Reputation of Kingfisher boss Veronique Laury tarnished after collapse of Mr Bricolage deal March 30, 2015 Europe's biggest DIY group Kingfisher said yesterday that its €275m (£201m) bid for smaller French rival Mr Bricolage had collapsed after facing opposition from one the French rival’s major shareholders. Kingfisher first entered exclusive talks in April last year to buy 26.2 per cent of the share capital from the Tabur Family and 41.9 per [...]
Tesco begins land sell-off in cost-cutting drive March 30, 2015 Tesco has hired property advisory firm Savills to sell six development sites as part of plans announced earlier this year to cut costs. Chief executive Dave Lewis said in January that he would halve capital spending and save £250m a year by axing 43 stores, shelving 49 projects and closing its Cheshunt head office. The [...]
Headache for retailers as business rates to reach record level in 2017 March 30, 2015 Businesses will be footing a rates bill based on half of the rental value of their properties – the highest level yet – according to research out today. Business rates, charged on commercial properties including offices and shops, are calculated according to their rental value. The system has been blamed for the demise of the [...]
Ex-director Tim Ingram piles pressure on Alliance Trust chief executive March 30, 2015 Alliance Trust’s board is failing to scrutinise the management, and non-executives who try to ask questions are eased out, ex-director Tim Ingram told City A.M. yesterday. Ingram is backing activist investor Elliott Advisors’ bid to put three new directors on Alliance’s board, in the hope of shaking up the investment firm’s strategy. Ingram believes that [...]
Watchdog fines Kenneth Carver £35,000 for part in Logica insider trading scheme March 30, 2015 Former accountant Kenneth Carver was yesterday fined £35,212 by the Financial Conduct Authority (FCA) for his part in the Logica insider trading scheme. Carver is a family friend of recently imprisoned Ryan Willmott who pleaded guilty to three counts of insider trading during his time as a financial planning and group reporting manager for IT [...]
Newcastle United score record £19m profit thanks to TV income and new sponsorship deals March 30, 2015 Newcastle United yesterday reported record profits of £18.7m last season – but its debt in the form of an interest-free loan from owner Mike Ashley remained static at £129m. The Premier League club put the profit down to increases in TV income and new sponsorship deals. The Magpies announced a recorded profit for the fourth [...]
Rolls-Royce in $1bn Air China engine deal to supply Trent 1000 engines for passenger jets March 30, 2015 Engine manufacturer Rolls-Royce has extended its deals with Air China, after being selected to supply its Trent 1000 engines for 15 new Boeing 787-9 Dreamliner passenger jets. According to the British technology firm, the new contract is worth $1bn (£675m). Previously, Rolls-Royce supplied the airline with Trent 700 engines for 49 Airbus A330 aircraft, with [...]
RBS investment bank head Rory Cullinan resigns weeks after joking it was boring on Snapchat March 30, 2015 Rory Cullinan has resigned as head of Royal Bank of Scotland's (RBS) investment bank just weeks after he was caught complaining of being bored on Snapchat. RBS had only handed the role to Cullinan at the end of last month, and had expected him to lead a major scaling back program of its investment bank [...]
Amazon is launches Home Services in the US – here are some of the most random things you can order March 30, 2015 Amazon has come a long way from starting as an online book store 20 years ago – from today, people in the US can buy professional help via its website. The e-commerce giant has launched its Home Services site, which spans 700 different services ranging from installation to rubbish disposal. Help will be on [...]
US oil production posts largest increase in over a century March 30, 2015 Last year US oil production posted its largest volume increase since record keeping began over a century ago. The Energy Information Administration (EIA) said it increased to1.2m barrels per day last year, pumping out a total 8.7m barrels per day. This was the largest volume increase since record-keeping began over a century ago. "Most of the [...]