Almost 90 per cent of UK companies have divestment plans in next two years February 18, 2019 Almost 90 per cent of UK companies plan to divest some shares in the next two years, with 72 per cent intending to make a disposal in the next year. Although the disposal intentions of UK companies remain high, above the global figure of 84 per cent and up from a UK figure of 46 [...]
Private sector pay set for growth as skills shortage bites February 18, 2019 Private sector pay is set to increase 2.5 per cent as skills shortages put pressure on employers. A survey by the Chartered Institute of Personnel and Development and the Adecco Group of pay and recruitment intentions at 1,254 employers in the first quarter of 2019 showed basic pay expectations in the private sector have increased [...]
Darktrace risks being dragged into US probe into billionaire Mike Lynch February 17, 2019 UK cybersecurity darling Darktrace is at risk of being pulled into the US fraud case against tech billionaire Mike Lynch and his former Autonomy colleague Sushovan Hussain. US court documents show that Federal Bureau of Investigation agents held a voluntary interview with Darktrace’s co-chief executive Nicole Eagan, as first reported by the Sunday Telegraph. Read [...]
Eight Vale employees arrested in probe into deadly Brazil dam disaster February 15, 2019 Eight employees of Brazilian mining company Vale were arrested today as part of an investigation into the deaths of at least 166 people who died after the collapse of one of its dams. The public prosecutors office of Minas Gerais state said it had arrested four Vale managers (two of them executives) and four members [...]
Stobart battle: Judge finds former boss Andrew Tinkler breached duties as a director February 15, 2019 The judge in the bitter court battle between the Stobart Group and former chief executive Andrew Tinkler ruled today that Tinkler had made four “serious” breaches of his duty as a director. His Honour Judge Russen QC said Tinkler breached his contractual and fiduciary duties in four ways: by agitating for the removal of the [...]
US-China trade talks end, but we still have no official outcome February 15, 2019 High levels trade talks between the US and China ended today with no official statement from either side. Earlier this week it was reported that US President Donald Trump was considering pushing back a 1 March deadline for US tariffs on China to ramp up by 60 days. Trump and Chinese President Xi Jinping are [...]
German insurance giant Allianz unveils record €11.5bn profit February 15, 2019 German insurer Allianz said today that its operating profit for 2018 was €11.5bn (£10.1bn), the highest in its history. Allianz had targeted operating profit of €10.6bn to €11.6bn so its result was in the upper end of its targeted range. Read more: Insurer Zurich boosts profit 20 per cent and hikes dividend The company attributed operating [...]
Go away, Jose: Mourinho and his team receive £19.6m pay off from Manchester United February 14, 2019 Former Manchester United manager Jose Mourinho and his coaching team received a £19.6m payoff after getting sacked from the club, its accounts reveal. The club’s quarterly accounts list the £19.6m payment under exceptional items describing it as “compensation to the former manager and certain members of the coaching staff for loss of office”. Mourinho was [...]
Lancashire Holdings braves fire and wind to deliver strong result February 14, 2019 Shares in Lancashire Holdings were up nearly five per cent today on strong financial results, despite a natural disaster-triggered fourth quarter loss. The Ftse 250 insurer boosted profit before tax to £33.6m, compared to a loss of £72.9m the previous year, and increased gross written premiums eight per cent to £638.5m, up from £591.6m the previous [...]
Shares in medical device company Convatec fall 20 per cent on ‘disappointing’ results February 14, 2019 Shares in medical products company Convatec plunged 20 per cent this morning after it unveiled a “disappointing” set of 2018 results. Adjusted earnings before interest and taxes (Ebit) fell six per cent year-on-year to $429.4m (£334.5m), despite a 3.8 per cent increase of reported revenue to $1.832bn. Its Ebit margin was 23.4 per cent, down [...]