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....He was told by HSBC that he had provided incomplete information and the bank “apparently left a voice message but because I didn’t respond, they suspended our account 24 hours later”. He believes that the issue was a shareholder deposit the firm had received as part of a funding round that was judged to be unconnected with his business. ... [Read full article on Guardian ]
Sunday 3rd of September 2017 06:47:51 PM
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....In response, the company – the largest oil producer in the United States, with revenue of $218bn last year – denied having led a four-decade disinformation campaign. Exxon spokesman Scott Silvestri called the latest study “inaccurate and preposterous” and said the researchers’ goal was to attack the company’s reputation at the expense of its shareholders. ... [Read full article on Guardian ]
Thursday 24th of August 2017 02:04:29 AM
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....Cordant, which sends 125,000 temporary staff every year to work for 5,000 clients such as Amazon and Tesco, will announce the radical overhaul this week. Its largest shareholder, Phillip Ullmann, whose father founded the Cordant Group in 1957, said he hoped to convince clients to follow suit by improving workers’ conditions, predicting a Brexit-related shortage of workers that would give low-paid staff more bargaining power. ... [Read full article on Guardian ]
Monday 11th of September 2017 05:00:04 AM
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....Andrew Bailey, the chief executive of the FCA, is being asked by the chairs of two powerful Commons committees whether there were any discussions between the City watchdog and ministers ahead of the consultation on the planned changes. The FCA did not mention Aramco when it began consulting on its proposal to create a new category for firms controlled by a shareholder that is a sovereign country. ... [Read full article on Guardian ]
Thursday 7th of September 2017 11:01:22 PM
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....How did it happen? One direct answer is that Standard Life, one of the leading rebels of a year ago, has sold its shares while Schroders returned to the register and voted its 5% stake in favour of Hellawell. Schroders’s reasoning seems woefully weak – it may have eased the chairman into the post, but that was eight years ago – but it’s fact of life that shareholders can disagree. ... [Read full article on Guardian ]
Sunday 10th of September 2017 06:00:29 AM
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....Shares in the group closed up nearly 9%, taking its stock market value to £3. 3bn, more than £1bn ahead of its rival and former shareholder Sports Direct, which suffered a 60% fall in profits in the year to the end of April. ... [Read full article on Guardian ]
Tuesday 12th of September 2017 12:10:58 PM
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....”. Nisa’s chairman, Peter Hartley, wrote to the shareholder-shopkeepers, more than 70% of whom will have to approve any deal: “Should an offer of merit emerge from this process, it will be for you, the members, to decide on whether to accept it. ... [Read full article on Guardian ]
Wednesday 30th of August 2017 10:31:02 AM
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.... ​It also used other tactics, such as misleading or undermining journalists questioning the campaign. Major shareholder Chime, owned by majority shareholder Providence and Sir Martin Sorrell’s WPP, is understood to have offloaded its 25% stake in the firm as the scandal reached boiling point over the summer. ... [Read full article on Guardian ]
Monday 4th of September 2017 05:59:00 PM
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.... And, since the big six remain heavily invested in existing energy infrastructure, their hold over the sector has slowed the shift towards renewables and smart tech, he adds. “The quicker we can reduce their dominance over the energy sector as a whole, the quicker we can move towards a cleaner, more decentralised energy system that doesn’t involve huge amounts of money being sucked upwards and gobbled up by relatively few shareholders,” says Wakefield. ... [Read full article on Guardian ]
Friday 1st of September 2017 06:04:36 AM
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.... In return, Lee allegedly sought government approval for the $8bn merger of two Samsung affiliates in 2015 – a move that would cement his control of the Samsung group. The merger was opposed by many shareholders, but went through after it was approved by the national pension fund, a major Samsung shareholder. ... [Read full article on Guardian ]
Friday 25th of August 2017 06:41:40 AM
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.... The businessman’s holding company records the payment to Rochade as an “interim dividend” in internal financial documents. It is not clear why Rochade, which is not a shareholder in the holding company, would be entitled to any dividend. ... [Read full article on Guardian ]
Monday 18th of September 2017 04:42:22 AM
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.... Median salaries rose by about 2% but the number of salary increases of 3% or more halved. The coalition government introduced rules in 2013 that forced large public companies to put a three-year pay policy to a binding shareholder vote, report bosses’ pay more clearly and show the relationship between the pay of the chief executive and the average worker. ... [Read full article on Guardian ]
Monday 21st of August 2017 06:01:04 AM
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.... Yet you are going up against corporate development teams, who might be acquiring four to five companies per year. ” He adds that bankers typically take a share of the transaction value from the sellers, in this case Moonfruit’s shareholders. ... [Read full article on Guardian ]
Wednesday 30th of August 2017 06:00:22 AM
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.... She has already backed away from more radical proposals, including legislating for workers’ representatives on boards – and campaigners against corporate excess are likely to warn that the plans lack teeth. May originally raised the prospect of a crackdown on executive pay in her Tory leadership bid in July 2016 in a speech that included proposals to allow employee and consumer representatives to sit on company boards, and make shareholder votes on executive pay legally binding. ... [Read full article on Guardian ]
Thursday 24th of August 2017 08:24:14 PM
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....It is understood that the international communications group Lewis, founded by Chris Lewis, has expressed interest in buying Bell Pottinger. However, no deal has been agreed between founder Tim Bell and the largest shareholder, James Henderson, who have both left the business. ... [Read full article on Guardian ]
Wednesday 6th of September 2017 11:25:01 AM
