Premier Foods’ top shareholder criticises board for “arrogance” over failed bid talks April 24, 2016 Premier Foods’ third biggest investor has criticised the company’s board for its “arrogance” and backed the idea of its chairman resigning after bid talks with US suitor McCormick collapsed. US hedge fund Paulson & Co. said: “We have not written a letter asking for his resignation but would certainly support the idea.” The firm added [...]
Chinese billionaire in talks to sell House of Fraser stake to Hamleys owner April 24, 2016 The Chinese billionaire owner of House of Fraser is in talks to sell a stake in the department store chain, two years after buying it in a £480m deal. Sanpower, the Chinese conglomerate chaired by Yuan Yafei, bought House of Fraser in 2014 through its subsidiary Nanjing Xinjiekou, which operates a chain of department stores in China's Nanjing province. The [...]
The Bank of England just unveiled the artist who will feature on the next £20 note (spoiler: it’s not a woman) April 22, 2016 It's been a nail-biting few months while the Bank of England has um-ed and ah-ed over which artist should feature on its next banknote – and the results are in. During a (relatively, for the Bank of England) glitzy launch ceremony in Margate, artist Tracey Emin unveiled the new £20 note – featuring JMW Turner. The artist, [...]
Property firm exposes how Nine Elms agents and developers are delisting and relisting same homes April 22, 2016 Dozens of new flats on sale in Nine Elms have been listed, taken down and relisted by developers and agents in the area, sometimes as many as 15 times in six months. This practice, known as “portal juggling”, potentially creates the illusion that there are more properties on the market than there actually are and [...]
IEA predicts biggest non-Opec output fall in a quarter century April 21, 2016 The International Energy Agency (IEA) expects non-Opec output to fall this year by the most in 25 years. IEA chief, Faith Birol, added that low oil prices had cut investment by around 40 per cent over the past two years, particularly in the US, Canada, Latin America and Russia. In its medium-term report released earlier this month, the [...]
Starbucks sales growth slips as all regions fall short April 21, 2016 Starbucks shares fell nearly five per cent as the world's largest coffee chain missed expectations for the fiscal second quarter. Starbucks said global sales at cafes open at least 13 months rose six per cent year-on-year in the fiscal second quarter ended 27 March. But this was below analysts' expectations for a figure of 6.7 per cent. The [...]
Visa shares slump as it changes Visa Europe deal April 21, 2016 Visa's shares skidded down nearly five per cent in after market trading after the credit and debit card giant cut its full-year revenue growth forecast. The company now expects full-year revenue to come in between seven to eight per cent, lower than its previous forecast of high single-digits to low-double digits. Read more: Visa's contactless payments soar [...]
Alphabet shares plummet after it misses expectations April 21, 2016 Alphabet shares plummeted around seven per cent in after hours trading following a disappointing set of first quarter results. Google's parent company reported revenue rose 17 per cent to $20.3bn year-on-year in the first three months of 2016, slightly below analysts' expectations for an increase to $20.4bn. Earnings per share came in at $7.5 per share during this [...]
Darty share price soars as bidding war breaks out between Steinhoff’s Conforama and Fnac April 21, 2016 A bidding war has broken out between retailers Fnac and Conforama after both companies raised their offers for the electricals group Darty today in a race to outbid eachother. The stakes were raised last night when Conforama, a French homeware retailer owned by South Africa's Steinhoff, increased its cash offer for shares in Darty to 138p per share. The group also revealed that it [...]
Brick maker Forterra floats on London Stock Exchange with £360m valuation as it seeks to capitalise on growing UK housing market April 21, 2016 The UK's second largest brick maker is making its debut on the London Stock Exchange today as it seeks to take advantage of the UK's growing housing market. The flotation values Forterra at £360m, with the company missing its target of £450m. The initial public offering (IPO) comprises a sale of 70m shares, representing 35 per cent of the [...]
