Bovis Homes approaches Wates boss to take over at the top March 20, 2017 Bovis Homes has held talks with the boss of construction firm Wates Group in an attempt to snap him up as the firm's next chief executive, according to reports. The board of the housebuilder identified Andrew Davies as the person to succeed David Ritchie, who exited the firm in January after a profit warning, Sky News reported. Read more: Top [...]
Vodafone to use cash from Indian merger with Idea Cellular to pay down debt March 20, 2017 Vodafone will use $579m (£467m) of cash realised from the merger of its Indian operations to pay down group debt, sources close to the telecoms giant have said. Earlier today Vodafone announced it had agreed terms with Idea Cellular over a $23bn merger, a move that will create the largest mobile operator in the country. Read more: Vodafone's Indian arm announces [...]
Former Cobham boss Bob Murphy’s £1m payoff reflects “unsatisfactory performance” March 20, 2017 The former head of Cobham will be given a golden goodbye of nearly £1m after quitting the firm last year in the wake of a raft of profit warnings. Bob Murphy, who officially left the defence contracting giant in January, is expected to be paid £775,000 in 2017 as part of a contractual payoff, alongside [...]
Forbes rich list: Bill Gates tops the pile, Warren Buffett gains, Trump slumps March 20, 2017 Bill Gates is the richest person in the world for the fourth year in a row with a fortune of $86bn (£68bn), according to Forbes' annual rich list. The Microsoft co-founder, a noted philanthropist, grew his wealth by $11bn during 2016. He has been the richest person on the planet for 18 out of the last 23 [...]
Neil Woodford’s flagship equity income fund breezes past £10bn marker March 20, 2017 Investment guru Neil Woodford has proved he can rival his former employer, after his flagship fund broke through the £10bn mark for the first time. Woodford made his name at Henley-based asset manager Invesco Perpetual, turning heads by delivering stellar returns to investors in its £11.1bn High Income fund. In April 2014, he left his role [...]
Classic cars, booze and planes: FCA gives investors in HNW Lending tax-free status March 20, 2017 A peer-to-peer lender offering a high-net-worth pawnbroking service has been given the green light by regulators to market a specialist type of Isa to investors. HNW Lending connects borrowers with valuable assets to investors seeking a greater rate of return. Borrowers must hand over their assets, which in the past have included classic cars, planes or [...]
Billionaire banking boss David Rockefeller dies aged 101 March 20, 2017 US banker and philanthropist David Rockefeller died at the age of 101 on Monday, his family said. Renowned for his association with Chase Manhattan bank, Rockefeller was chairman and chief executive of the lender during the 1970s. It was reported Rockefeller gave away $2bn of his fortune over his lifetime. Rockefeller was the only surviving [...]
Spy partner GCHQ reveals the name of its new leader March 20, 2017 GCHQ, the government agency accused by Donald Trump's administration of spying on him, has revealed who will take over as its new head. Jeremy Fleming, the deputy director general of MI5 since 2013, has been appointed by foreign secretary Boris Johnson to take over from Robert Hannigan as the director of GCHQ this Easter. Read more: US makes [...]
Maven Capital drafted in by north-east local authority to help small businesses March 20, 2017 Durham County Council has drafted in private equity firm Maven Capital to run a £20m fund aiming to give the local economy a shot in the arm. Maven will manage investments on behalf of Business Durham, an initiative set up by local authorities. Business Durham makes investments of between £200,000 and £2m with 10 per cent of funds [...]
Taxman levies inheritance tax on £5.8bn of shares March 19, 2017 Half of all inherited shares were subject to inheritance tax (IHT) according the latest figures, prompting calls for people to manage their personal finances more efficiently. Around £5.8bn of the £11.7bn of securities passed down were subject to IHT, according to data prepared by HM Revenue & Customs. Read more: How the taxman benefits from the large growth [...]