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....The scramble to find a buyer or other forms of finance is in part because of a £5m debt load partly built over payouts to Lord Bell, the co-founder who left last summer, and other top staff whose stakes in the company have been bought out. James Henderson, the largest shareholder, resigned as chief executive over the weekend, just before the scale of the punishment from the PRCA became clear. ... [Read full article on Guardian ]
Thursday 7th of September 2017 06:47:15 PM
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....Boardrooms have proved to be fertile ground for Desmond tirades. Another outburst included the “bust up of the billionaires” with Lord Alan Sugar at a meeting of TV service YouView’s shareholders, which involved an expletive-laded outburst end with the exclamation “You’re fired!”, stealing Sugar’s catchphrase from BBC show The Apprentice. ... [Read full article on Guardian ]
Friday 8th of September 2017 07:32:26 AM
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.... Theoretically, the stock market should recognize this by sending the stock price higher. Clearly, the beneficiaries were shareholders, rather than employees or potential employees. ... [Read full article on Guardian ]
Wednesday 30th of August 2017 07:00:23 AM
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.... When Theresa May was pitching to be Conservative leader and prime minister, she vowed to crack down on corporate excess in a speech so barnstorming that her sole competitor, Andrea Leadsom, pulled out of the race an hour later, albeit for multiple reasons. Since then the proposals seem to have been watered down and look highly unlikely to include, for instance, greater powers for shareholders to block pay deals. ... [Read full article on Guardian ]
Sunday 27th of August 2017 06:00:02 AM
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.... Last time he denounced bitcoin (he has previous) was late 2015 – Bitcoin’s value is now about 1,000% higher. Who’s the stupid one? Would Dimon really sack traders who netted him a 1,000% increase in less than two years? I’m not sure JP Morgan’s shareholders would approve. ... [Read full article on Guardian ]
Friday 15th of September 2017 11:25:21 AM
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....A second requirement is a parallel cull of the non-executive directors. Philip Green, former boss of United Utilities, has been chairman since 2014 and his dispatch to shareholders in last year’s annual report now reads as a risible piece of corporate hubris. ... [Read full article on Guardian ]
Monday 11th of September 2017 06:12:14 PM
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.... This will have “access” to board members, according to Whitehall leaks. The government is also expected to abandon a proposal to “legislate to make executive pay packages subject to strict annual votes by shareholders”. ... [Read full article on Guardian ]
Sunday 27th of August 2017 05:59:02 AM
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.... But in a speech to the business lobby group the CBI later in the year, May signalled she would backtrack on the idea that this should be mandatory, saying it was “a question of finding the model that works”. Listed companies which have faced regular shareholder opposition over top-level pay will also be included on a new public register. ... [Read full article on Guardian ]
Monday 28th of August 2017 11:01:46 PM
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.... It also came after heavy criticism of corporate governance at Sports Direct which led to investor pressure to oust its chairman, Keith Hellawell. Hellawell remains under pressure from shareholders, with Hermes Investment Management on Tuesday saying he and senior independent non-executive Simon Bentley should go after failing to engage on a one-to-one basis with investors. ... [Read full article on Guardian ]
Tuesday 5th of September 2017 10:21:04 AM
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....Even the tobacco giant Imperial Brands, owner of Gauloises, John Player and Winston – the kind of client on which Bell Pottinger built its business – is reviewing its account after using the agency for more than two decades. Last week, the Guardian revealed that the agency’s second-biggest shareholder, Chime, which is owned by the US firm Providence and Sir Martin Sorrell’s WPP, had handed back its 27% stake for free to escape the scandal. ... [Read full article on Guardian ]
Tuesday 12th of September 2017 05:35:58 PM
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.... It is in the reputation-enhancing game and, if can’t even protect its own name, its services don’t look so valuable. It is also astonishing that the senior management, including Henderson, the biggest shareholder, appear to have been asleep to the risks in a contract that, at more than £1m a year, will have been one of the biggest on the books. ... [Read full article on Guardian ]
Monday 4th of September 2017 03:34:39 PM
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.... That commercial puzzle may be trickier now. One popular theory in TV land holds that the Murdochs want the football at almost any price but Sky executives, mindful of other shareholders’ worries, are less gung-ho. ... [Read full article on Guardian ]
Tuesday 12th of September 2017 08:00:31 PM
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....Pointing to rising debt levels, the report called for an urgent public debate on the role of banks and the financial sector in the British economy. It also flagged extra support for trade unions to act as a bulwark against shareholder interests in the workplace. ... [Read full article on Guardian ]
Tuesday 5th of September 2017 06:26:34 PM
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. Bell Pottinger’s second-largest shareholder has walked away from the business by writing off its investment and handing back the stake to the struggling PR firm. ... [Read full article on Guardian ]
Tuesday 5th of September 2017 11:46:30 AM
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....The culture secretary, Karen Bradley, said on Tuesday that she would refer the deal to the competition regulator for a six-month investigation on media plurality and broadcasting standards grounds. This means Sky shareholders can look forward to a £172m special dividend, which the satellite company said it would pay out if the deal did not complete this year. ... [Read full article on Guardian ]
Wednesday 13th of September 2017 03:44:16 PM
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Latest Finance News related to Shareholder

Made.com founder: 'We want to be the new Ikea' image
Source : Guardian [Read Article] Monday 18th of September 2017 06:00:02 AM
.... Today we have more than 400 employees [Made has expanded from the UK to France, the Netherlands, Germany and Belgium and announced it is nearing £100m in sales] and it’s something that I feel confident to pass on to a professional manager to manage on my behalf. I’ve stepped down but I’m still a major shareholder at Made. ...
