• Markets

    FTSE LIVE: Blue chip index slides as trade war fears stoke up again; Shares in estate agent Countrywide crash after it cuts profit forecast

    The FTSE 100 sunk 0.7 per cent to 7626 in early trading as it came back down to earth following last week's late rally. Fears of a trade war between the US and China, which simmered down on Thursday and Friday, have seemingly reemerged.Meanwhile, the proposed Nielsen-Ebiquity merger has been referred for an in-depth probe and Countrywide's shares crashed 25 per cent. Emily Hardy Host commentator Auto-update 10:22 Mind Gym to float with market value of £145m Behavioural science firm Mind Gym is preparing to list on the London Stock Exchange's junior AIM market later this week with a value of around £145m.  The ...

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  • Markets

    East European oil and gas firm Block Energy to list on the stock exchange

    An oil and gas company that plans to become one of the biggest independent players in eastern Europe by developing a £30 million prospect in Georgia is listing on the stock exchange on Monday.Fund managers Miton Group and Amati Global are among investors who have raised £5 million funding for Block Energy through an oversubscribed share placing.The firm will list on Aim with a £10.3million valuation, after buying two oilfields near Georgia’s capital, Tbilisi. Fund managers Miton Group and Amati Global are among investors who have raised £5 million funding for Block EnergyBlock Energy, chaired by Gulf Keystone non-exec Philip Dimmock, ...

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  • Markets

    DAILY BRIEFING: Half the population braced for interest rates rise over next 12 months, Bank of England study finds

    RATE RISE Half the population are braced for a rise in interest rates from 0.5 per cent over the next 12 months, a Bank of England study has found.CAR BOOST Customers borrowed £1.6billion to buy cars in April – up 31 per cent on a year earlier. A total of 81,734 cars were bought with loaned cash during the month, a rise of 27 per cent, said the Finance & Leasing Association.ROMAN RUINS Markets in Italy have suffered further stress as investors fret about its new Eurosceptic leadership. It suggests investors see Italy as a risk after a coalition hostile to ...

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  • Markets

    Henri Lloyd is next High Street shop to go bust: Sailing fashion retailer has seven stores around the UK

    Henri Lloyd is the latest High Street retailer to go bust.The sailing fashion retailer, which was founded in Manchester in 1963 and counts the Duchess of Cambridge among its fans, has seven stores around the UK.It had earned a reputation for innovation in the designs of its waterproof clothing. Bust: Henri Lloyd, which was founded in Manchester in 1963 and counts the Duchess of Cambridge among its fans, has seven stores around the UKHenri Lloyd’s clothes are sold in House of Fraser, which yesterday announced it planned to shut 31 stores.RSM Restructuring Advisory, the appointed administrators, said Henri Lloyd had ...

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  • 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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quotes

Everyone went outside to smoke cloves and bitch about having to stay after for the State.

Jon Stewart on events following Charles — January 19, 1999