Mark Kleinman: Aviva’s missed deadline ensures brickbats February 15, 2019 Viva Aviva? For such a stalwart of blue-chip boardrooms, Sir Adrian Montague suddenly can’t put a foot right. Four years after taking over the chairmanship of Aviva when John McFarlane scuttled off to Barclays, he’s ended up in a rather large pickle of his own making. Sacking Mark Wilson as the insurer’s chief executive last [...]
Interserve could face £66m hit if shareholders reject rescue deal February 14, 2019 Debt-stricken outsourcer Interserve may have to stump up another £66m if its largest shareholder triumphs in a plan to thwart a rescue deal struck last week. The emergency refinancing package, designed to avoid it facing the same fate as Carillion, sparked ire among at least one-third of its shareholders, because it proposed all but wiping [...]
Airbus to halt production of A380 superjumbo jet after demand nosedives February 14, 2019 Airbus’ dreams of ruling the skies with its mammoth A380 superjumbo jet have come crashing down to earth this morning, as it said it would stop making its flagship cruise liner. Outspoken chief executive Tom Enders spoke of his “pain” at having to bring production to a halt after lacklustre demand for the world’s largest [...]
Eat’s owners Horizon Capital mull sale amid strain on high street food outlets February 13, 2019 The owners of sandwich chain Eat are planning to sell the business as it battles with growing competition in the crowded high street food market. Private equity firm Horizon Capital, which owns a major stake in the company, has appointed corporate advisory firm Spayne Lindsay to oversee a potential sale. Read more: EU competition watchdog [...]
Theresa May defends due diligence into scrapped contract ferry firm Seaborne February 13, 2019 Theresa May has claimed proper due diligence was carried out in the government’s aborted ferry contract with Seaborne Freight despite consultants saying they could not assess its finances. Pressed by Labour leader Jeremy Corbyn at prime minister’s questions today, May insisted “proper due diligence was carried out” in the procurement of a contract for ferrying [...]
General Motors takes stake in British car tracking startup as it looks to driverless future February 12, 2019 US car giant General Motors (GM) is taking a stake in a British technology startup as it prepares for a driverless future. The deal, which values Chester-based Wejo at $275m (£213m), includes a $25m cash injection into the connected cars firm. Read more: General Motors cuts costs with 8,000 redundancies It also gives Wejo access [...]
London’s iconic department store Liberty ‘seeks £300m sale’ February 12, 2019 London retail landmark Liberty department store could be set for new ownership for the first time in nearly 10 years. Its largest shareholder, private equity firm Bluegem Capital Partners, has reportedly hired UBS to look into potential buyers for the business. Read more: West End property giant Shaftesbury posts 'resilient' retail demand The company, which [...]
Simba Sleep slashes valuation as it looks for cash in fundraising jungle February 11, 2019 Mattress website Simba sleep has been forced to slash its valuation for the second time as it looks to raise more cash in an “increasingly challenging” environment. The company has faced issues after shares fell over 90 per cent in listed rival Eve Sleep last year. Read more: Eve Sleep shares dive after investors buy for [...]
Ex-Barclays trader accused of Euribor rigging felt ‘let down and used’ by private messages February 11, 2019 A former Barclays employee on trial for Euribor rigging has said he felt "let down and used" when he discovered that a colleague had been privately discussing with another trader at a rival bank how they could alter submissions for the interest rate benchmark. Colin Bermingham, 62, told Southwark Crown Court he felt it was "absolutely not right" that [...]
HSBC chair Mark Tucker set to head up influential City lobbyists TheCityUK February 11, 2019 The chairman of HSBC Holdings has emerged as the frontrunner to head the board at one of the City’s main lobby groups replacing fellow banker John McFarlane. Mark Tucker is set to be announced for the role at TheCityUK in the coming days as outgoing Barclays chairman McFarlane steps down in the spring, Sky News [...]