Airbus launches internal corruption investigation after Guardian exposé image
Source : Guardian [Read Article] Monday 18th of September 2017 04:42:22 AM
.... The businessman’s holding company records the payment to Rochade as an “interim dividend” in internal financial documents. It is not clear why Rochade, which is not a shareholder in the holding company, would be entitled to any dividend. ...
Former BHS owner could face fine if the charges stick image
Source : Guardian [Read Article] Sunday 17th of September 2017 09:31:18 AM
.... The sale of the two stakes brought to an end a power struggle in which the two investors put the chain’s boss, Stephen Marks, under pressure to relinquish his hold on the business he founded. At this year’s annual shareholder meeting, about 53% of independent shareholders who voted via proxy were against the reappointment of both Marks and the non-executive director Dean Murray. ...
KPMG chiefs in South Africa quit amid Bell Pottinger scandal image
Source : Guardian [Read Article] Friday 15th of September 2017 12:21:12 PM
....Separately, it has emerged that Heather Kerzner, the fiancee of London-based Bell Pottinger’s ex-chief executive James Henderson, has hired lawyers to investigate how to get back some of her significant investment in the PR firm. Kerzner owns a possible 15% stake in Bell Pottinger, making her one of its biggest shareholders after Henderson, who owned about 20% at the time of its collapse on Tuesday. ...
Don’t let the bankers fool you: bitcoin is here to stay | Dominic Frisby image
Source : Guardian [Read Article] Friday 15th of September 2017 11:25:21 AM
.... Last time he denounced bitcoin (he has previous) was late 2015 – Bitcoin’s value is now about 1,000% higher. Who’s the stupid one? Would Dimon really sack traders who netted him a 1,000% increase in less than two years? I’m not sure JP Morgan’s shareholders would approve. ...
Northern Rock investors' compensation claim just doesn't stand up | Nils Pratley image
. One sympathises, of course, with the former shareholders in Northern Rock who are still campaigning for compensation a decade after the bank’s nationalisation. ...
Sports Direct challenged by MPs over claims it underpays couriers image
Source : Guardian [Read Article] Thursday 14th of September 2017 01:32:43 PM
....“It’s deeply concerning to hear reports that the paying of couriers at an artificially low rate could be a persistent practice in arrangements between these two companies,” Reeves said. “If we can’t rely on company boards and shareholders to stop these sorts of unethical practices, then tougher enforcement measures will need to be considered by the government and parliament. ...
Ryanair is preparing takeover bid for Alitalia, says Michael O'Leary image
Source : Guardian [Read Article] Thursday 14th of September 2017 11:18:38 AM
....It followed a vote by employees to reject a rescue plan, which would have seen wages slashed in return for a further €2bn (£1. 7bn) injection from shareholders, including Etihad, the Gulf airline, which owns 49%. ...
Former Northern Rock investors ask Theresa May for compensation image
Source : Guardian [Read Article] Thursday 14th of September 2017 10:33:38 AM
. Former shareholders in Northern Rock are asking Theresa May to listen to their moral case for compensation after their investment in the Newcastle-based lender was wiped out when it was nationalised 10 years ago. ...
Sky chief executive's pay quadruples to £16m image
Source : Guardian [Read Article] Wednesday 13th of September 2017 03:44:16 PM
....The culture secretary, Karen Bradley, said on Tuesday that she would refer the deal to the competition regulator for a six-month investigation on media plurality and broadcasting standards grounds. This means Sky shareholders can look forward to a £172m special dividend, which the satellite company said it would pay out if the deal did not complete this year. ...
Murdochs' Sky bid isn't the slam dunk it looked a month ago | Nils Pratley image
Source : Guardian [Read Article] Tuesday 12th of September 2017 08:00:31 PM
.... That commercial puzzle may be trickier now. One popular theory in TV land holds that the Murdochs want the football at almost any price but Sky executives, mindful of other shareholders’ worries, are less gung-ho. ...
