German government orders Volkswagen to recall 2.5 million cars affected by emissions scandal October 15, 2015 Germany's transport ministry has ordered Volkswagen to recall 2.4m vehicles with "defeat devices" over the next year, raising questions over how many cars will be recalled in the UK. The car giant said around 1.2m cars in the UK have been affected by the scandal, adding that customers will be contacted about bringing their vehicles in to be refitted. Some [...]
High Court judge rules in favour of Sport England and says that playing the card game bridge is not a sport October 15, 2015 The English Bridge Union (EBU) has lost its High Court challenge against Sport England, who said the card game was not a sport because it does not involved physical activity. Mr Justice Dove dismissed the request for a judicial review and upheld Sport England's decision. Sport England has previously said that bridge is no more [...]
Will Square’s IPO be a success with chief executive Dorsey distracted by Twitter? October 15, 2015 Another day, another IPO – this time it's Square, the mobile payments company founded after Jack Dorsey was forced to leave Twitter, which has ended months of speculation by officially filing with the Securities and Exchange Commission to go public. Square is looking to raise $275m (£177m) from the IPO. In its filing, Square, which [...]
Everything you need to know about the SABMiller and AB InBev deal: What happens next? October 14, 2015 SABMiller's board has given a conditional nod to AB InBev's cash offer of £44 a share, with a partial share consideration of AB InBev shares for stakeholders Altria and BevCo to reduce their tax liabilities. The London-listed brewer has also given its approval to move the deadline for a firm offer back to 5pm on 28 October. [...]
Standard & Poor’s says Wall Street’s banks are leaving European rivals behind October 14, 2015 As the Wall Street banks report quarterly results this week, Standard & Poor's has released a report showing US investment banks are leaving their European partners trailing in the dust. Since the recession, the UK's banks such as RBS and Barclays, have scaled back their investment operations leaving their American rivals like Goldman Sachs, Bank of America Merrill Lynch, JP Morgan and [...]
Twitter share price rises as it names Google’s Omid Kordestani as new executive chairman October 14, 2015 Twitter announced the appointment of its new executive chairman true to form, with a tweet: https://twitter.com/twitter/status/654281217932554241 The company has appointed former Google executive Omid Kordestani, who added (also in a tweet): Excited to work with @jack, the Twitter Board, @adambain, @anthonynoto and the rest of the team to grow @twitter’s impact and business. It’s rare you get to [...]
Bank of America Merrill Lynch reports a $4.5bn profit despite market chaos and low rates October 14, 2015 Bank of America Merrill Lynch (BoAML) reported its net income for the three months to the end of September rose to $4.5bn (£2.9bn), after making a loss of $232m in the same period in 2014. Net income decreased from $5.3bn in the previous quarter, as did diluted earnings per share, which were $0.37, down from $0.45 in [...]
Volkswagen emissions scandal contributes to Standard & Poor’s warning for global carmakers October 14, 2015 Standard & Poor's has said the global car industry faces mounting uncertainties, from slow growth in Asia to the continuing fallout from the Volkswagen emissions scandal. The ratings agency said it expected regulators to heighten their scrutiny of emissions levels, and introduce more independent testing throughout the global industry in response to the revelation that [...]
IPO latest: Lloyds spin-off Equiniti expects a market capitalisation of up to £600m after IPO October 14, 2015 Equiniti, the payments technology provider, has added to the current flurry of IPO activity, announcing the price range for its shares will be between 165p and 200p. The price would give Equiniti an initial market capitalisation of between £495m and £600m: the company estimates the flotation to net around £135m, which it plans to use to pay off some [...]
