Rich-lister Carlos Slim set to bid adios to Philip Morris March 11, 2015 Mexican telecom billionaire Carlos Slim is retiring from tobacco company Philip Morris International’s (PMI) board of directors, the company announced yesterday. He will step down in May. Ranked by Forbes as the world’s second richest person, Slim has been on PMI’s board since 2008, when the company spun-off from its parent, Altria Group. Before 2008, [...]
Glencore in debt for equity swap with Russneft March 11, 2015 Mining firm Glencore is finalising a purchase of a 49 per cent stake in Russian oil refinery firm Russneft. The companies are preparing a deal to convert $900m (£604m) of debt into equity, which will see Glencore take on a 49 per cent holding in the producing side of the Russian firm. Glencore, which is [...]
Domino Printing share price jumps by a third after £1bn Brother Industries buyout March 11, 2015 Shares in Domino Printing Sciences, the UK tech company, jumped more than 31 per cent to 945.7p in early trading after it revealed it had been bought for £1bn by Japanese printer giant Brother. Under the terms of the deal, shareholders in FTSE 250-listed Domino, which makes printers that put sell by dates and bar [...]
Google’s share price under departing finance chief Patrick Pichette rocketed March 11, 2015 Google’s long-standing finance chief Patrick Pichette has announced he’s leaving the tech company to travel the world. Pichette is one of the most senior executives, with the tech giant having overseen the firm’s finances for the last six and a half years. Since then, the value of Google stock has rocketed by almost two thirds [...]
London house prices: Foxtons share price dips as slowing luxury market takes its toll March 11, 2015 The figures Upmarket estate agent Foxtons had a topsy-turvy year in 2014, with the gradual slowing in London house price growth dragging down its share price. Earlier in the year when prices were still rising fast the skies were only blue. Chief executive Nic Budden said it best: last year was a year of "contrasting [...]
Investor cheer boosts Boohoo share price seven per cent March 11, 2015 Shares in online retailer Boohoo are back in fashion after it reported a 27 per cent surge in full year revenue. Shares in the Manchester-based group jumped as much as seven per cent to 27 pence in early morning trade today. But despite the gains, they remain well below last year's initial public offering price, [...]
FTSE 100 women dine with Vince Cable in bid to highlight female representation on boards March 10, 2015 Vince Cable last night welcomed more than 100 women from the business world to a dinner at Lancaster House, in a bid to convince sceptics that top companies are improving the female representation on their boards. The business secretary’s department says the target of having 25 per cent of FTSE 100 board positions held by [...]
Tidjane Thiam quits Prudential for Credit Suisse: The exit of a chief exec who defied the odds March 10, 2015 Back in 2010, you would never have expected Tidjane Thiam to receive this reaction on his departure from Prudential. An ill-fated acquisition bid left shareholders fuming – the attempt to buy AIA for £21bn saw the insurer lose £373m and Thiam took the blame. On top of that, the Financial Services Authority (FSA) censured him, fining [...]
Credit Suisse faces shake up under new boss Tidjane Thiam March 10, 2015 Credit Suisse is braced for major changes to its investment banking units, as shareholders welcomed the appointment of Prudential boss Tidjane Thiam as chief executive. The incoming boss gave few clues as to his plans at a press conference yesterday, but is expected to cut back investment banking and focus on the traditional core of [...]
Charles Stanley closes in on deal to offload its securities division March 10, 2015 CITY broker and wealth manager Charles Stanley yesterday confirmed it was in exclusive talks with a suitor to sell its securities business. Responding to a report by Sky News that Oriel Securities owner Stifel Financial was the potential buyer, the group confirmed it was in talks, but did not name the potential acquirer. Sky News [...]