M&G nabs Aberdeen Asset Management chief investment officer Anne Richards as chief executive Michael McLintock announces plans to retire February 1, 2016 M&G, the asset management arm of the Prudential, has poached Anne Richards, the chief investment officer of Aberdeen Asset Management, to take on the role of chief executive when Michael McLintock steps down after 19 years. In a statement this morning, McLintock announced plans to retire later this year, saying it was "time for a change". [...]
China authorities arrest 21 executives from P2P lending scheme Ezubao on suspicion of running a Ponzi scheme February 1, 2016 Chinese authorities have arrested 21 executives from the country's largest peer-to-peer money lending platform on suspicion of stealing money from nearly a million investors – which could make it the world's largest Ponzi scheme. Reports from local media suggest investors have lost 50bn yuan (£5.3bn), which managers at Euzbao stole from around 900,000 investors. If true, it [...]
UK house prices: London Help to Buy is a thing now – but experts warn it could inflate risks (and only help high earners in the first place) February 1, 2016 Callooh callay, London's own Help to Buy scheme has launched this morning, the government's scheme to give first-time buyers a lift onto the housing ladder. The new scheme effectively doubles the help being given out previously, as the government makes loans of up to 40 per cent available for first and second-time buyers on new [...]
Crispy Pancakes maker to disappear from freezers as Findus is rebranded out of existence February 1, 2016 It's about to be a case of harder to Findus, after it was revealed everyone's favourite freezer-based food brand is planning on rebranding. The Grocer reported that Findus, best known for its Crispy Pancakes, is being taken off the shelves by its owner, Young's Seafood, in the spring, ostensibly in an effort to distance it [...]
Conviviality Retail’s share price climbs as it reveals boost to sales from Matthew Clark takeover as champagne and prosecco sales leap February 1, 2016 A strong Christmas has powered drinks company Conviviality Retail over the first half, with the Bargain Booze and Threshers group increasing its interim dividend. The figures The business, which completed its acquisition of wholesaler Matthew Clark in October, said group revenues jumped 38 per cent to £252m for the 27 weeks to 1 November. EBITDA was up 43 [...]
Countryside unveils price range for £1.1bn IPO February 1, 2016 What market turbulence? Housebuilder Countryside Properties has unveiled the price range for its IPO, which at the mid-range will give it a value of £1.1bn. In a statement this morning, the company said shares will be priced between 225p and 275p, while it will issue 450m shares. Once the IPO is complete, it's anticipated it will have [...]
BT’s share price rises as it reveals new structure after EE acquisition – and the mobile brand is staying (for consumers at least) – as revenues reach seven-year high February 1, 2016 BT has unveiled sweeping changes to its structure, following the completion of its £12.5bn takeover of EE last week, as the business reports its best revenues in more than seven years. Although some had predicted the demise of the EE brand, the mobile firm will continue in its current form as far as "the consumer market [...]
Ryanair share price rises as it unveils massive share buyback, while profits more than double February 1, 2016 Ryanair is planning to return €800m (£609m) to its shareholders, after it unveiled a huge share buyback. The company said by the end of the nine-month process, it will have returned €4bn to shareholders over eight years. The announcement came as it posted results showing profits after tax jumped to €103m in the three months to [...]
IPO market set to fall this year after 2015 highs February 1, 2016 The London initial public offering (IPO) market hit a high unlikely to be repeated in 2016, research from accountancy giant PwC shows. Ongoing market volatility, concerns over global growth, and a worsening oil price rout mean that more companies are expected to postpone or call off planned IPOs. Vivienne Maclachlan, capital markets director at PwC, [...]
Right to Rent: Landlord checks on immigration status criticised February 1, 2016 New rules rolled out across England today that require landlords to check the immigration status of tenants have come under fire. A survey from the Residential Landlord Association (RLA) this morning reveals 90 per cent of landlords have received no information from the government about the new Right to Rent scheme. Nearly three quarters of [...]
