Permira reduces stake in Hugo Boss for fifth time in two years February 9, 2015 Private equity firm Permira is cutting its stake in luxury fashion retailer Hugo Boss, it said last night. Red and Black – which is 60 per cent owned by Permira – will reduce its holding in the German fashion retailer from 32 per cent to 12 per cent. It means Permira’s stake in Hugo Boss [...]
Cameron holds No 10 meet to plan for Grexit February 9, 2015 PRIME Minister David Cameron met with officials from the Bank of England and Treasury yesterday, to draw up plans to protect British banks and businesses in the event Greece exits the Euro. The development comes amid growing fears that the new Greek government will not do a deal with Brussels to prop up its finances, [...]
Monopoly-maker announces share buyback February 9, 2015 US TOY maker Hasbro yesterday announced its board had approved a plan to buy $500m (£328m) of its own shares. Hasbro previously only had board authorisation to buy up to $63m worth of shares. The announcement came alongside a jump in fourth-quarter profits.
Fast-growing economies to catch up on UK February 9, 2015 THE UK economy will no longer be one of the top 10 largest economies in the world by 2050, a city consultancy has said today. PwC tips Mexico to be one of the 10 biggest economies in the world by 2030 and Nigeria to enter the top 10 by 2050. By that time, the UK [...]
Magic Circle law firm looks north to counter soaring London rents February 9, 2015 FRESHFIELDS Bruckhaus Deringer could become the latest law firm to move its back office workers north to a Manchester service centre, in a push to cut its rent bill in London. Staff at the Fleet Street offices were told yesterday of the plan, which imitates other firms such as Berwin Leighton Paisner and Allen & [...]
Microsoft issues 40-year bond for the first time in its history February 9, 2015 MICROSOFT launched $10.75bn (£7.05bn) in new bond offerings yesterday. Of that sale, $2.25bn was raised by the issuance of 40-year bonds – loans to Microsoft that do not have to be repaid for 40 years. It is the first time the company has sold bonds with a maturity as long as 40 years. Reports suggest [...]
MP John Mann: Give gongs and money to whistleblowers February 9, 2015 Whistleblowers take big risks to uncover wrongdoing at banks, other firms and in the public sector, and should be rewarded for their bravery, MP John Mann told City A.M. MBEs and OBEs would show society’s thanks for their services, said Labour MP Mann, who sits on the influential Treasury Select Committee (TSC). “Giving honours would [...]
Stephen Green: Priest, ethicist and bank boss February 9, 2015 Lord Green had a long and successful career at HSBC, spanning 28 years and leading him to become chief executive and then chairman. But despite questions over how much he knew about tax dodging, Green is not what people imagine a stereotypical financier to be. He was ordained as a priest in the Church of England [...]
Deloitte names Cathy Engelbert as first female chief executive February 9, 2015 Cathy Engelbert has been made the new chief executive of Deloitte LLP – Deloitte’s US branch. From 11 March, Engelbert will be the first female chief executive of a major US accounting firm, where she will take the helm for four years. She joined Deloitte LLP in 1986 and currently heads up the firm’s auditing division. She [...]
Legal and General takes over lifetime mortgage provider February 9, 2015 THE UK’S biggest fund manager Legal and General has purchased mortgage provider Newlife Home Finance for £5m. Newlife Home Finance offer lifetime mortgages that allow customers to borrow against the value of their property and then pay the loan back once they die or go into long-term care. “Going forward we believe an increasing number of people [...]