Bell Pottinger goes into administration amid South Africa scandal image
Source : Guardian [Read Article] Tuesday 12th of September 2017 05:35:58 PM
....Even the tobacco giant Imperial Brands, owner of Gauloises, John Player and Winston – the kind of client on which Bell Pottinger built its business – is reviewing its account after using the agency for more than two decades. Last week, the Guardian revealed that the agency’s second-biggest shareholder, Chime, which is owned by the US firm Providence and Sir Martin Sorrell’s WPP, had handed back its 27% stake for free to escape the scandal. ...
JD Sports Fashion rides athleisure boom as sales rise by more than 40% image
Source : Guardian [Read Article] Tuesday 12th of September 2017 12:10:58 PM
....Shares in the group closed up nearly 9%, taking its stock market value to £3. 3bn, more than £1bn ahead of its rival and former shareholder Sports Direct, which suffered a 60% fall in profits in the year to the end of April. ...
Hinkley nuclear power is being priced out by renewables | Nils Pratley image
Source : Guardian [Read Article] Monday 11th of September 2017 06:12:14 PM
....A second requirement is a parallel cull of the non-executive directors. Philip Green, former boss of United Utilities, has been chairman since 2014 and his dispatch to shareholders in last year’s annual report now reads as a risible piece of corporate hubris. ...
Recruitment agency Cordant morphs into social enterprise image
Source : Guardian [Read Article] Monday 11th of September 2017 05:00:04 AM
....Cordant, which sends 125,000 temporary staff every year to work for 5,000 clients such as Amazon and Tesco, will announce the radical overhaul this week. Its largest shareholder, Phillip Ullmann, whose father founded the Cordant Group in 1957, said he hoped to convince clients to follow suit by improving workers’ conditions, predicting a Brexit-related shortage of workers that would give low-paid staff more bargaining power. ...
Bell Pottinger Middle East bids to split from parent firm as administration nears image
....The Public Relations and Communications Association said that Bell Pottinger had “brought the PR and communications industry into disrepute”. Last week, the Guardian revealed that the agency’s second-biggest shareholder Chime, which is owned by US firm Providence and Sir Martin Sorrell’s WPP, had handed back its 27% stake for free to escape the scandal. ...
Global shockwaves from electric cars will be here sooner rather than later image
Source : Guardian [Read Article] Sunday 10th of September 2017 06:00:29 AM
....How did it happen? One direct answer is that Standard Life, one of the leading rebels of a year ago, has sold its shares while Schroders returned to the register and voted its 5% stake in favour of Hellawell. Schroders’s reasoning seems woefully weak – it may have eased the chairman into the post, but that was eight years ago – but it’s fact of life that shareholders can disagree. ...
Tory EU migration crackdown plans: the key questions answered image
Source : Guardian [Read Article] Saturday 9th of September 2017 03:00:11 PM
.... Then firms could implement investment plans that had been put on hold and reap the benefits. But the key is not repeat the mistakes of pre-credit crunch Britain, when the UK’s productivity gains were largely snaffled by businesses and their shareholders. ...
Does Peter Hargreaves have a whale of an opportunity for UK investors? image
Source : Guardian [Read Article] Saturday 9th of September 2017 05:59:00 AM
....” His Embraer jet is based at Bristol airport and he says it can fly him non-stop to Dubai if the weather is looking a little iffy in the West Country at the weekend. Hargreaves is at pains to point out that Blue Whale is not designed to be a rival to Hargreaves Lansdown, where he remains the biggest shareholder but is no longer an executive in the company or on the board. ...
Sports Direct pays out £43m bonus among 2,000 staff image
Source : Guardian [Read Article] Friday 8th of September 2017 06:21:35 PM
....Sports Direct has handed £43m in share bonuses to a group of nearly 2,000 permanent staff who took part in an incentive scheme launched in 2011. Mike Ashley, the majority shareholder and chief executive of the retail group, praised the “magnificent achievements and fantastic loyalty” of workers who were helping the company move towards becoming the “Selfridges of sport”. ...
Richard Desmond poised to sell Express and Star to Trinity Mirror image
Source : Guardian [Read Article] Friday 8th of September 2017 07:32:26 AM
....Boardrooms have proved to be fertile ground for Desmond tirades. Another outburst included the “bust up of the billionaires” with Lord Alan Sugar at a meeting of TV service YouView’s shareholders, which involved an expletive-laded outburst end with the exclamation “You’re fired!”, stealing Sugar’s catchphrase from BBC show The Apprentice. ...
FCA must backtrack over Saudi oil giant Aramco | Nils Pratley image
Source : Guardian [Read Article] Thursday 7th of September 2017 11:01:23 PM
....Under the FCA’s proposal, the likes of Aramco would be allowed to ignore some basic principles. They would not have to get approval from outside shareholders for transactions with the state. ...
MPs to question City watchdog over Saudi Aramco float image
Source : Guardian [Read Article] Thursday 7th of September 2017 11:01:22 PM
....Andrew Bailey, the chief executive of the FCA, is being asked by the chairs of two powerful Commons committees whether there were any discussions between the City watchdog and ministers ahead of the consultation on the planned changes. The FCA did not mention Aramco when it began consulting on its proposal to create a new category for firms controlled by a shareholder that is a sovereign country. ...
