• Markets

    MARKET REPORT: US billionaire Charlie Ergen's Echostar Corporation makes a £2.1bn swoop for UK satellite maker Inmarsat

    As the bell rang for the close of the market last night, another British technology company revealed it was being preyed on by a foreign firm.Satellite pioneer Inmarsat has rejected a £2.1billion takeover bid from US billionaire Charlie Ergen’s Echostar Corporation.Directors said the ‘highly preliminary’ bid significantly undervalued the technology leader and its prospects as a stand-alone business. They confirmed the approach following speculation on the FT Alphaville blog.Shares had soared to a three-month high by mid-afternoon before the bid was confirmed. They closed up 13.48 per cent, or 56.3p, at 473.9p. Based on that price, Inmarsat is worth £2.1billion. ...

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  • Markets

    City watchdog accused of 'watering down' the rules for Saudis in bid to bag the £1.5 trillion float of oil firm Aramco

    The City watchdog has been accused of watering down protection for small investors in a bid to bag the £1.5 trillion float of oil firm Aramco.Financial Conduct Authority rules would allow the Saudi government-controlled firm to be included in the premium section of the London Stock Exchange, without meeting the same requirements as other listed firms.The plans drew criticism from the Institute of Directors, which said the watchdog was putting London's reputation for high standards at risk.    

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  • Markets

    He's definitely in the money: Sainsbury's boss caught singing after unveiling Asda takeover was paid £3.4m last year

    Sainsbury's boss Mike Coupe was caught singing 'We're in the money' on televisionThe Sainsbury's boss caught singing 'We're in the money' after unveiling a takeover of Asda was paid £3.4million last year.Mike Coupe – who masterminded the blockbuster £7.3billion tie-up – saw his pay packet rise by 46 per cent in the year to February.He earned a base salary of £943,000, plus benefits of £17,000 such as a car allowance and £283,000 towards his pension. The 57-year-old was also handed bonuses worth £2.2million.Coupe was recorded singing show tune 'We're in the money' inbetween TV interviews to explain the reasons ...

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  • Markets

    The £3.5million cost of failure: Sacked BT boss stripped of lucrative share deal as a global hunt for boss begins

    Gavin Patterson will lose a £3.5million bonus after he was ousted from his job as BT's chief executive.The 50-year-old's departure was announced by chairman Jan du Plessis yesterday following an investor revolt.Although Patterson will keep his full pay and perks until a replacement is found, he will be stripped of a lucrative share award that was supposed to pay out this year. Ousted: Gavin Patterson's departure was announced by chairman Jan du Plessis yesterday following an investor revoltThis award would have given him shares worth around £3.5million if they had vested in full. Payouts for Patterson had already sparked controversy after ...

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  • Markets

    City watchdog opens the door for £1.5 TRILLION London listing of oil giant Saudi Aramco with controversial rule changes

    Controversial new rules that could allow state-owned companies to sidestep key requirements for premium listings on the London Stock Exchange have been finalised by the Financial Conduct Authority (FCA).The FCA's creation of a new category from 1 July will mean sovereign-controlled companies such as Saudi Arabia's national oil company Saudi Aramco don't have to sign up to a 'controlling shareholder agreement', nor will they need shareholder approval for 'related party transactions'.The finalised rules, which follow an FCA consultation launched last year, are expected to make London more appealing for a mooted £1.5trillion Saudi Aramco listing. London listing: Amin al-Nasser, CEO ...

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  • Markets

    FTSE LIVE: BT boss Patterson to exit after slashing 13,000 jobs as company struggles to turn fortunes around; Brewer Fullers sees sales uptick despite tough pub market

    BT chief executive Gavin Patterson will depart later this year as the company seeks new leadership for it turnaround efforts. The telecoms giant said expects to have a successor in place during the second half of the year, with Patterson staying in his role until then. It comes after the company announced the slashing of 13,000 jobs as it tries to get on a better financial footing. The wider stock market is down into the red as we head in the weekend with a raft of political issues including Brexit weighing on investor sentiment.

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  • Markets

    Growth on the menu for luxury office catering website City Pantry as it serves up in Silicon Valley

    A London tech company that serves up posh lunches to staff at Silicon Valley’s biggest firms is set to expand in the UK.City Pantry uses its website to work with restaurants to deliver over 20,000 meals a week to 500 firms.Founder Stuart Sunderland is now looking northwards, to cities such as Manchester, after raising £4million from investors. It has found success as companies organise staff lunches, where workers from different parts of the business rub shoulders – and swap ideas.  Sunderland, 34, said: ‘People spend most of their lives at their workplace but they probably don’t know most of the people ...

