• Markets

    Top investor demands shareholder vote on whether to sack LSE chairman Donald Brydon

    Sir Chris Hohn claims LSE boss Xavier Rolet was forced to quit and gaggedOne of the City’s top investors has demanded a shareholder vote to sack London Stock Exchange chairman Donald Brydon.Sir Chris Hohn blames Brydon for the departure of the LSE’s chief executive Xavier Rolet, who many investors credit with a major turnaround.Rolet, 57, is to leave the exchange next year after a successor is found – but Hohn claims he has been forced to quit and gagged from speaking out. Hohn’s business, The Children’s Investment Fund (TCI), owns a 5 per cent stake in the LSE and ...

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  • Markets

    DIRECTOR'S DEALS: GVC Holdings boss Kenny Alexander cashes in on £13.2m in shares

    It was the second payday for bosses at sports betting agency GVC Holdings this week, as the firm’s chief executive and chairman cashed in on £13.2million in shares.Chief executive Kenny Alexander, 48, sold just over 977,500 shares in the firm at 903p each to collect a tidy £8.8million. The Scot, who owns race horses and collects racing memorabilia, is also a poker player.Non-executive chairman Lee Feldman, 49, got £4.4million after selling 488,782 shares.Earlier this week, non-executive director Norbert Teufelberger sold 400,000 shares for £3.8million.   

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  • Markets

    DAILY BRIEFING: Cough up for a trade deal with Brussels, pleads top city official

    The City's top official says a deal with Brussels must be madeBREXIT PLEA Catherine McGuinness, policy chairman of the City of London Corporation has called for Britain to cough up billions of pounds to Brussels for a Brexit trade deal, saying no deal would put finance firms’ £71.4billion annual tax contribution at risk.TRUSTLY GROWS Payments firm Trustly has handled more than £8.9billion since it was set up in 2008, bosses said, with 41 per cent of that in the first ten months of this year.ROBO CASH The sum of customers’ cash overseen by online wealth manager Scalable Capital has risen ...

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  • Markets

    Wetherspoon's enjoys forecast-beating sales boost as it contends with rising labour costs and eyes 15 new pub launches

    Wetherspoon's chairman Tim Martin: Chain planning to open up to 15 new pubsJD Wetherspoon has posted a 6.1% increase in first-quarter sales as it contends with rising costs.The pub chain revealed like-for-like sales growth during the 13 weeks to October 29, tallied with total sales growing by 4.3%.Wetherspoon's figures beat expectations of 4.7% in FactSet, which provides financial information for investment professionals.Despite the increasing cost of labour, business rates, utilities and sugar taxes affecting the company it anticipates full-year trading to meet expectations and is planning to open between 10 and 15 new pubs.Wetherspoon chairman Tim Martin discussing the ...

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  • Markets

    Tesco adviser sounds the alarm over impact of Brexit on bids and deals

    One of the City’s most respected takeover advisers has issued a stark warning that Brexit could have an adverse effect on bids and deals.US investment bank Greenhill, which is advising Tesco on its £3.7billion Booker group takeover, said conditions arising from Brexit could reduce ‘the volume or size of mergers, acquisitions, divestitures and other strategic corporate transactions’.The alert came in annual accounts for the bank’s European and UK arms, signed off at the end of April but filed at Companies House last month. Brexit warning: US investment bank Greenhill Greenhill also warned that uncertainty around the outcome of negotiations with the EU ...

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  • Markets

    Fashion website Missguided valued at £700m amid stock market float speculation

    Trendy: Sales hit £200millionFashion website Missguided, which launched just eight years ago, has been valued at £700million amid speculation the owner may be planning a stock market float. Manchester-based entrepreneur Nitin Passi owns the website which has been collaborating with celebrities including singer Nicole Scherzinger.The company reacts to new styles more rapidly than rivals by flying in products from abroad or using UK factories.Stockbroker Shore Capital said sales may have hit £200million in the year to March, but figures have not yet been disclosed.That would represent a 75 per cent increase compared with the previous year. Profit is expected to be ...