Bell Pottinger could go under within days, sources claim image
Source : Guardian [Read Article] Thursday 7th of September 2017 06:47:15 PM
....The scramble to find a buyer or other forms of finance is in part because of a £5m debt load partly built over payouts to Lord Bell, the co-founder who left last summer, and other top staff whose stakes in the company have been bought out. James Henderson, the largest shareholder, resigned as chief executive over the weekend, just before the scale of the punishment from the PRCA became clear. ...
The City's timidity has let Sports Direct's Keith Hellawell survive | Nils Pratley image
.... The survival of Keith Hellawell at Sports Direct demonstrates how rare these moments are. Hellawell escaped narrowly on Wednesday – his majority among independent shareholders was 53% – but it’s hard to understand why. ...
Sports Direct chairman narrowly survives shareholder revolt image
Source : Guardian [Read Article] Wednesday 6th of September 2017 12:13:16 PM
. The Sports Direct chairman, Keith Hellawell, has defended the use of zero-hours contracts as he survived a shareholder rebellion over his role at the retailer. ...
Bell Pottinger could close by end of the year without fresh finance image
Source : Guardian [Read Article] Wednesday 6th of September 2017 11:25:01 AM
....It is understood that the international communications group Lewis, founded by Chris Lewis, has expressed interest in buying Bell Pottinger. However, no deal has been agreed between founder Tim Bell and the largest shareholder, James Henderson, who have both left the business. ...
Help-to-buy scheme aids some buyers, but boosts builders even more | Nils Pratley image
....6bn already, would wish to continue with help to buy after 2021. Yes, the scheme has allowed some people to buy homes who would not otherwise have been able to do so, but the clearest beneficiaries of the stimulus to prices have been housebuilders’ shareholders and executives. ...
UK’s economic model is broken, says Archbishop of Canterbury image
Source : Guardian [Read Article] Tuesday 5th of September 2017 06:26:34 PM
....Pointing to rising debt levels, the report called for an urgent public debate on the role of banks and the financial sector in the British economy. It also flagged extra support for trade unions to act as a bulwark against shareholder interests in the workplace. ...
Bell Pottinger loses clients and staff in wake of South Africa scandal image
Source : Guardian [Read Article] Tuesday 5th of September 2017 05:13:28 PM
.... They are Richemont, the Swiss luxury company headed by South African businessman Johann Rupert; Investec, the South African investment group; and Acacia, which owns goldmines in Tanzania. It has also emerged that Bell Pottinger’s second largest shareholder has walked away from the business by writing off its investment and handing back the stake to the struggling PR firm. ...
Bell Pottinger investor walks away as South Africa row deepens image
Source : Guardian [Read Article] Tuesday 5th of September 2017 11:46:30 AM
. Bell Pottinger’s second-largest shareholder has walked away from the business by writing off its investment and handing back the stake to the struggling PR firm. ...
Sports Direct fails to meet 2016 pledge on working conditions image
Source : Guardian [Read Article] Tuesday 5th of September 2017 10:21:04 AM
.... It also came after heavy criticism of corporate governance at Sports Direct which led to investor pressure to oust its chairman, Keith Hellawell. Hellawell remains under pressure from shareholders, with Hermes Investment Management on Tuesday saying he and senior independent non-executive Simon Bentley should go after failing to engage on a one-to-one basis with investors. ...
Bell Pottinger: key players and controversial clients image
Source : Guardian [Read Article] Tuesday 5th of September 2017 05:25:02 AM
....Henderson was one of the engineers of the £20m management buyout of the Bell Pottinger PR business from parent company Chime, alongside Lord Bell, when it was taken over by WPP and the US equity firm Providence Equity Partners in 2012. He took the role of chief executive and is the largest individual shareholder in the PR business. ...
Bell Pottinger expelled from PR trade body after South Africa racism row image
Source : Guardian [Read Article] Monday 4th of September 2017 05:59:00 PM
.... ​It also used other tactics, such as misleading or undermining journalists questioning the campaign. Major shareholder Chime, owned by majority shareholder Providence and Sir Martin Sorrell’s WPP, is understood to have offloaded its 25% stake in the firm as the scandal reached boiling point over the summer. ...
Bell Pottinger is a textbook example of how not to manage a crisis | Nils Pratley image
.... It is in the reputation-enhancing game and, if can’t even protect its own name, its services don’t look so valuable. It is also astonishing that the senior management, including Henderson, the biggest shareholder, appear to have been asleep to the risks in a contract that, at more than £1m a year, will have been one of the biggest on the books. ...
'Potentially racially divisive': report censures PR firm Bell Pottinger image
Source : Guardian [Read Article] Monday 4th of September 2017 01:58:38 PM
....The report argued that it was not a breach of “relevant ethical principles” to have taken on the “economic emancipation” campaign, but Bell Pottinger’s senior management “should have known that the campaign was at risk of causing offence, including on grounds of race”. Henderson, the largest shareholder in Bell Pottinger, said in a statement: “Although I neither initiated nor was involved in the Oakbay work, I accept that as CEO, I have ultimate executive responsibility for Bell Pottinger. ...
