Hasbro swoops on Peppa Pig-maker Entertainment One in $4bn deal August 22, 2019 US toy giant Hasbro is set to snap up London-listed Peppa Pig-maker Entertainment One in a $4bn (£3.3bn) deal. The two companies said tonight they had agreed an all-cash deal with Entertainment One shareholders to receive £5.60 in cash for each share. The deal marks a 31 per cent premium to Entertainment One’s 30-day average [...]
Deutsche Bank clamps down on hiring amid €7.4bn restructuring August 21, 2019 Deutsche Bank is tightening its procedures for new hires as it undergoes a major restructuring and headcount reductions. According to an internal memo seen by news agency Reuters, any new hires would need specific approval from the bank’s chief executive Christian Sewing, his deputy Karl von Rohr and finance boss James von Moltke. Read more: [...]
US Fed minutes show bankers debated cutting interest rates more aggressively August 21, 2019 The US Federal Reserve debated cutting interest rates more aggressively at its last meeting amid concerns about a global economic slowdown and trade tensions. The Fed cut rates by 25 basis points at its 30-31 July meeting, with minutes published today showing central bankers were keen to avoid the appearance of being on the path [...]
Pay cut for FTSE 100 bosses after investors ramp up pressure August 21, 2019 FTSE 100 chief executives’ pay packets have dropped sharply according to new figures published this morning, with investors claiming victory in their efforts to impose discipline on remuneration committees. Blue-chip CEO median pay fell 13 per cent from £3.97m in 2017 to £3.46m in 2018, the most recent year for which data is available. In [...]
Walmart sues Elon Musk’s Tesla after fires blamed on its solar panels August 20, 2019 Retail giant Walmart is suing Elon Musk’s electric car and clean energy business Tesla alleging that solar panels it supplied were responsible for fires at seven of its stores, according to a lawsuit filed in New York today. The fires destroyed significant amounts of store merchandise and required substantial repairs, totalling hundreds of thousands of [...]
Johnson sets out plan to break Brexit backstop deadlock August 19, 2019 The Prime Minister has made his first moves towards breaking the Brexit impasse, setting out his position in a letter to the head of the European Council ahead of this weekend’s G7 summit. In the four-page letter to European Council President Donald Tusk published tonight, Johnson insisted “the backstop cannot form part of an agreed [...]
Wealth managers Tilney and Smith & Williamson in tie-up talks August 18, 2019 Wealth manager Tilney is in merger talks with fellow-wealth manager Smith & Williamson. A deal would create a firm with revenue of nearly £500m and assets under management of in excess of £45bn. The pair have been in talks for a couple of months, according to people familiar with the situation. Read more: Why times [...]
Burford Capital ditches finance chief in response to activist pressure August 15, 2019 Under-fire litigation funder Burford Capital today announced it would appoint a new chief financial officer and seek a US listing following last week’s attack from shortseller Muddy Waters. Burford said its chief finance officer Elizabeth O’Connell will be replaced by Jim Kilman, formerly vice chairman of Morgan Stanley Investment Banking, with immediate effect. O’Connell is [...]
Chinese forces exercise on Hong Kong border as Trump suggests meeting with Xi August 15, 2019 Chinese paramilitary forces have been carrying out exercises on the border with Hong Kong today as the political crisis in the territory roles on. News agency Reuters reported that hundreds of members of China’s People’s Armed Police could be seen conducting an exercise at a sports stadium in Shenzhen today. Parking spaces at the stadium [...]
Carlsberg boosts earnings thanks to higher sales of premium beers August 15, 2019 Carlsberg boosted earnings and improved its operating margins in the first half of the year, thanks to greater sales of its more expensive beers. The Danish brewer said its sales increased 6.5 per cent in the first-half today, despite declining sales in its key market Russia. Russia sales fell three per cent due to price [...]