Campbell Soup can serve you better, hedgie tells investors October 1, 2018 Billionaire investor Daniel Loeb is using his activist hedge fund to woo Campbell Soup shareholders, saying the “iconic asset” was an attractive prospect for takeover and claiming it could fetch $58 (£44.50) per share. Loeb’s Third Point fund is pushing to replace all the food company’s directors, who it said had presided over “tenure of [...]
Royal Mail profit warning sends shares tumbling October 1, 2018 Shares in Royal Mail have crashed after the company posted a warning on profits and costs today. The UK post delivery company said it expected its adjusted operating profit to be between £500m and £550m for the year, down from £694m the previous year. Letter volumes were down seven per cent in the first half [...]
Pfizer CEO steps down after eight years in charge of US drugs giant October 1, 2018 Pfizer chief executive Ian Read will step down from the role at the end of the year after almost a decade in charge of the pharmaceutical giant. The Scot will be succeeded by chief operating officer Albert Bourla, a veteran of Pfizer's Innovative Health business area, which recorded $31bn (£24bn) in revenue last year. Bourla, 56, [...]
Erdogan accuses US of using pastor with ‘dark links’ to terrorists to justify sanctions October 1, 2018 President Recep Tayyip Erdogan has accused the US of using a pastor with “dark links” to terrorists groups to justify imposing sanctions on Turkey. Evangelical pastor Andrew Brunson, detained in Turkey on terrorism charges, has long been at the centre of the diplomatic spat between the two countries. Read more: Turkish courts will decide the [...]
Chris Grayling announces ‘one-click’ commuter compensation as train delay payouts rocket October 1, 2018 Transport secretary Chris Grayling has launched plans to make it easier for passengers to claim compensation for delayed or cancelled journeys as the latest figures show that payouts by train companies have rocketed since 2009. Future train operators under government-awarded franchises will be required to speed up claims by circumventing the need for passengers to enter [...]
Senior Barclays adviser elected as 691st Lord Mayor of the City October 1, 2018 Senior adviser to Barclays, Peter Estlin, has been elected as the 691st Lord of Mayor of the City of London. Estlin, who will take a sabbatical from his role with the bank, will succeed Charles Bowman on 9 November for a one-year term. The elected head of the City of London Corporation will act as [...]
General Electric replaces chief executive as it takes $23bn charge on its power business October 1, 2018 The boss of General Electric (GE), one of America’s best-known companies, has been replaced after just 14 months on the job, after the company took a $23bn (£17.6bn) hit on its struggling power business. The industrial giant said John Flannery would be replaced by Larry Culp, former chief executive of manufacturing group Danaher, as it revealed the [...]
BT transfers 31,000 staff to Openreach in ‘final major milestone’ of separation October 1, 2018 BT today confirmed it had transferred 31,000 employees to infrastructure arm Openreach in what it says is the "final major milestone" in the legal separation of the two organisations. The move is believed to be the largest ever one-off people transfer in UK corporate history. BT also announced its Northern Ireland division has been rebranded as [...]
English National Opera defends bottled water ban after punters sneak vodka into shows October 1, 2018 Both are known for giving people headaches and have strong associations with Russia, but fans are now allegedly mixing opera and vodka – sneaking the latter into the former by “decanting” the party-friendly spirit into water bottles – according to the chief executive of the English National Opera (ENO). Stuart Murphy said some patrons were “decanting [...]
Ryanair rocked by profit warning October 1, 2018 | City Talk Ryanair shares have sold-off severely this morning after the airline confirmed that profit would be 12% below the previous forecast. The group now expects full-year profit to be between €1.1 billion and €1.2 billion, and the previous guidance was between €1.25 billion and €1.35 billion. Ryanair cited higher costs regarding fuel and flight compensation regulations [...]