Restaurant review: Be prepared to shell out for Crab Tavern July 21, 2015 Crab Tavern is the tenth restaurant to open at the City’s newest dining destination, Broadgate Circle. It’s now overflowing with the kind of high-end, high-turnover gastro-chains that private equity guys go nuts for: opening branches in the City completes a perfect capitalist ouroboros in which we can literally get rich off of our own appetites. [...]
Ackman: It’s good that Pershing Square’s share price has dropped October 13, 2014 Shares in Bill Ackman's closed-ended fund Pershing Square dropped by more than 10 per cent during its stock market debut – but Ackman has shrugged off the fall as a sign the stock was not overpriced. Pershing Square Holdings' shares were priced at $25 in the IPO, but plummeted as low as $22.30 during [...]
Chipotle sales beat forecasts October 20, 2014 MEXICAN food chain Chipotle yesterday reported forecast-beating profit as sales continued to surge. Sales rose 19.8 per cent at restaurants open at least a year for its third quarter. While the US company expects comparable restaurant sales increases in the mid-teens for this year, it forecast that figure will dip to low to mid-single digit [...]
New York Report: Burger merger sends Dow up August 26, 2014 WALL Street’s record-setting rally continued yesterday as the S&P 500 notched its 30th record of the year and closed above 2000 for the first time ever. The Dow also rose but fell short of its record closing high after setting an all-time intraday high earlier in the session. The S&P 500 index rose 2.10 points, [...]
Intertek share price up as Andre Lacroix takes reins September 30, 2014 Intertek, the London-based inspection and certification firm, saw its share price jump by more than two per cent yesterday following the appointment of Inchcape’s Andre Lacroix as chief executive. Meanwhile, Inchcape’s share price plummeted by almost five per cent. Lacroix will take up his new role and join the Intertek board in May 2015. He [...]
What will the US do about tax inversion? August 31, 2014 Burger King drew the ire of many Americans this past week by announcing a plan to move their corporate headquarters to Canada from the United States after purchasing the Canadian doughnut chain Tim Hortons. In doing so, Burger King stands to save at least $8.1m a year in taxes. The company remains adamant that Uncle [...]
Synergy Health share price soars as US rival Steris reignites tax inversion debate with $1.9bn deal October 13, 2014 US medical technology giant Steris yesterday announced it had bought British health services provider Synergy Health in a $1.9bn (£1.2bn) deal that re-opened the US tax inversion debate. Steris said it would buy Synergy, whose shares rocketed by more than 30 per cent yesterday, in a cash-plus-shares deal that would shift its domicile to [...]
All change at the top as trio of firms shuffle executives September 8, 2014 BERKELEY GROUP | FINANCE CHIEF EXITS Berkeley Group yesterday said finance director Nick Simpkin had left the board with immediate effect after five years in the role. Ben Marks, financial controller, who has been with group for 10 years will be working closely with Rob Perrins, group managing director, to manage financial function pending recruitment [...]
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, [...]
Warren Buffett and Floyd Mayweather square off ahead of Maidana rematch August 27, 2014 Warren Buffett appears to be the latest member of Floyd Mayweather's "The Money Team", making him "teammates" with Justin Bieber. Mayweather, the pound-for-pound best boxer in the world, posted an image of Buffett visiting him at his gym to his Instagram page, accompanying it with a caption describing Buffett as "the original founder of The [...]