After the Nvidelity comes the Huangover. Jensen Huang joins long list who confused boardroom and bedroom
Alliance Trust gets a year to show results as Elliott Advisors gives 12 months’ notice April 28, 2015 Investment firm Alliance Trust has been put on 12-months’ notice by activist investor Elliott Advisors to show results or be forced to change its strategy. In a vicious battle over the past month, both sides have been rallying support among shareholders, with Elliott pushing for three new directors to join the board, and Alliance [...]
Andy Harrison’s Whitbread exit dents shares April 28, 2015 SHARES in Whitbread slipped 2.5 per cent last night after Andy Harrison announced plans to step down following five years as chief executive in which pre-tax profits have surged by more than 220 per cent. The Costa Coffee and Premier Inn owner has seen its market value grow fourfold to almost £10bn since Harrison joined [...]
Coach hits the buffers as sales plummet amid rebrand attempt April 28, 2015 LUXURY fashion retailer Coach posted a steep drop in sales yesterday as the company attempts to rebrand. For the three months ended 28 March, sales were $929m (£606) – a 15 per cent drop compared with the same period last year. The decline in sales led to a decline in net income to $100m from [...]
RBS sells another $5.6bn of US loans as it re-focuses on Britain April 27, 2015 RBS SOLD another giant package of US and Canadian loans yesterday, with Japanese bank Mizuho snapping up the assets. The $5.6bn (£3.7bn) of loan commitments generated a post-tax profit of $20m last year and is being sold for around $500m. That means RBS is making a loss on the sale. But it moves the bank closer to [...]
City Moves for 28 April 2015 | Who’s switching jobs April 27, 2015 Saffery Champness Liz Hazell has been appointed head of the accountancy firm’s not-for-profit group. She has more than 20 years’ experience working in the sector and, before joining Saffery Champness last year, Hazell was head of charities at PwC. Freshfields Bruckhaus Deringer The law firm has announced that Jennifer Bethlehem and Piers Prichard Jones have [...]
Tesco paves way for Dunnhumby sale with end to exclusive Kroger deal April 27, 2015 Tesco has taken a major step forward in paving the way for a sale of its lucrative Dunnhumby data business after agreeing a deal with US retailer Kroger to loosen an existing partnership which prevented the firm from expanding stateside. The joint venture with Kroger had been a thorny sticking point in any potential sale [...]
Royal Baby 2.0: Here’s how Prince George’s birth affected the economy April 27, 2015 So the joyous news has been announced, and the Duchess of Cambridge has given birth again. After rather less frenzied media coverage than last time, the Princess of Cambridge was born this morning at 8.34am. Could the birth of a child affect the economy? Here's what happened last time… 1. Retail sales rose In the [...]
RBS sells $5.6bn North American loan portfolio to Mizuho Bank April 27, 2015 The Royal Bank of Scotland (RBS) will sell a $5.6bn (£3.7bn) portfolio of loan commitments to Mizuho Bank, it said today – its second deal with the Japanese lender in three months. Around two-thirds of RBS' North American corporate loan portfolio has now been disposed of as the shrinking bank looks to exit many of [...]
Rugby club Wasps to raise £35m in retail bond offering April 27, 2015 Rugby club Wasps is raising up to £35m of debt in a retail bond offer, hoping to tap up fans with a payout of 6.5 per cent on the debt instruments. It is pitching the paper as a safe investment, on the basis that the vast majority of its income is in fact not [...]
LK Bennett revenues rise after winning over new fans in the US April 26, 2015 LK BENNETT saw sales jump 4.4 per cent last year despite underlying earnings remaining flat as it invested in its online offer and opened more stores overseas. The upmarket fashion brand reported sales of £95.3m for the year to 2 August, boosted by new store openings in Boston and Chicago as well as concessions in [...]