, Virgin Media is considering expanding the coverage of its cable network next year with an offering that would put it squarely in competition with discount provider TalkTalk. Plans for the budget proposition, understood to still be at [...]
TalkTalk hits out at ultrafast fibre network critics December 11, 2016 Broadband provider TalkTalk has shot back at rival BT over claims it would not be able to build its own fibre broadband network in the UK. A report by Analysys Mason, commissioned by BT, and submitted to regulator Ofcom found the development of a third ultrafast broadband network in the UK was “highly unlikely”. However, [...]
Sweden launches campaign to host drugs agency post-Brexit December 8, 2016 The Swedish government has launched a campaign to become the new host of the London-based European drugs agency after the UK voted to leave the European Union. The European Medicines Agency (EMA) employees nearly 900 people and having EMA headquartered in or near Stockholm would boost Sweden’s drugs and life science sector, its government said. [...]
