Barclays sued by Syrian billionaire Wafic Saïd over blacklisting after 40 year relationship March 23, 2016 Barclays is being sued by one of its oldest and richest customers, Syrian-born billionaire businessman and philanthropist Wafic Saïd after the bank cut ties with him after a 40 year relationship. Saïd, a 76-year-old Monaco resident and Conservative-party donor, today instructed his lawyers to file proceedings at the High Court in London according to a statement released by public [...]
Brussels attack: Travel disruption will continue as Brussels’ Zaventem Airport to remain closed until Saturday March 23, 2016 Brussels' Zaventem Airport is set to remain closed on Friday, it's been reported by the Belga News Agency as the operation to secure the airport continues. Attacks on the airport yesterday left as many as 11 people dead after two explosions. One British national is among those injured. The Maalbeek metro station was also targeted, killing 20 others. A total 260 people were wounded [...]
Saudi Arabia will go ahead with production freeze deal in April without Iran, sending the oil price up 50 per cent in just two months March 22, 2016 Saudi Arabia has signalled it will go ahead with a deal with Russia and other Organization of the Petroleum Exporting Countries (Opec) members to freeze production in April despite Opec rebel Iran vowing to continue to increase output. The deal, which already includes Venezuela and Qatar, is scheduled to be finalised at a meeting in Doha [...]
Royal Bank of Scotland pays dividend access scheme fee to the government, clearing the way for payments to ordinary shareholders March 22, 2016 Royal Bank of Scotland has paid £1.2bn to the government, clearing the way for dividend payments to ordinary shareholders and abolishing its so-called dividend access share arrangement. The bank, still 72.6 per cent owned by the taxpayer, made the deal with the government to give it priority over dividends after its £45.8b bailout during the 2007-09 financial crisis. RBS had announced it [...]
Sports Direct’s share price flops after founder Mike Ashley admits the company is “in trouble” and blames MPs for a storm of negative publicity March 22, 2016 The share price of controversial sportswear retailer Sports Direct has tumbled after billionaire boss Mike Ashley admitted in a rare interview the company is "in trouble", and "not trading very well". Speaking to The Times, Ashley blamed MPs for creating a storm of negativity around the retailer, and accused them of “abuse of parliamentary process” by requesting he attend [...]
Energy industry warned over high supply and slowing demand in 2016 March 22, 2016 The global energy industry is going to face fresh challenges in 2016 due to slowing demand around the world, companies have been warned. Demand growth is expected to slump in the second half of 2016, just as production outside of oil cartel the Organization of the Petroleum Exporting Countries (Opec) begins to slacken, according to a [...]
Private equity firm Ardian is selling its majority stake in Novacap to two French buyout firms for around £500m March 21, 2016 Paris based private equity firm Ardian is set to offload its majority stake in chemicals and cosmetics company Novacap to French buy out firms, Eurazeo and Mérieux Développement for around £500m. Novacap, maker of everything chemical from sun creams to baking powder, was bought by Ardian in 2011 for a deal that valued it at €240m (£188m). The deal is the latest in a raft of [...]
Valeant chief executive Michael Pearson has been ousted from the company following the share price losing 50 per cent of its value last week and flirting with a debt default March 21, 2016 Canadian drug giant Valeant has announced it's going to replace chief executive Michael Pearson. Valeant said in a statement it has kicked off a search for a new CEO, with Pearson continuing as both chief executive and director until his replacement is appointed. The firm has also named activist investor Bill Ackman, CEO of Pershing Square Capital Management, to its board of directors. Robert Ingram, chairman of [...]
Moody blues: Tories forced to abandon controversial welfare cuts as Iain Duncan Smith lashes out March 21, 2016 The government will perform a screeching U-turn today as ministers scramble to repair the damage caused by controversial plans to cut disability payments. Prime Minister David Cameron will aim to draw a line under a blistering row prompted by the resignation of former party leader Iain Duncan Smith, who stepped down as welfare secretary at [...]
