Webuyanycar owner BCA gears up for London IPO October 6, 2014 Britain's largest car auctioneer BCA has confirmed plans to list on the London Stock Exchange, in a move that would value the business at £800m. Blackbushe-based BCA, which acquired webuyanycar.com last August, is looking to raise £200m by issuing a quarter of its equity. The company said the proceeds would be used to pay [...]
Boris Johnson to approve controversial 700-apartment development October 2, 2014 Boris Johnson is expected to approve plans to develop London’s largest brownfield site in Islington tomorrow, despite thousands of local residents campaigning against it. The site – the former Royal Mail sorting office at Mount Pleasant, off Farringdon Road – has been highly controversial, with both Islington and Camden councils rejecting the plans, before the [...]
Sports Direct now owns 11 per cent of Debenhams October 2, 2014 Sports Direct has just upped its exposure to underperforming department store chain Debenhams, buying a further £33m-worth of shares. The move comes months after the Mike Ashley-owned retailer took its original punt on the high street business, which was ultimately converted into a put option valued at £64m. The new investment equates to a 4.6 [...]
US jobs benefit claims unexpectedly drop October 2, 2014 The number of Americans making new claims for unemployment benefits has fallen more sharply than expected last week, reaching pre-recession levels and nearing a 14-year low. Data released by the US Labor Department this afternoon showed that initial claims for state unemployment benefit had fallen 8,000 to 287,000 for the week ending September 27, [...]
Warren Buffett admits he made “a huge mistake” on Tesco as share price tumbles again October 2, 2014 Warren Buffett has admitted making a “huge mistake” by investing in Tesco, as the supermarket's share price continued to fall today. The legendary investor, and second richest man in the world, is currently the third largest shareholder in Tesco, through his venture Berkshire Hathaway, which owns a 4.1 per cent stake. He first [...]
Where is the best place to retire in the UK? Christchurch in Dorset apparently October 2, 2014 We all know the UK is faced with issues around its ageing population – but where are the oldest (and youngest) constituencies in the country? Figures out today from the Office for National Statistics suggest that Great Britain's older population is “concentrated primarily in coastal areas” – while the young bucks tend to live [...]
Business minister Matt Hancock apologises after homophobic retweet October 2, 2014 Business minister Matt Hancock has said he is “incredibly sorry” after retweeting a message including a homophobic slur. Hancock had been engaging in a bit of #NationalPoetryDay fun – aimed at the Labour party – when his enthusiasm appeared to get the better of him. After composing his own gaff-free limerick about “a [...]
Pimco reveals £14.5bn outflows after Bill Gross’ shock exit October 2, 2014 Investors have left Pimco funds in their droves following the surprise exit of “bond king” Bill Gross, admitting record outflows of $23.5bn (£14.5bn) from its flagship fund. Pimco this morning revealed the largest daily exodus from the Total Return Bond fund took place on the day of Gross' resignation at the end of last month [...]
Tesco, Sainsbury’s and Morrisons: Have investors given up on supermarkets? October 1, 2014 Tesco's share price has fallen 3.4 per cent today. Wm Morrison's has declined by 5 per cent. Sainsbury's share price tumbled 6.6 per cent. Although they operate in the same sector, each of these three supermarkets is suffering its own problem. So what is happening? Tesco's well documented £250m black hole in its [...]
Drivers vent frustration over tax disc chaos October 1, 2014 Drivers had been given months of advance warning – but a last minute rush of people looking to update their car tax as the paper discs went out of use forced the site offline for several hours. The DVLA claimed it had “unprecendented demand” as 6,000 users a minute took to its site in [...]
