Halal digital investment platform gets FCO approval August 21, 2018 The UK's first digital Halal investment platform has been approved by the Financial Conduct Authority. New York-based Wahed will invest in a global portfolio of ethically responsible stocks, Islamic bonds and gold, which will be assessed by a full time ethical review board. The board will screen against funds related to excess debt, tobacco, alcohol, firearms, gambling, adult [...]
Oaktree Capital to raise $1.5bn cash for Claire’s bid August 20, 2018 Oaktree Capital Management is racing to raise $1.5bn (£1.18bn) to bid for bankrupt accessories chain Claire's Stores. The bid, which will be entered by 31 August, will rival a $1.4bn debt-for-equity bid by senior lenders Elliot Management Corporation and Apollo Global Management. Oaktree's cash raising plan was revealed during a hearing at Delaware U.S. Bankruptcy [...]
Medium-sized businesses lead UK revenue growth overseas August 20, 2018 Mid-sized businesses are driving the UK's overseas revenue growth and have increased international turnover by 43 per cent over five years, new data has revealed. The increase, from £105bn to £151bn, exceeds that of FTSE 350 companies that have seen a four per cent decline in overseas turnover from £418bn to £402bn over the same period. London's mid-sized firms, [...]
Dorchester Group profits boosted by Trump’s tax reform August 19, 2018 Luxury hotel group Dorchester saw profits soar to £50.6m thanks to US President Donald Trump's tax rate reduction. Pre-tax profit was £24.6m for the year ending 31 December 2017 compared to a £39.5m Brexit-related loss the previous year. The group’s two US hotels -The Beverly Hills Hotel and Hotel Bel-Air in Los Angeles performed particularly [...]
Amazon eyes Homebase stores marked for closure August 19, 2018 Amazon is set to bid for a selection of Homebase stores in a move to improve its last mile delivery process. The online retailer could turn the stores into delivery warehouses when Homebase closes 42 of its 241 sites through a company voluntary arrangement this year. Amazon could use the sites, which are conveniently located in urban [...]
Will Smith launches sustainable bottled water brand August 19, 2018 Will Smith has launched a "sustainable" bottled water brand in the UK. Just Water, set up by the actor and his son Jaden, has 82 per cent renewable paper packaging and is recyclable in nine out of ten UK communities. The product will be stocked in 800 Boots stores and all Whole Foods Market shops across the country. [...]
Standard Chartered executive warning over Brexit jobs exodus August 19, 2018 A Standard Chartered executive has warned that more jobs could leave the UK after Brexit. Europe and Americas regional chief executive Tracey Clarke said UK headquartered banks could be forced to move more jobs to mainland Europe than originally planned in a bid to meet banking compliance rules. The bank is planning to convert its [...]
UK companies dividend payouts drop in record breaking year for the rest of Europe August 19, 2018 The UK lagged behind Europe as global dividends surged almost 13 per cent to $497.4bn in the second quarter. It was a record breaking year for payments around the world except in the United Kingdom where dividend distribution fell 1.4 per cent to $32.1bn. "Technical difficulties" were the cause of the decline while the rest of Europe dominated [...]
RBS announces interim chief financial officer as Ewen Stevenson prepares to depart August 17, 2018 The Royal Bank of Scotland (RBS) said today it is to appoint deputy chief financial officer Katie Murray as interim CFO in October, replacing outgoing CFO Ewen Stevenson, who is set to join HSBC. Stevenson will step down after four years in the role on 30 September and will be placed on gardening leave until the end of November. Stevenson [...]
