Fitch: Inconclusive Spain vote increases fiscal and reform risks December 21, 2015 Spain could be at risk of having its credit rating downgraded after elections yesterday left the country facing a period of political uncertainty. Spanish party leaders will negotiate over the coming weeks with Prime Minister Mariano Rajoy’s People’s Party (PP) securing only 123 seats – the highest of any party but short of a majority. If [...]
Mike Ashley’s Sports Direct hits back after facing defeat in Findel shareholder vote December 21, 2015 Sports Direct has lashed out at Findel after shareholders today overwhelmingly voted against appointing one of its representatives to the board. In a fiery statement issued this evening, the company said the combination of Sports Direct's retail expertise and having Ben Gardener as a board director "would have added value to Findel for the benefit of all of its [...]
Grant Thornton subject of Financial Reporting Council investigation over its audit of Globo’s accounts December 21, 2015 The Financial Reporting Council (FRC) has today revealed that it is launching an investigation into accountancy firm Grant Thornton regarding its audit of the accounts of Globo for the years ended December 2013 and 2014. The technology company announced in October that its former chief executive had alerted the board to misrepresentations of the company's financial situation. [...]
European banking watchdog delays bonus cap as it recommends scrapping bonus deferral for smaller lenders December 21, 2015 Smaller banks should be exempt from some regulations relating to bankers’ bonuses, the European Union banking regulator said today as it pushed back the start date for a controversial cap on remuneration. The European Banking Authority said while “smaller and non-complex” financial institutions would still be hit with a so-called bonus cap, they should not [...]
Serious Fraud Office takes 11 from Barclays, Deutsche Bank and Societe Generale to court over Euribor rigging December 21, 2015 The Serious Fraud office (SFO) is set to take 11 individuals to court for the rigging of a key European interest rate. The European interbank offered rate (Euribor) is a rate at which banks can lend to one another in euros and which acts as benchmark for other interest rates. The SFO named 10 of the individuals last month, adding [...]
Camden Town Brewery AB InBev sale defended to craft beer lovers by founder Jasper Cuppaidge December 21, 2015 The founder of Camden Town Brewery has been forced to defend a decision to sell the craft brewery to AB InBev, receiving angry questions during a Twitter Q+A today following news of the acquistion. Jasper Cuppaidge fielded questions from craft beer fans and investors, many of them worried that the beer would change or what would happen to [...]
At the close: FTSE 100 index closes down despite gains by Glencore, Antofagasta, ITV December 21, 2015 The FTSE 100 index closed down today, as losses from Associated British Foods (ABF) and Smith and Nephew were not compensated by gains at ITV, Glencore and Antofagasta. The UK's top blue-chip index closed 0.29 per cent down at 6,034 points ITV led the pack after it emerged Comcast's NBCUniversal was reportedly bidding to takeover [...]
Eurozone consumer confidence edges up in December December 21, 2015 Consumer confidence in the Eurozone ticked up this month, according to figures released today. The flash consumer confidence indicator compiled by Eurostat, the statistical office of the European Union, climbed 0.2 points to a score of minus 5.7. Flash data is an estimate based on a The rise builds on November's surge and shows consumers are more confident [...]
Martin Shkreli fired as chief executive of KaloBios December 21, 2015 Martin Shkreli, the self-styles pharma bro who was last week arrested on charges of securities fraud by the FBI, has been fired as chief executive of KaloBios. Shkreli rose to fame after hiking the price of a life-saving drug treatment by more than 5,000 per cent, earning him the title of the most hated man in America. [...]
AB InBev buys London craft beer maker Camden Town Brewery December 21, 2015 Drinks giant AB InBev has snapped up London craft brewer Camden Town Brewery. The north London brewer is the second craft beer maker in the capital to be bought up this year, after Meantime in Greenwich was acquired by SABMiller this summer. The two may will be drinking buddies however, after a £71bn brewing mega-deal between AB [...]
