Damon Hill: Liberty Media knows as much about Formula One as Donald Trump does about the White House February 16, 2017 Former world champion Damon Hill has compared Formula One's new American owners to the administration of US President Donald Trump. Liberty Media completed its takeover of Formula One in January, ousting stalwart Bernie Ecclestone and bringing a raft of heavy hitters to govern the sport, including media mogul Chase Carey and former Mercedes boss Ross [...]
Bruce Carnegie-Brown recommended as Lloyd’s of London chair February 16, 2017 Bruce Carnegie-Brown is to be recommended as the next chairman for Lloyd's of London, the insurance market. A Lloyd's Council meeting is expected to be convened shortly, probably one day early next week, to ratify the decision. The Council has historically followed the recommendation of the Nominations Committee on important appointments. The appointment is also [...]
Laura Ashley shares dive: Poor first six months cannot be made up later February 16, 2017 Laura Ashley's share price fell over nine per cent as interim results missed expectations and the prospect of cost and currency headwinds spooked investors. The figures Total group sales over the six months to December fell from £150m to £146m, with like-for-like sales down 3.5 per cent. Profit before tax was £7.6m compared with £11.0m in [...]
Fitbug says Crossrail workers walk a heck of a lot further than your average Brit February 16, 2017 It's official: MTR Crossrail workers need to be considerably fitter than the average Brit, a study revealed today. Digital wellness firm Fitbug monitored 100 workers over three months and found, on average, they walk a whopping 72 per cent further each day than the average member of public. Read more: Fitbug shares are back: Here's what's going on [...]
Lancashire bolsters its balance sheet and beats expectations despite a tough market February 16, 2017 Shares in Lloyd's insurer Lancashire rocketed by nine per cent this morning after beating expectations during a "turbulent" economic environment and a "very challenging" insurance market. The figures Gross written premiums for the full-year fell by 1.1 per cent from $641m (£513m) to $634m with net written premiums falling from $482m to $459m. Profits dropped to £150m from £182m [...]
Drax shares in freefall after halving dividend in the face of a challenging market February 16, 2017 Power generator Drax's share price plummeted over seven per cent after revealing underlying earnings had halved. The firm said weaker power prices and "a challenging commodity environment" had hit the group's full-year figures. The figures Full-year earnings at the North Yorkshire-based group fell by 17 per cent – earnings before interest, depreciation and amortisation were £140m, down from £169m. [...]
Canada Goose fluffs up the market by revealing plans for $100m listing February 16, 2017 High-end US coat maker Canada Goose has announced plans to raise $100m by listing on the New York and Toronto stock exchanges. The listing will give the firm, backed by Bain Capital, the ability to pay down debt and expand sales in the US. And in what could be seen as a stroke of marketing genius, the [...]
All about the price tag? Yahoo’s price Tumblrs by hundreds of millions as Verizon closes in on a deal February 16, 2017 Verizon is close to agreeing a discount of up to $350m (£280m) on its purchase of beleaguered tech giant Yahoo. The US telecoms giant agreed to pay $4.8bn for Yahoo last year, but has been trying to renegotiate the deal in the wake of two mammoth cyber attacks on the business. Sources told Reuters an updated [...]
O2 boss: Let’s go mobile as a quick fix for Britain’s broadband woes February 16, 2017 The rollout of 5G mobile networks in the UK can be delivered more quickly than fibre broadband and provide a boost of billions of pounds to Britain’s economy, according to a report released today. 5G, or the fifth generation mobile network, is scheduled to go live in the UK in 2020. It is expected to deliver faster internet [...]
Ageas global performance hit as UK operations swing into the red February 15, 2017 Insurance giant Ageas today revealed profits had tumbled over the last year with losses spiralling in the UK while the firm works through a painful restructuring and prepares for regulatory changes. The net result of the Belgium-headquartered group plummeted to €127m (£108m), down from €770m. UK operations swung from black to red, posting a €56m loss in 2016, compared with a €30m [...]
