Sports Direct launches third attempt for Mike Ashley bonus June 9, 2014 Sports Direct is initiating a third attempt to award founder Mike Ashley a bonus, after two previous attempts failed due to shareholder opposition. The 2015 bonus share scheme provides for the grant of no-cost options of up to 25m ordinary shares in the company to 3,000 employees, including Ashley. The scheme could be worth £200m. However, [...]
TSB set to sell for twice what Co-op offered June 9, 2014 TSB’S flotation could value the bank at as much as £1.44bn when the price range is announced – which could come as soon as today. The initial public offering (IPO) valuation is almost twice the £750m maximum offered by the Co-op Bank, which had previously tried to buy the 631 branches being sold by Lloyds [...]
EE threatens to leave Carphone Warehouse and Phones4U June 9, 2014 BRITAIN’S biggest mobile operator EE is conducting a review of its sales through Carphone Warehouse and Phones4U, which could see it pull out of one or both retailers. The results of the review are expected within three weeks, and the decision could threaten Carphone’s £3.6bn merger with Dixons if EE pulls its phones from sale. [...]
Worst time for EE to tell Carphone Warehouse : We need to talk June 9, 2014 A SWORD of Damocles is suddenly hanging over the head of Carphone Warehouse. The ancient original was suspended by a single hair over a golden throne, a warning of the fragility of life at the top. Carphone Warehouse’s founder Sir Charles Dunstone, who still holds a 23.5 per cent stake, now finds himself looking up [...]
City Moves for 09 June 2014 | Who’s switching jobs June 9, 2014 Allen & Overy The law firm has hired Maria Darby-Walker as global head of communications. For the past nine years, Darby-Walker has acted as an independent communications consultant, and was most recently interim head of internal and external relations at the Financial Conduct Authority. KPMG The professional services firm has announced the appointment of Julie [...]
Aiming for the stars June 8, 2014 Annabel Palmer speaks to Jenny Biggam, media veteran and co-founder of the7stars AS the media landscape becomes ever more complex, media giants like Mindshare or OMD are having to look beyond the traditional recipe for success (small distribution networks, multiple revenue streams) towards greater innovation and efficiency. But Jenny Biggam, co-founder of the7stars (an independent [...]
The week in brief June 8, 2014 UK E&M market to be worth £64bn by 2018 According to PwC’s latest Global entertainment & media (E&M) outlook report, the UK E&M market is expected to grow by 3.1 per cent from 2013 to 2018 – to a value of £64bn in 2018. In 2013, Britain had the second largest E&M market in Europe, [...]
Luxury brands’ share prices are falling today. Here’s why June 6, 2014 Yesterday's shock results from luxury stalwart Prada have had a knock-on effect this morning. The brand lost over six per cent, hitting a two-year low, after announcing a surprise fall in quarterly sales and suggesting a possible slashing of its full-year guidance. And this morning, it's dragging down other major luxury retailers with it. Shares [...]
Bottom Line: Everyone loves a sale – and Asos shares are in middle of a big one June 5, 2014 ALMOST every other day, Asos customers are sent promo emails alerting them to the latest offer on the retailer’s vast fashion website: 25 per cent off dresses; save on festival fashion; free delivery on men’s hats. Yesterday, the tables were turned. Investors hit the sell button on Asos shares, sending them into freefall to end [...]
Motor industry revving up to break records June 5, 2014 CAR SALES in the UK rose for the 27th consecutive month in May, breaking a record set in the 1980s for the longest ever period of growth. Motorists registered 194,032 new cars last month, up 7.7 per cent on the same period a year ago, to give the industry its strongest May performance in a [...]