HSBC heads off complaints over small business account closures image
Source : Guardian [Read Article] Sunday 3rd of September 2017 06:47:51 PM
....He was told by HSBC that he had provided incomplete information and the bank “apparently left a voice message but because I didn’t respond, they suspended our account 24 hours later”. He believes that the issue was a shareholder deposit the firm had received as part of a funding round that was judged to be unconnected with his business. ...
The longer Brexit stays up in the air, the higher the risk flights will be grounded image
.... The Sports Direct founder and chief executive will not be attending his company’s annual general meeting, as he avoids a repeat of last year’s mild farce, when he took journalists on a guided tour of his Shirebrook warehouse in Derbyshire. It was a chastening experience, but at least it showed some accountability in the face of pressure from shareholders, politicians and trade unions to reform his business. ...
New M&S chairman faces tough task turning round high-street institution | Shane Hickey image
....And this week, Sports Direct’s AGM will be held at the company’s offices in Shirebrook. It’s unlikely that the meeting on Wednesday will pass quietly – pressure is mounting on chairman Keith Hellawell, who has said that he will leave the position if he does not get the backing of independent shareholders. ...
Meet the UK energy company that will give profits back to customers image
Source : Guardian [Read Article] Friday 1st of September 2017 06:04:36 AM
.... And, since the big six remain heavily invested in existing energy infrastructure, their hold over the sector has slowed the shift towards renewables and smart tech, he adds. “The quicker we can reduce their dominance over the energy sector as a whole, the quicker we can move towards a cleaner, more decentralised energy system that doesn’t involve huge amounts of money being sucked upwards and gobbled up by relatively few shareholders,” says Wakefield. ...
Doorstep lender Morses swipes customers from troubled rival Provident image
Source : Guardian [Read Article] Thursday 31st of August 2017 01:33:07 PM
....”. Provident, the UK’s biggest doorstep lender with 800,000 customers, lost two-thirds of its stock market value last Tuesday when it issued a second profit warning in two months, parted company with its chief executive and cancelled a dividend for shareholders. ...
Sports Direct's Mike Ashley sues former business partner over £3m golf course scheme image
....The claim says: “Jimenez did not have any honest belief that he was entitled to the investment sum or to dispose of it,” and that the story about the fee advance was “no more than a dishonest attempt to justify and explain the wrongful disposal and/or misapplication of Mr Ashley’s money”. Details of the case have emerged before Sports Direct’s annual shareholder meeting in Shirebrook next week. ...
Co-op closes in on £130m Nisa takeover as Sainsbury's pauses talks image
Source : Guardian [Read Article] Wednesday 30th of August 2017 10:31:02 AM
....”. Nisa’s chairman, Peter Hartley, wrote to the shareholder-shopkeepers, more than 70% of whom will have to approve any deal: “Should an offer of merit emerge from this process, it will be for you, the members, to decide on whether to accept it. ...
Trump's corporate tax plan will probably not create a job boom, report finds image
.... Theoretically, the stock market should recognize this by sending the stock price higher. Clearly, the beneficiaries were shareholders, rather than employees or potential employees. ...
'They kept us stewing, then came euphoria': how to sell your business image
Source : Guardian [Read Article] Wednesday 30th of August 2017 06:00:22 AM
.... Yet you are going up against corporate development teams, who might be acquiring four to five companies per year. ” He adds that bankers typically take a share of the transaction value from the sellers, in this case Moonfruit’s shareholders. ...
Private firms poised to make another £1bn from building NHS hospitals image
Source : Guardian [Read Article] Tuesday 29th of August 2017 11:01:11 PM
....Its report, PFI Profiting from Infirmaries, includes recommendations to renegotiate contracts or use public sector loans to buy them out, tax PFI companies to recoup some of the excess profits and cap the amount they can make. The Labour MP Stella Creasy, who has been campaigning for an urgent competition enquiry into the market for public borrowing, said: “PFI companies are squeezing our public services at a great cost to the taxpayer and a great profit to their shareholders. ...
Should companies be forced to put workers on boards? | Frances O’Grady and Sam Bowman image
.... Their annual report described the role as “extremely beneficial” to the firm. Workers have a clear interest in the long-term success of their company, unlike many shareholders, who if things go wrong can – and do – simply sell their shares. ...
Companies must reveal pay disparity between boss and workers image
Source : Guardian [Read Article] Monday 28th of August 2017 11:01:46 PM
.... But in a speech to the business lobby group the CBI later in the year, May signalled she would backtrack on the idea that this should be mandatory, saying it was “a question of finding the model that works”. Listed companies which have faced regular shareholder opposition over top-level pay will also be included on a new public register. ...
City pay still out of proportion a century after JM Keynes complained image
Source : Guardian [Read Article] Sunday 27th of August 2017 06:00:02 AM
.... When Theresa May was pitching to be Conservative leader and prime minister, she vowed to crack down on corporate excess in a speech so barnstorming that her sole competitor, Andrea Leadsom, pulled out of the race an hour later, albeit for multiple reasons. Since then the proposals seem to have been watered down and look highly unlikely to include, for instance, greater powers for shareholders to block pay deals. ...
