MPs warn of significant risks of government probation overhaul May 19, 2014 MEMBERS of parliament have warned of significant risks posed by government changes to the probation service, amid wider calls for a tighter grip on UK prisons. Chair of the public accounts committee Margaret Hodge said the plans to overhaul the way prisoners are put on probation are complex and untested. “The scale, complexity and pace of [...]
Essar directors resign ahead of delisting plan May 19, 2014 ESSAR Energy yesterday said seven of its non-executive directors have resigned with immediate effect, ahead of the majority stakeholder’s plan to take the oil and gas company private next month. Chairman Prashant Ruia and vice chairman Ravi Ruia, two members of the billionaire family that founded Essar, have resigned. The Ruia family is a beneficiary [...]
New deputy director of British business group warns on risks May 19, 2014 THE NEW deputy director-general of the Confederation of British Industry (CBI) yesterday warned of the political risks threatening businesses, highlighting the future of the EU, the Scottish referendum and the general election next year as key threats to stability. Katja Hall, who was yesterday promoted from chief policy director to her new position as director-general John Cridland’s [...]
Cuadrilla to submit new well plans May 19, 2014 Energy firm Cuadrilla yesterday said it will submit a planning application by the end of the month to frack up to four wells to explore for shale gas at a site at Preston New Road in Lancashire and will submit a separate application for a nearby site a few weeks after that. Once the application [...]
Asia Resource scraps delisting plan May 19, 2014 Asia Resource Minerals, the coal miner formerly known as Bumi, yesterday abandoned a proposed delisting from the London Stock Exchange, because the plan lacked shareholder support. Instead the company will return $465m (£276m) to investors via a share scheme. “Investors have waited a long time for some good news with this stock and we are [...]
Mersch hints at further rate cut May 19, 2014 The latest hint that the European Central Bank (ECB) will unleash further monetary stimulus next month came from board member Yves Mersch yesterday, who said that the chances of action in June have “risen significantly”. Speaking to a German audience, Mersch said the ECB could loosen monetary policy further and warned of the “acute danger [...]
Campbell Soup forecast cut on hot competition May 19, 2014 CAMPBELL Soup, the world’s largest soup maker, has cut its full-year sales forecast as competition in the cheap-and-easy meals category shows no sign of cooling. Shares of Campbell, which also makes Prego pasta sauces and V8 vegetable juices, fell as much as seven per cent in early trading, before closing down 2.3 per cent last [...]
Bundled debt back in vogue with first listed CLO fund since crisis May 19, 2014 THE FIRST UK listing of a collateralised loan obligation (CLO) fund since the financial crisis was announced yesterday, underscoring the ongoing revival of the once-maligned sector. Fair Oaks Income Fund, which is led by former executives at Apollo Global Management and GSO Capital Partners, said it hopes to raise $200m (£119m) by listing on London [...]
British pharma outfit to be spun out on the London stock market May 19, 2014 US PHARMA company Alere yesterday announced plans to float its UK medical testing subsidiary BBI Diagnostics on the London stock market next month. New York listed Alere, which makes medical products that test for various diseases, will sell about 25 per cent of the company to institutional investors in the sale. BBI, which made about [...]
Patisserie Valerie gets nearer to top of IPO range in open trading May 19, 2014 SHARES in Patisserie Holdings closed up 0.5 per cent at 194p yesterday in the first day of full trading since the cake chain’s float. The Aim-listed company priced at the bottom of its 170p to 200p range last week but the stock has in recent days edged higher, and held up well as unconditional trading [...]
