• Markets

    Google chief Sundar Picha set for a £274m payday as tech giant's profits soar 73%

    Google’s chief executive is in line for a £274million payday after it revealed another sales bonanza.Sundar Pichai’s stock award has soared in value after the tech giant’s share price rocketed by more than 90 per cent in just four years.In that time the shares have risen from about $520 to $1,080.It means Pichai will receive 353,939 shares worth about $382million (£274million) in total tomorrow. The award will be one of the biggest corporate payouts in recent history. Mystery man: Google boss Sundar Pichai, pictured with wife Anjali, is in line for a £274m payday after it revealed another sales bonanzaIt came ...

    9029
  • Markets

    Clarkson shares fall more than 30% after profit warning amid tough shipping market

    Shares in Clarkson lost nearly a third of their value today after the shipping services giant issued a profit warning.Clarkson, which had recently predicted a recovery in its market, said instead that profits would be 'materially below those of last year' due to 'challenging environment in shipping and offshore capital markets'.FTSE 250 listed Clarkson saw its share price fall 31 per cent, or 982p, to 2,122p in morning trading. Profit warning: Clarkson blamed a 'challenging environment in shipping and offshore capital marketsThe profit warning comes as a contrast to a statement by Clarkson chief executive Andi Case only last month, ...

    9029
  • Markets

    DAILY BRIEFING: Lloyds and RBS set to post rising profits but Barclays to unveil loss

    Cashing in Among a series of first-quarter results this week, Lloyds is forecast to post a 9 per cent rise in profits to £2.3billion.Barclays, meanwhile, is expected to record a £500million loss on Thursday, after a £1.4billion settlement with the US Department of Justice over the sale of toxic mortgage-backed securities in the lead-up to the financial crisis.Royal Bank of Scotland will report its figures on Friday, with UBS analysts pencilling in profit of £1.3billion. Lloyds is forecast to post a 9 per cent rise in profits to £2.3billion this weekBig bet A Canadian gaming company is buying Sky’s online bookmaker arm ...

    9029
  • Markets

    American vulture hedge fund Elliott steps up raids on UK boards

    Feared American vulture hedge fund Elliott has been ramping up its power over UK business after amassing an unrivalled war chest.The firm has been snapping up stakes in the companies behind some of the UK’s best-known brands, demanding changes including break-ups, takeovers and restructuring.Founder Paul Singer raised £3.5billion in 24 hours last May after pledging to take advantage of turmoil caused by market distortion due to government policies.  Power: Paul Singer, founder and chief executive of hedge fund ElliottInvestors poured cash into the 72-year-old’s fund, which has ruthlessly taken on some of the world’s biggest companies and is notorious for ...

    9029
  • Markets

    De La Rue has made itself vulnerable to takeover after passport 'farce', says activist shareholder

    Passport maker De La Rue has made itself vulnerable to takeover by European rivals, an activist shareholder has warned.More than £80million has been wiped off De La Rue’s value since last month when it lost the contract to produce UK passports. Boss Martin Sutherland pledged to appeal the Home Office’s decision, before backing down last week. 'Farce': De La Rue lost the contract to produce UK passports to a French company last monthRichard Bernstein, of hedge fund Crystal Amber which has a stake of about 2 per cent in De La Rue, said its handling of the contract had been ‘farcical’. He ...

    9029
  • Markets

    Persimmon boss 'Mr £131m' to face shareholders revolt over fat cat pay

    The Persimmon boss dubbed ‘Mr £131m’ over the potential size of his bonus faces a shareholder revolt at the firm’s AGM this week in a backlash over fat cat pay.The housebuilder has faced a barrage of criticism over the incentive plan that would have seen about 130 managers, including chief executive Jeff Fairburn, share a windfall of close to £800million. Mr £131m: Persimmon chief executive Jeff FairburnInvestment advisers Glass Lewis is now urging shareholders to humiliate the board by voting against the remuneration report at the AGM on Wednesday.

    9029
  • Markets

    City grandee Sir Mike Rake set to be named chairman of store cards provider New Day

    City grandee Sir Mike Rake, 70, is expected to be named chairman of store cards provider New Day.The firm provides credit for shoppers at major retailers such as Arcadia and Amazon and also owns credit cards Aqua and Marbles.It was bought last year by private equity firms Cinven and CVC Capital Partners. New chair: Sir Mike RakeThe appointment of Sir Mike, the former chairman of BT and EasyJet, is likely to fuel speculation that New Day is to float on the stock market. He replaces Sir Malcolm Williamson, who has been chairman for eight years.

    9029
  • Markets

    Barclays boss Jes Staley faces a fine from the financial watchdogs for trying to track down identity of whistleblower

    Barclays boss Jes Staley faces a fine for trying to identify a whistleblower at the bank in 2016, allegedly breaching conduct rules in the process.Both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) claim Staley's actions violated rules that require him to 'act with due skill, care and diligence'.He used Barclay's internal security to try and track down the author of two anonymous letters sent to the board and a senior executive in June 2016. On the second occasion, the security team received assistance from a US law enforcement agency, but still failed to identify the whistleblower, ...

    9029
  • Markets

    Clydesdale and Yorkshire banking group shares fall by 6% after revealing fresh flood of 59,000 PPI complaints in just six months

    Shares in the owner of Clydesdale and Yorkshire banks, CYBG, fell by 6 per cent this morning after the group revealed it is having to set aside millions of pounds more for 'legacy' payment protection insurance claims. The FTSE 250 listed group said the additional £350million it would have to set aside after experiencing an increase in PPI complaints would hit its half-year results.CYBG said it received 59,000 PPI complaints in the six months to 31 March, attributing the upturn to media coverage, the Financial Conduct Authority's advertising campaign and increased activity by claims management groups. PPI claims: Shares in the owner of ...

    9029
  • Markets

    Hammerson U-turns on £3.4 billion Intu takeover as it's scared off by rising numbers of shop closures and volatile stock market

    Shopping centre giant Hammerson has urged shareholders to vote against a long-planned £3.4 billion takeover of rival Intu amid growing dismay over the health of the UK retail market.Hammerson, which owns centres including Birmingham's Bull Ring, said the deal was 'no longer in the best interest of shareholders' and withdrew its recommendations for a vote in favour of the takeover.It comes just months after Hammerson made an all-share offer for Intu in December, but the company said stock markets had since soured on the retail sector. The growing number of store closures has softened the strength of UK retail sector ...

    9029
  • Markets

    FTSE LIVE: Pound on the climb again as it closes in on new post Brexit vote high; Primark owner ABF blames the 'Beast from the East' for sales drop

    The pound has enjoyed a good start of the week thanks to expectations of an interest rate rise next month and relative weakening of the dollar due to concerns over a the trade dispute with China. It crosses $1.43 yesterday and has its sights set on $1.44 this session. In company news, Primark owner ABF has become the latest retailer to bemoan the 'Beast from the East' cold snap seen earlier this year. 

    9029
  • Markets

    Sales grow at Timpson but profits dip due to the takeover of dry cleaning groups Johnsons and Jeeves

    Profits dipped at Timpson last year due to the takeover of dry cleaning groups Johnsons and Jeeves – but sales continued to grow.The company expanded in all divisions including dry-cleaning, photos, watch and shoe repairs and key cutting.The family-owned business, founded in 1865, grew to 1,906 branches last year and recorded a turnover of £260 million in the year to September 30, 2017, up from £205 million the previous year. Expanding: Timpson is opening more stores and expanding all of its divisionsProfits fell from £20.2 million to £12.6 million, but chairman John Timpson said the extra sales would be converted ...

    9029

Celebrity News