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  • Markets

    M&S chief loses his £3m bonus after shutting 100 shops and seeing profits plunge

    Pay cut: Marks & Spencer boss Steve Rowe has had his pay cut by 30%Marks and Spencer boss Steve Rowe has had his pay slashed by 30 per cent, losing all his bonus after a dive in profits.The chief executive's pay has been cut from £1.6million to £1.1million, a sum which could now make him the worst-paid boss in the FTSE 100 this year.Bonuses were axed as M&S tries to turn around its flagging fortunes. But Rowe suffered most – he stands to get £4.2million if he were to hit all his targets.None of the firm's 81,000 staff will ...

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  • Markets

    Publisher Johnston Press sees its shares crash 17% as rising paper costs and GDPR add to woes

    Shares in Johnston Press fell by 17 per cent today after the group said rising paper costs and the impact of new data protection rules on advertising revenues added to an already challenging trading environment.The group, which publishes the Scotsman, Yorkshire Post and i newspaper, said revenues slumped 9 per cent since the beginning of the year and would continue to be under pressure in the second half.For this reason, more 'cost savings' will become necessary. Shares in the group fell 17 per cent to 7.10p.   Falling revenues: Johnston Press expects this to continue in the second half of the ...

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  • Markets

    Electricals retailer AO World sees losses widen as it is squeezed by costs of European expansion and fending-off competitors in the UK

    AO World managed to increase sales but saw losses widen last year as it ramped up investment in Europe and lowered its prices while increasing its marketing spend in the UK to fend off competition.The online electricals retailer, which operates in the UK, Germany and the Netherlands, said full-year revenues increased by 13.6 per cent to £796.8million. But pre-tax loss widened to £16.2million in the year to the end of March from £12million loss in the previous financial year. On an adjusted basis, group losses increased to £3.4million from £2.1million. Rising sales: UK website sales rose by nearly 9 per cent to £606.6millionHowever, ...

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  • Markets

    FTSE LIVE: Shares slip once again as the rollercoaster ride continues; Government sells off 7.7% RBS stake at a £2.1 billion loss

    The FTSE 100 was in the red on Tuesday after posting a good gain yesterday, continuing the 2018 theme of volatility. The sell-off may in part be in anticipation of some weak economic data with various updates on the UK and European economies due out this week. Top of the company news agenda is confirmation that the Government has sold off a big chunk of its RBS shares, locking in a loss to the taxpayer. 

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  • Markets

    A tasty return: Hotel Chocolat repays £6.4m of 'chocolate bonds' issued in 2010 and 2014

    Chocolate shop chain Hotel Chocolat said it was set to repay £6.4million of its ‘chocolate’ mini-bonds it had issued in 2010 and 2014.Mini-bonds are a special type of loan which sees investors being paid interest in the form of products made by the company, instead of hard cash.In this case, Hotel Chocolat ‘issued two bonds which paid a return in the form of luxury boxes of chocolate or Hotel Chocolat Gift Cards’. Chocolate bonds: Hotel Chocolat said the proceeds helped it develop sustainable cocoa projectsMini-bonds, unlike retail bonds, are not listed on the London Stock Exchange's Orb market.This means that investors ...

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  • Markets

    Britain's biggest cardboard box maker DS Smith to snap up rival Europac in £1.7bn deal

    Britain's leading cardboard box maker DS Smith is going for a second major acquisition in less than a year as it announced plans to snap up rival Europac for £1.7billion.The proposed acquisition would help DS Smith expand into Western Europe, since Europac's business is concentrated in Spain, Portugal and France.DS Smith, which counts Amazon, Asos and Next among its customers, is offering €16.80 euros (£14.68) per Europac share, valuing the company at about €1.9billion (£1.7billion).This follow last summer's acquisition of an 80 per cent stake in the US group Interstate, plus last month's completion of a deal to buy a ...

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  • Markets

    FTSE LIVE: Markets on the rise as trade war fears simmer down; CYBG sweetens its offer to buy Virgin Money

    Shares have started the new week on the rise as trade war fears among investors simmered down over the weekend. While in the short term we can expect more volatility and a lot of political rhetoric flying back and forth, investors seem to be taking the view that cool heads will prevail in the medium and long term.In companies news Clydesdale and Yorkshire Bank Group has sweetened its offer to acquire rival Virgin Money. 

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  • Markets

    Owner of Clydesdale and Yorkshire banks set to raise bid for Virgin Money to around £1.7bn

    CYBG’s bid is expected to value Virgin Money at around £1.7bnThe owner of Clydesdale and Yorkshire banks is preparing to put forward an improved all-share offer for Virgin Money to create a £4billion challenger bank.CYBG’s bid is and comes after a weekend of talks to join forces.CYBG has until tonight to make a formal offer. However, it is thought the two firms will seek a week-long extension from the Takeover Panel to buy more time to seal the deal.The City had been expecting CYBG chief David Duffy to raise the cash offer for Virgin, rather than an improved all-share ...

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