Deutsche Bank’s share price ends day 4pc higher as boss resignations continue to please June 8, 2015 Yesterday's resignation by Deutsche Bank co-chiefs Juergen Fitschen and Anshu Jain is still going down very well with investors. This morning, shares rocketed seven per cent in value, and have continued to do well throughout the day. When markets closed, they were 3.57 per cent higher at €28.60. Read more: As Deutsche Bank share [...]
Diageo share price lifted by billionaire Brazilian bid talk from Jorge Paulo Lemann and 3G Capital June 8, 2015 Shares in Diageo have shot up today following reports the drinks giant is the target of a takeover bid by Brazil's richest man. Jorge Paulo Lemann and his private equity partners at 3G Capital are said to be mulling a buyout, according to local media reports. London-listed shares in the maker of Smirnoff vodka and Johnnie [...]
Burberry chief executive Christopher Bailey’s pay sinks to £8m June 8, 2015 Burberry chief executive Christopher Bailey earned £7.9m last year, including a £1m salary, a £1.7m bonus and £424,000 in allowances and benefits, the company said today. The remuneration package of Bailey – who is notoriously shy of the financial media – was subject to a shareholder revolt at the company's annual general meeting last year, [...]
New Look launches £1.2bn bond issue to repay high interest Pik loans June 8, 2015 New Look is launching a bond issue totalling £1.2bn to restructure its debt and pay off its high-interest loans as it transitions to new owners. The group, which has recently been bought out by South African tycoon Christo Wiese, is issuing £1bn-worth of senior secured notes due in 2022 and £200m senior notes due [...]
Morrisons cuts prices on 200 items as boss David Potts swings the axe in supermarket price wars June 8, 2015 Morrisons is the latest supermarket to swing the axe in the ongoing price wars, with price cuts on hundreds of products. David Potts, the former Tesco executive who replaced Dalton Phillips at the top, has made his first move in the battle of the supermarkets as it tries to compete with discounters and its big [...]
High street chemist Boots to cut 700 head office jobs to make it “fit for the future” June 8, 2015 High street chemist Boots will cut as many as 700 non-store roles as part of a major restructure to turn the business around. Around half of the job cuts will take place at the retailer's Nottingham head office, while the rest will be among its field teams across the UK, industry bible Retail Week [...]
EU referendum: Is the UK the most Eurosceptic country in Europe and where can David Cameron find support for reform? June 8, 2015 The UK’s position in Europe is looking ever more tenuous, as the UK gears up for an EU referendum before the end of 2017. Greece is currently flirting with an exit and sentiment across the continent has been affected by the crisis, while the UK is famously divided on the issue. So is the UK [...]
Turkish stocks fall as lira tumbles following election result June 8, 2015 Turkish stocks fell more than eight per cent as the market opened, after voters gave a decidedly cool reception to the AK Party, which lost its parliamentary majority in the country after 13 years. The Turkish Borsa 100 later regained some of its losses, although it was more than six per cent down in early [...]
Low yacht inflation is helping billionaires boost their net worths during a “golden era” akin to Victorian times June 8, 2015 Negligible inflation may be helping the average shopper splurge more cash down the supermarket, but when it comes to billionaires it is helping pave the way for relatively cheaper yachts, luxury homes and staff. The average European billionaire has seen their wealth increase by 11.9 per cent in the last year, taking their net [...]
Deutsche Bank bosses Anshu Jain and Jurgen Fitschen bow to pressure and quit June 7, 2015 Deutsche’s co-chief executives quit the global banking giant yesterday, bowing to mounting legal wranglings and shareholder pressure. Indian-born Anshu Jain, 52, will step down at the end of this month and co-chief executive Jurgen Fitschen, 66, will leave next May. British banker John Cryan, former UBS finance chief and current Deutsche board member, will become [...]