World leaders need to take centre stage and shove central bankers into the wings image
.... This will have “access” to board members, according to Whitehall leaks. The government is also expected to abandon a proposal to “legislate to make executive pay packages subject to strict annual votes by shareholders”. ...
PPI claim deadline: FCA start awareness campaign as countdown begins image
Source : Daily Express [Read Article] Sunday 27th of August 2017 12:01:00 AM
.... . The reputational damage is immense and is likely to take several years after the deadline has passed to repair, while shareholders large and small will not soon forget the impact it has had to both the banks’ balance sheets and dividend payouts. ...
Firms facing revolt over executive pay to be named on public register image
Source : Guardian [Read Article] Saturday 26th of August 2017 11:01:49 PM
. A new register naming firms that find themselves under shareholder pressure over executive pay is to be launched later this year as part of government plans aimed at curbing boardroom excess and increasing transparency. ...
Samsung heir sentenced to five years in jail after corruption conviction image
.... In return, Lee allegedly sought government approval for the $8bn merger of two Samsung affiliates in 2015 – a move that would cement his control of the Samsung group. The merger was opposed by many shareholders, but went through after it was approved by the national pension fund, a major Samsung shareholder. ...
Tories may compel firms to disclose gap between pay of CEOs and workers image
Source : Guardian [Read Article] Thursday 24th of August 2017 08:24:14 PM
.... She has already backed away from more radical proposals, including legislating for workers’ representatives on boards – and campaigners against corporate excess are likely to warn that the plans lack teeth. May originally raised the prospect of a crackdown on executive pay in her Tory leadership bid in July 2016 in a speech that included proposals to allow employee and consumer representatives to sit on company boards, and make shareholder votes on executive pay legally binding. ...
Bell Pottinger faces sanction over claims it stirred racial tension in South Africa image
.... “We are looking at the structure of the business at this stage. As [I am] a significant shareholder you can draw your own conclusions. ...
Exxon deliberately misled public on climate science, say researchers image
Source : Guardian [Read Article] Thursday 24th of August 2017 02:04:29 AM
....In response, the company – the largest oil producer in the United States, with revenue of $218bn last year – denied having led a four-decade disinformation campaign. Exxon spokesman Scott Silvestri called the latest study “inaccurate and preposterous” and said the researchers’ goal was to attack the company’s reputation at the expense of its shareholders. ...
Provident Financial sees nearly £1.7bn wiped off stock market value image
Source : Guardian [Read Article] Tuesday 22nd of August 2017 09:40:50 AM
....Provident Financial has lost two-thirds of its stock market value in a day, after the doorstep lender was hit by a “quadruple whammy” of body blows. The company, which specialises in lending to people in financial difficulty, issued its second profit warning in two months, parted company with its chief executive and cancelled a dividend for shareholders. ...
FTSE 100 executive pay falls by 19% ahead of controversial reforms, says Deloitte image
.... Median salaries rose by about 2% but the number of salary increases of 3% or more halved. The coalition government introduced rules in 2013 that forced large public companies to put a three-year pay policy to a binding shareholder vote, report bosses’ pay more clearly and show the relationship between the pay of the chief executive and the average worker. ...
‘It’s fashion without a capital F’ – Swedish stores step up high street invasion image
....”. Thought to be worth up to £12bn, Swedish rival H&M is now 70 years old, and its main shareholder and chairman is Sweden’s richest person, Stefan Persson, who has a fortune of £28bn. ...
Bunnings beware: the Homebase revolution is failing to shape up image
Source : Guardian [Read Article] Thursday 17th of August 2017 06:45:27 PM
.... The shares fell 4% to hit a two-year low. Kingfisher has become an infuriating investment for its shareholders. ...
The fallout from Trump closing down his advisory panels is just beginning | Nils Pratley image
.... The shares rose 6% and are now back to something close to pre-crisis levels. Should shareholders in Carillion, in despair after last month’s horrible profits warning, enormous £845m provision and disposal of the chief executive, take heart? Does Balfour’s recovery provide a model for how to proceed?. ...
Trains are too expensive. But transport’s real problem is subsidies for London | Wanda Wyporska image
....What should we do about it? For many, the answer is simple: renationalisation. The arguments in support of this are appealing to those of us fed up and appalled by the high level of shareholder dividends and bloated executive pay often seen in train companies. ...
Department for Education pulls all Learndirect contracts and funding image
Source : Guardian [Read Article] Tuesday 15th of August 2017 07:03:32 PM
....6% used by Ofsted to arrive at its conclusions is not sufficient to judge the quality of Learndirect’s training,” it said. A Learndirect spokesman defended its financial position and deflected criticism about millions paid in shareholder dividends. ...
EasyJet and Ryanair should be wary of launching Air Berlin bid | Nils Pratley image
.... Credit lines from the German government are only a temporary measure. The harder fact is that Etihad, a big shareholder in both Air Berlin and Alitalia, seems to have abandoned its strange strategy of throwing millions of euros at loss-making investments. ...