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  • Markets

    How M&S needs a '5,000-volt shock': New chairman Archie Norman tipped to try a VERY tough remedy as store profits slump by 9%

    Investors hoping for Marks & Spencer’s long-anticipated revival in profits will have to wait a little longer as the nation’s biggest clothing retailer is this week expected to reveal another slide.The decline will pile pressure on chief executive Steve Rowe to find a solution to the company’s struggling fashion business, which is up against relentless competition from cheaper rivals and online shops.Rowe, who took over from Marc Bolland last year, is closing down underperforming shops at home and abroad.He has also recruited directors for key roles. Big name hirings include new clothing boss Jill McDonald, who came from cycling chain ...

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  • Markets

    Barclays battles to delay £1.2bn legal showdown with City financier Amanda Staveley

    Barclays is due in court this week as it battles to delay a £1.2billion legal showdown with City financier Amanda Staveley over the Middle Eastern fundraising that helped keep it afloat during the financial crisis.Staveley, who is separately planning a £300million bid to buy Newcastle United Football Club from Mike Ashley, is suing the bank over fees that she says are owed to her firm PCP Capital Partners. She helped raise £3.5billion from Abu Dhabi investors in 2008, but says Barclays paid higher fees for cash from Qatar.  Writ: Amanda StaveleyThe bank wants to delay the case, set for January, until a ...

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  • Markets

    DAILY BRIEFING: Fraudsters jailed for stealing £7.5m from 193 vulnerable and elderly people

    PAIR JAILED Two fraudsters have been jailed for stealing £7.5million from 193 vulnerable and elderly people by selling them worthless land.Drew Hales, 32, and James Byrne, 59, worked for a business called Paramount Land which persuaded victims to hand over their life savings.They were locked up respectively for four years and three months, and 18 months.OIL FLOAT Russian billionaire Oleg Deripaska’s EN+ has set its IPO at $14 per share – the lower end of its guidance.The power-to-aluminium company wants to raise around £750million at a valuation of around £6billion, to help pay down debt.It will be the first ...

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  • Markets

    The dark side of Disney: Cinemas cry foul as studio demands two thirds of ticket sales for new Star Wars film

    Cinema's showing the latest Stars Wars film will be forced to give 65 per cent of their ticket sales back to Disney.Cinema chains have been left reeling over the studio's stringent release requirements, which forces them to hand over a larger-than-usual chunk of their sales. Taking the Mickey: Disney has reportedly demanded cinemas hand over 65 per cent of their ticket sales for the new Star Wars filmAccording to The Wall Street Journal, cinemas can only show The Last Jedi, released at Christmas, if they agree that franchise owner Disney gets almost two-thirds of the ticket sales – the largest ...

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  • Markets

    Lloyds used record low rates to bump up profit margins by fiddling with borrowing and savings deals

    Britain's biggest bank hiked its profit margins by fiddling with borrowing and savings deals while interest rates languished at record lows.A Mail investigation has discovered how Lloyds Banking Group has managed to push up its profit margins on loans and deposits to the same level as before the financial crisis.This is despite big finance houses complaining that the record low Bank of England base rate of 0.25 per cent set in August last year after the Brexit vote had squeezed their returns. Lloyds has managed to push up its profit margins on loans and deposits to the same level as ...

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  • Markets

    MARKET REPORT: FTSE at record high of 7560.35 amid strong services sector figures after Carney hurts the pound

    The FTSE 100 ended the day at a record high of 7560.35 points amid strong services sector figures and a fall in the pound after Thursday’s Bank of England announcement.One day after the Old Lady raised interest rates, the market pushed past its previous record high of 7556 points on October 12, continuing an upward trend since mid-September.The best economic news came from the services sector.October’s purchasing managers’ index reading came in at 55.6, up from 53.6, when it had been forecast by economists to edge downward by a fraction. Record high: One day after the Old Lady raised interest ...

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