South African pension fund ups stake in Lonmin after shareholders shun rights issue December 14, 2015 South Africa’s Public Investment Corporation (PIC) upped its stake in embattled platinum producer Lonmin, after shareholders snubbed a crucial rights issue. The PIC, which manages South African government employee retirement funds, increased its stake from seven to 29.9 per cent, after shareholders bought just 71 per cent of its share sale. The shares had been priced at [...]
Clydesdale and Yorkshire banks announces intention to float with IPO in UK and Australia December 14, 2015 Clydesdale Bank today announced its intention to float on both the London and Australian stock exchanges. The British banking business, which is currently owned by National Australia Bank (NAB), confirmed plans for a demerger and initial public offering (IPO) in Februrary of next year. Clydesdale, which includes Yorkshire bank and is called CYBG Group in official documents, is [...]
The new National Living Wage will set employers back £804m in direct costs alone December 14, 2015 The National Living Wage will set private sector employers back £804m in direct costs alone, according to findings released today by the Regulatory Policy Committee. The independent verification body discovered that National Living Wage, which will be introduced in April 2016 at an initial rate of £7.20 an hour for those aged 25 and over, [...]
Circle Oil share price crashes as it mulls debt restructuring and rights issue to weather oil price rout December 14, 2015 Shares in Circle Oil crashed today, after the oil producer said it was considering a debt restructuring or rights issue to weather the turmoil sparked by plunging oil prices. Circle Oil shares fell as much as 40 per cent to 2.25p per share today, amid a reevaluation of the value of its reserves which determines how [...]
Just six per cent of the world’s top 1,500 companies have a chief digital officer, although Europe is outpacing North America December 14, 2015 The world may feel like it has been drastically digitised but that might not be true as far as the boardrooms of some of the world's largest companies are concerned. Research released today by Strategy&, PwC's strategy consulting business, has revealed that just six per cent of the world top 1,500 companies by revenue have appointed a [...]
Shoe fits for Cinven as it takes home Kurt Geiger December 14, 2015 Kurt Geiger is changing hands for the third time in four years after being snapped up by private equity group Cinven. The group’s management and its backers Sycamore Partners have sold the 52 year-old footwear chain to Cinven in a deal thought to be worth around £250m. The sale is the latest in a string [...]
Bank of England’s Minouche Shafik will not vote to hike interest rates until wages go up December 14, 2015 UK rate-setter Minouche Shafik has said today she will not vote to lift interest rates from record lows until wage growth picks up. The member of the Bank of England’s nine-strong monetary policy committee said “the rate of wage growth seems to have levelled off again in the most recent data”. But there could be [...]
Royal Dutch Shell to make 2,800 redundant as £47bn BG merger clears final hurdle as Chinese authorities give go-ahead December 14, 2015 Oil giant Royal Dutch Shell is to make 2,800 jobs redundant globally as part of its £47bn mega-merger with BG, equivalent to three per cent of its total workforce. The jobs will be shed as part of a major restructure that will see BG's business rolled into Shell's when the two companies merge next yaer. [...]
Jump in Eurozone industrial production boosts economic growth outlook December 14, 2015 Industrial production in the Eurozone rebounded in October after two months of decline, according to new figures released this morning. Output from Eurozone factories, quarries and mines, jumped 0.6 per cent in October compared with September. On the year, industrial production across the currency bloc was up 1.9 per cent. The figures, published by Eurostat, the statistical office of [...]
Commodities rout, competition issues and zero-hours contracts: Here’s Santa Plc’s annual report December 14, 2015 Last year City PM reported that after the financial crisis Santa Claus was in line for his merriest Christmas in years. But things are looking decidedly less festive in 2015. At the top of his naughty list this year? Governments, we suspect, who have not only created controversy over the zero-hours contracts he (probably) uses to [...]
