Standard Chartered's new boss halves dividend to shareholders
Bill Winters quashes rumours about HQ move as he reports 44% fall in first-half profits after bad debts in India and fraudulent loan in private bank dent results The new boss of Standard Chartered has halved the dividend and attempted to quash speculation that the emerging markets-focused bank is to move its headquarters out of […]
UK services growth slips in July as employment hits 16-month low
Latest PMI figures suggest economic recovery is slowing, with possible knock-on effects on Bank of England interest rate rises British services companies grew less than expected last month as hiring eased to its slowest pace since March 2014, suggesting the economic recovery weakened at the start of the second half of this year. Wednesday’s Markit/Cips […]
Telecoms group Spirent slumps 16% after profit warning
Company blames cost of investment for disappointing market One of the day’s biggest losers so far is telecoms testing group Spirent Communications, which has lost nearly 16% following a profit warning. The company said it expected revenues for the full year to be in line with forecasts but added that profits would be “materially below […]
Virgin Australia cancels all flights in and out of Bali as volcano spews ash
Airline says Mount Raung’s eruption and unfavourable winds make for unsuitable conditions after Jetstar cancels four flights and delays two others Virgin Australia has cancelled all flights in and out of Bali as volcanic ash spewing from the Mount Raung volcano again plays havoc with flights. The airline said the eruption and unfavourable winds made […]
Councils allowed to relax Sunday trade laws to promote 'thriving high streets'
Mayors and councils to decide which areas are free from current law, which stops shops more than 3,000 sq ft opening more than six hours on a Sunday Mayors and local councils are to be given new powers to relax Sunday trading laws for high street stores to allow them to compete with large out-of-town […]
New Rolls-Royce investors claim 'good directors should challenge forceful CEO'
Quote features on ValueAct Capital’s website, who own more than 5% of engine firm, in a message sure to attract attention of new chief executive Warren East If Warren East, the new chief executive of Rolls-Royce, wants to sleep well at night, he should probably avoid reading one of the two rotating quotations on the […]
SFO chief says more Libor charges on the way after Tom Hayes conviction
David Green says the 14-year sentence handed to former trader is ‘part punishment, part deterrent’ More criminal charges are to be brought against individuals suspected of rigging Libor following the conviction of Tom Hayes, according to the head of the Serious Fraud Office. David Green, the director of the fraud-busting agency, told the Wall Street […]
Why has Shire joined the biotech bonanza with Baxalta bid?
The sector is awash with mergers and acquisitions but it’s hard to understand what the appeal of Shire/Baxalta is meant to be The old wisdom said hostile deals don’t work in the world of cutting-edge pharmaceutical research because successful science requires willing partners. In the current bid-a-week biotech bonanza, such niceties can be thrown out […]
US hedge fund builds up stake in Smiths
ValueAct’s stake could lead to a break-up of the business, whose products include medical equipment, electronic components and security scanners ValueAct, a US hedge fund that agitates for change at companies, has emerged as a shareholder in British engineer Smiths Group, days after revealing it was the biggest investor in Rolls-Royce. The San Francisco-based activist […]
Greek bank shares slump again but creditor talks make progress – as it happened
Greek banking shares fall nearly 30% for second day in a row Greece expects bailout deal by 18 August… …EC says timetable is ambitious but realistic Chinese shares bounce back on new short-selling rules; commodities and oil prices steady Pound slips after UK construction growth slows unexpectedly RBS sell-off: George Osborne defends £1bn loss Shire […]