EasyJet could swoop for parts of Air Berlin as it goes into administration image
....Air Berlin is the second largest airline in Germany, but has struggled financially for years. It was propped up by its main shareholder, Etihad, but the Gulf airline announced it was no longer willing to invest. ...
French pilots claim easyJet is risking safety by scheduling too many flights image
....Captains are being pressed into flying more hours than they are legally allowed and face intimidation if they refuse, France’s pilots’ union said. In an open letter to the company’s main shareholder, Sir Stelios Haji-Ioannou, the union said the flight schedule is unrealistic and had caused numerous delays and last-minute cancellations. ...
World's biggest banks face £264bn bill for poor conduct image
Source : Guardian [Read Article] Monday 14th of August 2017 05:28:32 PM
....The figures include money set aside for future penalties by the 20 banks and fines and other costs they have incurred to tackle regulatory and legal claims. Stears said there would not be zero conduct costs but added: “The question is at what average level will these costs settle? And, moreover, is that level acceptable to the banks, their shareholders and the public?”. ...
Sainsbury's Nisa takeover talks paused after competition concerns image
Source : Guardian [Read Article] Monday 14th of August 2017 04:31:08 PM
....Only Nisa remains owned by its shopkeeper members, who have a say over its running, including executive pay, rules governing the proportion of stock that members must buy centrally, and the price of goods. Its 1,400 member shareholders own between one and 250 shares out of almost 60,000 in total. ...
Fox’s chances of securing Sky depend on the football result image
Source : Guardian [Read Article] Sunday 13th of August 2017 05:59:06 AM
....75 offer reckon that investor sentiment estimates completion as about 55% likely. “The biggest risk was Ofcom’s test of whether the Murdochs were fit and proper owners of Sky’s licence, and they passed that,” said one Sky shareholder. ...
Vanishing app: Snapchat struggles as Facebook bites back image
Source : Guardian [Read Article] Friday 11th of August 2017 05:40:23 PM
.... Snapchat’s parent, Snap Inc, lost $443m over the last three months, compared with $116m in the same period a year ago. Young tech companies are expected to burn through cash at a prodigious rate as they chase customers, but the main worry for shareholders was anaemic user growth, missed revenue targets and the threat from Facebook and Google – both of which have copied some of Snapchat’s key features. ...
Box office massacre: how Hollywood flopped this summer image
Source : Guardian [Read Article] Friday 11th of August 2017 04:14:44 PM
....We’re coming to the end of a particularly chilly summer in Hollywood. It’s been a brutal week for movie theater chains as they ready their quarterly earnings reports for shareholders and warn those investors that they’re not going to like what they see. ...
Sky faces paying extra £1.8bn for Premier League broadcast rights image
Source : Guardian [Read Article] Friday 11th of August 2017 04:10:07 PM
....“We are clear whenever we approach any auction what we think it is worth and what what we can afford,” said BT’s Haworth. “We have not got carried away and we will continue to buy rights that we think will provide a good solid return for shareholders and that are good for customers. ...
Battle for power at Uber as investor sues ex-CEO Travis Kalanick alleging fraud image
....A spokesperson for Kalanick called the suit “completely without merit and riddled with lies and false allegations”. The statement accused Benchmark of “acting in its own best interests contrary to the interests of Uber, its employees and its other shareholders”, and said that Kalanick “will continue to act in the interests of Uber and all of its stakeholders”. ...
Worldpay takeover deal: not bad, but could have been better | Nils Pratley image
Source : Guardian [Read Article] Wednesday 9th of August 2017 06:27:04 PM
.... Vantiv is offering 397p, comprising 55p in cash plus shares. The terms are unchanged but, thanks to a share buy-in by Vantiv in the interim, Worldpay shareholders will end up with 43% of the new company, up from 41%. ...
US firm Vantiv to buy British rival Worldpay for £9.3bn image
Source : Guardian [Read Article] Wednesday 9th of August 2017 01:55:20 PM
....“We were not ready [to do the deal] last year when the pound was in a different position. Letting this opportunity pass by [now] would have been the worst decision for shareholders, customers and staff. ...
Bank of England deputy's Brexit warning is strong stuff | Nils Pratley image
Source : Guardian [Read Article] Tuesday 8th of August 2017 11:01:03 PM
.... It won’t just make the process smoother, it will make it cheaper. It took ages, but shareholders in Standard Life and Aberdeen Asset Management have decided they like the £12bn merger after all. ...
Cath Kidston's profits bloom as 'essential Britishness' sells worldwide image
Source : Guardian [Read Article] Tuesday 8th of August 2017 05:33:42 PM
.... The designer, who still owns about 11% of the chain, stepped down as creative director in 2014. Last year Baring Private Equity Asia bought out the other investors to become the controlling shareholder. ...
Paddy Power Betfair blames bad results on bad results image
Source : Guardian [Read Article] Tuesday 8th of August 2017 10:12:14 AM
....Corcoran said the company was investing to improve its position in a “highly competitive market”, spending more on promotional offers and slashing odds for customers. “Our customers and shareholders are already seeing benefits from efficiencies and investments. ...

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