Sports Direct mulls legal challenge over Debenhams rescue plan May 19, 2019 Mike Ashley’s Sports Direct is looking to launch legal action against Debenhams over a controversial rescue deal secured earlier this month. The sportswear group is set to challenge two company voluntary arrangements (CVA) that could lead to the closure of 50 the chain’s 166 stores, with rent cuts expected on dozens more. Read more: Local [...]
Schroders stands firm against Non-Standard Finance’s hostile takeover of Provident May 19, 2019 A major Provident shareholder has stood firm against a £1.3bn hostile takeover bid delivering a blow to rival subprime lender Non-Standard Finance’s hopes of gaining more support. NSF decided to plough ahead with its takeover last week with support from investors holding 53.53 per cent of Provident shares. The doorstep lender dropped its own target [...]
S4 Capital boss Sir Martin Sorrell faces investor revolt over bumper pay packet May 19, 2019 Advertising veteran Sir Martin Sorrell could be faced with a shareholder revolt amid a backlash at his proposed pay packet at new firm S4 Capital. Shareholder advisory groups Glass Lewis and ISS have both issued notes urging investors to vote down the company’s long-term bonus scheme. Read more: S4 Capital continues to grow profits as [...]
M&S braced for fresh decline in profits as store closures continue May 19, 2019 Marks & Spencer is set to report a sharp decline in profits for the full year as it looks to beef up its online offering amid a raft of store closures. The high street stalwart is expected to post pre-tax profits of roughly £520m in its full-year results of Wednesday, a fall of 10 per cent on [...]
Jeremy Corbyn hints at softened stance on freedom of movement May 19, 2019 Jeremy Corbyn has hinted that Labour could be prepared to accept freedom of movement if it were leading the Brexit negotiations with Europe. Freedom of movement is one of the four governing principles of the EU, along with the free movement of goods, services and capital. The party had previously ruled out freedom of movement, [...]
Theresa May promises MPs a ‘new and improved’ Brexit deal ahead of vote in June May 19, 2019 Theresa May has promised to put a "new and improved" deal before MPs when they are asked to vote on the Withdrawal Bill in the first week of June. The Prime Minister, who will soon agree her departure date from Downing Street, promised that the Withdrawal Agreement Bill (WAB), which will enshrine the Withdrawal Agreement into law, [...]
Withdrawal Agreement Bill should include a public vote, says shadow Brexit secretary May 18, 2019 The shadow Brexit secretary has called on the government to add a public vote to the Brexit legislation that MPs are set to vote on in June. Sir Keir Starmer believes that the inclusion of a second referendum in a withdrawal agreement bill would "break the impasse" between the Conservatives and Labour, after discussions ended [...]
‘People are starting to worry’ about a Labour government under Jeremy Corbyn, says RBS chairman May 18, 2019 The prospect of Jeremy Corbyn leading a Labour government is a concern to UK banks, according to Royal Bank of Scotland (RBS) chairman, Howard Davies. "People are starting to worry," Davies said in an interview with Bloomberg, about what could happen under a Corbyn regime should a general election be called. Read more: Metro Bank shareholder LGIM [...]
Boris Johnson clear favourite to replace Theresa May as Tory leader May 18, 2019 Boris Johnson is by far and away the Tory members' preferred choice to replace Theresa May as the leader of the Conservative Party, according to a YouGov poll carried out for The Times this week. The former foreign secretary is the first choice to lead the party for 39 per cent of its members, with his [...]
UK bolstered foreign currency reserves to highest levels since 1998 ahead of Brexit date May 17, 2019 THE UK ramped up its foreign currency reserves to its highest levels since 1998 in the run up to the Brexit deadline in March. The country’s foreign currency reserves rose 19 per cent to $137.31bn (£107.84bn) in the final quarter of 2018, data from the International Monetary Fund has revealed. Read more: Sterling takes a [...]