Diageo’s share price falls as Larry Schwartz reveals plans to retire after 40 years in the industry June 15, 2015 Larry Swartz, president of Diageo North America, will retire at the end of this year after 40 years in the drinks industry. Schwartz – a bartender's son and grandson – has been president of the North America division since March 2012, but has held numerous other roles at the business including president of Diageo [...]
Thomas Cook targets China with Fosun joint venture June 15, 2015 Thomas Cook, one of the UK's largest holiday companies, today announced plans to take on the Chinese travel market with Fosun International, the Chinese group which took a five per cent stake in Thomas Cook in March. The pair said the venture, which will be launched under the Thomas Cook brand, will be 51 per [...]
RBS hiring drive to aid challenger bank Williams & Glyn disposal June 14, 2015 One-fifth of the hires RBS is looking to make fall within the Williams & Glyn challenger bank being carved out of the state-backed lender, illustrating the scale of the task at hand as RBS readies itself to launch the revived brand as its deadline draws nearer. Of the 1,235 open positions being advertised on the [...]
Insurance giant Aviva to slim down with sale of property debt June 14, 2015 Aviva, the FTSE 100 insurance firm, is said to be selling off property loans to the value of billions of pounds. One source familiar with the matter told City A.M. that big four audit firm Deloitte is currently working with Aviva. The property debt reportedly includes loans secured against House of Fraser’s department store in [...]
FTSE 100 miner Vedanta Resources merges Indian branches June 14, 2015 Vedanta Resources, the FTSE 100 Indian resources company, is undertaking more work to simplify its structure, confirming plans to merge its Indian subsidiaries, Mumbai-listed Vedanta Limited and Cairn India. Cairn India minority shareholders will receive one equity share in Vedanta Ltd, as well as one 7.5 per cent preference share with a face value [...]
How to build a brand for your business – Investec Comment June 14, 2015 Whatever size company you run, your brand is an essential component of your success. If your reputation is the sum of the impressions people have had of your firm historically, your brand describes what your customers and clients can expect in the future. If you want to be distinct, if you don’t want to fade, [...]
Mansion House, Sainsbury and Tower Hamlets: Five charts summing up the week June 12, 2015 There were a series of huge announcements out of a black-tie dinner at Mansion House, struggling supermarkets Sainsbury said it was seeing the first signs of a revival, Labour won the Tower Hamlets mayoral election and the IMF walked out of Greek debt talks. Here are five charts summing up the week: UK will have [...]
Rangers EGM: Mike Ashley fails to show as Dave King argues against £5m loan repayment June 12, 2015 Rangers shareholders have voted on whether the club should repay a £5m loan to Mike Ashley at an extraordinary general meeting called by the Sports Direct owner this morning. Ahead of the vote chairman Dave King told shareholders that repaying the loan to Ashley, who owns an 8.9 per cent stake in Rangers through MASH [...]
Ofcom details proposed price caps on BT’s high-speed business lines June 12, 2015 Ofcom has detailed proposed price controls on BT's leased telecoms lines, saying they would mean significant reductions for many businesses reliant on the high-speed lines. BT has "significant power" in the £2bn leased lines market, which provides vital high-speed broadband and mobile services, according to Ofcom who want to implement charge controls. Read more: BT dismisses [...]
Rio Tinto prices $1.2bn of 10-year notes and redeems $1.2bn of 2016 notes June 12, 2015 Rio Tinto has said it would issue $1.2bn of 10-year bonds, allowing the Anglo-Australian mining company to repay debts due next year. It said it had priced the 10-year fixed rate debt securities with a 3.75 per cent coupon. They will be issued by Rio Tinto Finance and will mature on 15 June 2025. Citigroup [...]