WH Smith CEO Steve Clarke says stationery chain is ready for lift-off October 16, 2014 Steve Clarke has often described himself as a shy person, but with strong full-year results to shout about yesterday, the WH Smith boss came out of his shell. The cheery Irishman, who took over from his long-serving predecessor Kate Swann in July last year, put the retailer’s success – and his good mood – down [...]
BHP Billiton share price up as miner confirms new metals firm will list in London October 16, 2014 BHP Billiton’s shares yesterday dipped briefly by almost two per cent, but finished up 0.12 per cent, after confirming that its new company would be listed on the London Stock Exchange. Andrew Mackenzie, BHP’s chief executive, said: “We are pleased to offer an additional listing in London in response to the interest investors have shown [...]
BSkyB sees off BT with profit and revenue rise in first quarter October 16, 2014 BSkyB has reported a good start to its financial year after ear-marking £5.3bn for Sky Deutschland and Sky Italia with a rise in revenue, profit and subscribers in the first quarter, slightly ahead of expectations. The British broadcaster increased revenue by six per cent to £1.9bn for the three months to September 30, with operating [...]
WH Smith announces trial for standalone greeting cards stores as profits climbs October 16, 2014 WH Smith has achieved a pre-tax profit of £112m for the year ended 31 August, up nine per cent from the previous year. The FTSE 250 company which boasts 1,300 stores nation-wide also saw a total ordinary dividend per share of 35p, a 14 per cent increase on the previous year. Stephen Clarke, group chief [...]
Shire share price falls again as AbbVie board recommends shareholders reject takeover bid October 16, 2014 The billion-pound deal between AbbVie and Shire could be over. AbbVie has recommended shareholders vote against the proposed $54bn (£32bn) deal to buy UK drugmaker Shire, essentially ending the takeover bid and sending Shire shares down an initial 12 per cent when markets opened this morning. The US pharmaceutical firm AbbVie said it was rethinking the [...]
Aldermore IPO flops as market flattens but Virgin Money pushes ahead with flotation plans October 15, 2014 Aldermore's advisers approached investors with a cut-price offer in a last- ditch bid to save the challenger bank’s stock market float, but failed to pick up enough sales, City A.M. understands. The firm pulled its initial public offering (IPO) yesterday, blaming “the recent deterioration of global equity markets”. The bank approached the IPO [...]
Hedgies bruised as £8bn slashed from Shire stock after AbbVie fall-out October 15, 2014 The fallout from US drug giant AbbVie’s decision late on Tuesday evening to reconsider its $54bn (£32bn) takeover of Shire yesterday wiped over £8bn off the value of the British firm, and causing hedge funds banking on a successful deal to lose millions. Shire’s stock, inflated on the expectation of a deal since June, [...]
Balfour Beatty’s new chief Leo Quinn is ready to turn the business around October 15, 2014 Balfour Beatty’s newly appointed chief executive Leo Quinn yesterday promised to put a stop to “surprises” at the troubled construction firm. “It’s a company of £10m turnover, with 40,000 employees worldwide, and its returns are far too low,” he told City A.M.. “The continuing surprises that it’s had should not be happening in a [...]
McEwan reveals Hester’s war with Treasury in reign at RBS October 15, 2014 RBS CHIEF Ross McEwan has shed more light on the bank’s troubled relationship with the Treasury, in a Q&A session with investors. The boss, who took the job a year ago, revealed he had to immediately “make peace” with the politicians. Predecessor Stephen Hester was ousted after disagreeing with the Treasury on the cuts to RBS’ investment [...]
Shire share price falls over AbbVie deal worries, dragging pharma shares and FTSE down October 15, 2014 Shire shares fell almost 30 per cent in early trading this morning after its potential buyer AbbVie said it was reconsidering the $54bn (£32bn) deal. AbbVie said it was rethinking the deal due to the US Treasury’s crackdown on the tax loophole that allows US firms to move headquarters to another country via a takeover [...]