Consumer credit firms cut back lending on watchdog delays April 20, 2015 Payday borrowers could be left without credit, as lenders are forced to cut back business on delays to authorisation from the regulator, a former Financial Conduct Authority (FCA) worker said yesterday. The FCA took over regulating the 50,000 consumer credit firms last year, giving them all temporary licences and asking them meet tough new rules [...]
Woodford gets £800m to fund venture capital April 20, 2015 ONCE you’ve raised one record-breaking fund what do you do next? If you’re fund manager Neil Woodford: you raise another. The fund boss yesterday completed the largest ever UK fundraise for an investment trust on a nominal basis, according to AIC figures, after capturing £800m for a listed fund to make venture capital investments. The [...]
Petrofac losses widen as gas project drags on April 20, 2015 SHARES in oilfield service company Petrofac tumbled by over 10 per cent yesterday after it announced its third profit warning in 12 months. The company said that losses on its Shetland gas plant project would grow further as more money would have to be ploughed into completing it. The Laggan-Tormore scheme, which is near completion, [...]
Nomad Foods tycoons swoop for Iglo-owned Birds Eye in €2.6bn deal April 20, 2015 Iglo Foods, the owner of Bird’s Eye fish fingers, was sold to a US consumer foods group chaired by former City minister Lord Myners in a €2.6bn (£1.9bn) deal yesterday. Nomad Foods, which was founded last April to launch consumer takeovers, has bought the group from London-based Permira. UK-headquartered Iglo is Europe’s biggest frozen food [...]
Bye-bye HSBC? Bank is eyeing a move abroad April 20, 2015 HSBC will look into upping sticks and moving its headquarters out of London once the regulatory environment becomes clearer, its chairman said yesterday. “We are beginning to see the final shape of regulation, the final shape of structural reform and as soon as that mist lifts sufficiently we will once again start to look at [...]
Telenet targets Belgium market with €1.3bn offer for KPN’s Base April 20, 2015 TELENET group has entered into a definitive agreement to acquire mobile operator Base group for €1.3bn (£937m). Telenet, which itself is a subsidiary of telecommunications firm Liberty global, will be purchasing the Base group, which primarily focuses on Flemish speaking Belgium, from rival KPN. The company expects the acquisition to create a leading integrated communications [...]
Trig raises £110m in a successful share tender to fund expansion April 20, 2015 THE RENEWABLES Infrastructure Group (Trig) announced the successful completion of a £110m fund raising project yesterday. The announcement follows four weeks in which 107.5m shares were issued at £1.02p each to individuals and wealth funds in three installments which were oversubscribed. Proceeds from the equity raising have been used to repay fully the group’s revolving [...]
Tesco set to report record loss. Is new boss Dave Lewis the man to lead a turnaround? April 20, 2015 Dave Lewis arrived at Tesco with the nickname “Drastic Dave” – earned after he streamlined Unilever UK in 2007, cutting 40 per cent of costs and 300 jobs. When he took up the role of Tesco chief executive in September he had every reason to live up to that moniker. Facing a £263m accounting error, [...]
Queen’s Awards for Enterprise: Her Majesty grants 141 firms lucrative business prize April 20, 2015 Dozens of British firms are in line for a Queen’s enterprise award today to recognise their achievements in international trade, innovation and sustainable development. The award can provide a massive boost to ambitious firms with robust growth targets. One winner last year was EnergyNet, which organises a global portfolio of investment conferences focusing on the [...]
Production flat but shares rise on Evraz tender April 20, 2015 RUSSIAN steelmaker Evraz, which counts Roman Abramovich as its majority shareholder, said production volumes remained flat in the first quarter yesterday. The company, which is chaired by the Chelsea FC owner, said consolidated crude steel output was stable at 3.9m tonnes with its mills at full capacity. The production of steel products, net of re-rolled [...]
