Government takes over control of Birmingham prison from G4S August 20, 2018 Security firm G4S has been stripped of its contract to run a major prison after an inspection found conditions at the facility had slipped into a "state of crisis". The Ministry of Justice said it will take on the running of HMP Birmingham for a six-month period after an inspection found "squalid" conditions at the prison, as blood, urine [...]
Time to face the music: US regulator wants answers over Musk tweet August 17, 2018 Tesla shares fell tonight on reports that the US markets regulator is seeking to question the car giant’s executives over boss Elon Musk’s plan to take the company private. The Securities and Exchange Commission (SEC) has sent subpoenas to Tesla as part of its investigation, Fox News reported. Tesla’s shares dropped four per cent on the [...]
Legal row over Musk’s tesla plan: Here’s how the industry reacted August 12, 2018 Tesla is facing a barrage of lawsuits from investors angry at founder Elon Musk’s shock proposal to take the company private at $420 a share. The colourful entrepreneur dropped the bombshell on social media last week, claiming that funding for the move had been secured – driving shares up 11 per cent before its price [...]
Mike Ashley has bought House of Fraser – and Newcastle United fans are livid August 10, 2018 Sports Direct owner Mike Ashley has been on the end of a backlash from Newcastle United fans after buying failed department store House of Fraserfor £90m this morning. After the firm called in administrators this morning, Ashley pipped Philip Day to sweep up the company at a fraction of the £480m Chinese firm Sanpower paid [...]
European investment takes bite out of Domino’s Pizza first half profits August 7, 2018 Takeaway giant Domino's Pizza profits cooled down in the first half as costs investing in new markets in Norway and Sweden took a bite out of earnings. Its shares experienced a double digit loss in the morning, shedding 10 per cent as it revealed its falling profits. The figures Statutory profit before tax lost 9.7 [...]
Sorrell ramps up tensions with WPP after resignation of Chinese director July 25, 2018 Former WPP boss Sir Martin Sorrell has ramped up tensions between him and his former employer by commenting on the exit of one of its Chinese board members. Hugo Shong stepped down from the board earlier this year, saying that "additional commitments outside WPP and increased pressure on his time and availability" had led him [...]
Private Equity firm Exponent wades in with higher offer for magazine publisher Dennis July 19, 2018 Private equity firm Exponent has beaten a bid from the Daily Mail’s owner to buy the publisher of current affairs magazine The Week. Exponent Private Equity is in talks to buy Dennis Publishing, which makes The Week along with other titles including Viz. Sky News reported the group could pay between £150m and £200m for [...]
Burberry investors give company a slap on the wrist over directors’ remuneration report July 12, 2018 Burberry had its wrists slapped by investors today as a handful voted against its remuneration report at the company's annual meeting. Over 10 per cent of investors voted against the company's annual pay report for its directors for the year ending 31 March 2018. A far higher proportion of shareholders voted against directors' pay last [...]
Sainsbury’s bats away criticism of new chairman Martin Scicluna July 11, 2018 Sainsbury’s yesterday defended its new chairman after he received criticsm from an investor concerned with his involvement in a botched merger when he worked for Lloyds bank. The supermarket yesterday said insurer RSA’s chairman Martin Scicluna would become non-executive chair in March 2019. Scicluna worked for Lloyds Banking Group when it bought struggling HBOS in [...]
Sky completes sale of remaining Sky Bet stake to PokerStars owner for £635m July 10, 2018 Sky today confirmed it had sold its remaining stake in Sky Bet to Canadian online gambling company The Stars Group. The media giant confirmed it had completed its sell off its 20 per cent stake in Sky Betting & Gaming for a total of £635m. Toronto-based The Stars Group, which owns PokerStars, PokerStars Casino, BetStars [...]
