Telefonica is working through a strategic plan that will pave the way for O2 float January 29, 2017 O2's owner has set the ball rolling on a strategic plan to clear legacy issues before either floating or selling the British mobile phone operator, according to reports. Singapore's sovereign wealth fund, GIC, is working with private equity fund CVC to buy a controlling share in Telefonica's infrastructure division in a deal worth €1.5bn (£1.3bn), the [...]
“Frankly I’m very angry,” says BT boss Gavin Patterson at the end of a tumultuous week January 27, 2017 The accounting scandal plaguing BT’s Italian arm has not spread to other countries, BT’s boss said today, although the firm is considering the future of its overseas operations. BT has had a tumultuous week that kicked off on Tuesday with revelations of a £530m accounting black hole in Italy and a group profit downgrade. Read [...]
Revealed: Britain’s best and worst parcel delivery firms January 27, 2017 Buying things over the internet from the comfort of our own home is great. But spending hours waiting for them to turn up, only for the delivery person to ring the doorbell just as we pop out, is more than mildly irritating. Yep, we've all been there. Some might say enduring such a debacle is [...]
Moody’s unable to tolerate BT’s weaker operating trading figures January 26, 2017 A leading ratings agency has cut the outlook of telecoms giant BT after revealing its patience had run out. On the eve of BT revealing its third quarter trading figures, Moody's changed the group's outlook from stable to negative. The news comes as another blow to the FTSE 100 firm after it revealed on Tuesday a £530m accounting [...]
Royal Bank of Scotland no closer to privatisation: US verdict key to providing clarity, say sources January 26, 2017 Uncertainty over the level of fines to be levied on Royal Bank of Scotland is blocking the pathway towards privatisation, despite news the state-back lender has upped its provisions for penalties by £3.1bn. RBS today revealed it had set aside more money to cover fines relating to the issuing and underwriting of US residential mortgage-backed securities (RMBS). [...]
Louis Vuitton and Moet & Chandon owner reveals 2016 was a vintage year January 26, 2017 While last year might not have been everyone's favourite 12 months, luxury brand owner LVMH revealed "an excellent performance in 2016", posting solid revenue and cashflow growth. The owner of a variety of posh labels including Louis Vuitton and Christian Dior said organic revenue growth during 2016 was six per cent with sales totalling €37.6bn (£31.9m). Read [...]
Problems mount for BT as US lawsuits are filed and Italian prosecutors kick-off investigation January 25, 2017 Telecoms giant BT has been hit by at least two US lawsuits after admitting to a £530m black hole in the accounts of its Italian arm. The lawsuits have been filed on behalf of shareholders, Reuters reported tonight, accusing BT and three executives of securities fraud. Earlier today Italian prosecutors confirmed they had opened a [...]
At the top since the turn of the millennium: Admiral chairman steps down January 25, 2017 Admiral non-executive chairman Alastair Lyons will retire in April after nearly 17 years in the role. "It has been fantastic to have been on the journey with Admiral since the management buy-out, a journey which I am confident will continue to deliver sustained success," said Lyons. The way the business has developed has been astonishing [...]
Discovery in price spat with Sky: Channels to be axed at the end of the month January 25, 2017 Sky customers are set lose 12 premium channels including Eurosport and Animal Planet after Discovery Channel revealed details of spat with the media giant. Negotiations have broken down over a long term contract for Discovery's TV channels to be shown on the Sky platform in the UK. If unresolved by the end of the month, the channels will [...]
