George Osborne aims to curry favour in the Square Mile with Martin Wheatley dismissal July 19, 2015 As the chancellor who introduced the banking levy back in 2011, George Osborne is not as popular in the City as he could be. But last week it looked like he may be trying to work his way back into bankers’ good books. On Friday, Martin Wheatley, chief executive of the Financial Conduct Authority [...]
Ofcom says BT merger with EE could harm other mobile firms July 19, 2015 Telecoms giant BT could be facing double trouble from the industry regulator, after Ofcom revealed concerns surrounding its proposed merger with mobile network EE. The planned £12.5bn takeover is being probed by the Competition and Markets Authority (CMA), which issued an update regarding the scope of its investigation at the end of last week. Ofcom [...]
Highest London house prices dip: Kensington and Chelsea, Camden and Richmond fall as bottom end gets boost from first-time buyers July 19, 2015 Some of the capital’s most expensive residential areas saw house prices drop sharply this month, according to data released today, with high demand supporting the lower end of the market. In Kensington and Chelsea, London’s most expensive borough to buy in, prices dropped 7.2 per cent from June to July, according to Rightmove. [...]
Government to fast track plans for UK fracking July 19, 2015 Fracking could begin in the UK sooner than previously expected, following the government’s decision to award onshore oil and gas exploration licences in two stages, fast tracking the applicants whose proposals do not require extensive environmental assessment. The department for energy and climate change (DECC) will grant a number of licences from the fourteenth round [...]
Gaucho steak restaurant deal on the table amid flurry of sales in industry July 19, 2015 The Gaucho chain of steak restaurants, popular with hungry City workers, is up for sale. Bankers at Canaccord Genuity have been hired to work on the sale, with private equity firm ICG and Dutch entrepreneur Zeev Godik hoping to raise up to £150m. The industry has been ripe for deals in recent times, with brands [...]
BAE Systems on hunt for exports and replacement for Ian King July 19, 2015 Defence company BAE Systems is on the lookout for a new leader, but is yet to launch a formal recruitment process. The group is considering its options to replace current chief executive Ian King. A spokesperson for the company said yesterday: “We have not launched a formal succession process; we are simply scanning [...]
Afren’s future hangs in balance after Luxembourg suspension July 19, 2015 Oil firm Afren is facing an uncertain future as shareholders prepare to vote on the proposed financial restructuring of the company. The group is due to meet next week in order to establish its next move, having suffered a series of setbacks over the past 12 months. Trading on the London Stock Exchange [...]
Anglo American lowers the bar for chief executive Mark Cutifani July 19, 2015 Mining group Anglo American has lowered the bar at which chief executive Mark Cutifani reaches his performance targets, a controversial move as shares in the company this month fell to a 12-year low. Cutifani, who was paid £3.7m last year, makes around half of his yearly take-home pay through a long-term incentive plan (LTIP) based [...]
Oxford Street flagship John Lewis home unit to reopen after £14m makeover July 19, 2015 After eight months of closure and a £14m makeover, John Lewis’ home department at its flagship store is set to reopen to the public. The Oxford Street department store will open the doors to its updated home section in September, having added several new features including a “rug gallery” exclusive to the store. John Lewis [...]
Ladbrokes eyes up a quick move for Gala Coral July 19, 2015 Ladbrokes could strike a deal with online bingo company Gala Coral as early as this week, creating a high-street and internet gambling empire. Ladbrokes, valued at £1.2bn, is expected to issue new shares to buy Gala, which is owned by a collective of private equity investors including Apollo Global Management, Candover Investments and Cerberus [...]