Standard & Poor’s downgrades BHP Billiton and places ratings on watch due to low commodity prices February 1, 2016 The ongoing commodities rout has prompted ratings agency Standard & Poor's (S&P) to lower its long term credit ratings on mining firm BHP Billiton from A+ to A, and place the company on CreditWatch with "negative implications". S&P said its decision to downgrade the miner followed a "recent update to our price assumptions for most commodities, [...]
Genel and Gulf Keystone Petroleum share price: Oil firms rise as KRG boosts confidence February 1, 2016 Shares in London-listed oil firms Genel and Gulf Keystone Petroleum jumped today on the news that they could recoup hundreds of millions of dollars in overdue payments from the Kurdistan Regional Government (KRG). Shares in Gulf Keystone rose as much as 43.43 per cent to 17.57p per share this afternoon, while Genel gained as much as 6.75 per cent to 111.55p this [...]
Clydesdale clears final legal hurdle ahead of demerger and IPO tomorrow February 1, 2016 Australian courts have approved the sale of Clydesdale and Yorkshire banks, one day before the banking business is expected to begin conditional trading in London. National Australia Bank (NAB), which still owns Clydesdale and Yorkshire Banks (CYBG), said overnight that the CYBG demerger had been approved by Supreme Court of Victoria. NAB shareholders voted in favour of the [...]
Murgitroyd Group share price up as patent company reports boosts to revenue and profit for its six months ended November 2015 February 1, 2016 Murgitroyd Group has today revealed profit before tax of £2.1m for its six months ended November 2015, up 6.6 per cent from just under £2m in 2014. The patent and trademark legal services company also announced that it had seen revenue grow by 5.7 per cent to £20.4m, up from £19.3m in 2014. Share price for [...]
Cherie Blair’s firm Omnia leads legal battle against government’s buy-to-let tax February 1, 2016 Cherie Blair is set to challenge the government in court over controversial tax relief changes for buy-to-let landlords, arguing that it breaches human rights. Omnia Strategy, the law firm founded by the wife of former Labour Prime Minister Cherie Blair, has sent a letter to HM Revenue & Customs (HMRC) on behalf of landlords Steve [...]
Boots to cut up to 350 jobs as part of plans to simplify chemist business February 1, 2016 Boots is to cut between 300 and 350 managerial roles from its UK stores as part of a wider move to simplify the business. The chemist, which was bought by Walgreens in 2014, has started consultation with its assistant store managers in the larger stores across the country. Although it admitted some of the job cuts would come [...]
Concerns rise over break in performance related pay for bankers, as firms stuggle to balance risk and rewards February 1, 2016 Financial services firms around the world have continue to wean staff off bonuses and onto fixed salaries throughout 2015, raising concerns banks are unable to properly penalise misconduct. The report, by consultancy Mercer, found that the financial industry is struggling to balance rewards for taking positive risks with sanctions against rule breaking. Dirk Vink, a [...]
John Lewis to launch in the Middle East with Dubai store February 1, 2016 John Lewis is ramping up its expansion outside of the UK with plans to open its first store in the Middle East. The department store group has struck a deal to open a shop-in-shop in the Robinsons department store in Dubai Festival City Mall – both of which are part of Middle Eastern retail conglomerate Al-Futtaim. The 15,000 square feet shop will be [...]
Smith and Nephew announces chief executive cancer diagnosis February 1, 2016 Smith & Nephew, the orthopaedics giant that’s Europe's biggest maker of artificial hips and knees, has announced today its chief executive Olivier Bohuon has been diagnosed with cancer. Bohuon will remain in his role during his treatment period, beginning later this month. The company described the form of cancer as “highly treatable”, and said Bohuon [...]
Migrant crisis: EuroTunnel has hired French soldier Dominique Schmitlin to head its security February 1, 2016 British jokes about French soldiers might soon have to stop – one is now guarding the Calais border. Channel tunnel operator Eurotunnel has appointed a French helicopter commander in a new role as security director to “beef up” precautions over the migrant crisis. Dominique Schmitlin started his 33-year military career in the army’s combat chopper [...]
