The supermarket’s merger with Asda would permanently reshape the UK grocery marketSainsbury’s pitch to the Competition and Markets Authority didn’t work the first time, so here comes chief executive Mike Coupe with another plea. His big reveal was a fi…Read more
Watchdog’s finding is a terrible blow for a business built on the idea that it’s the punter’s friendRemember those sunny days of 2014 when the managements of Dixons and Carphone Warehouse unveiled their “genuine” merger of equals? The fit was perfect, …Read more
Major investor Kiltearn has sent evidence to committees holding inquiry into contractor’s collapse
A major investment firm that owned 10% of Carillion has told MPs it considered suing the the collapsed government contractor over suspicions that directors knew it was in difficulty earlier than they admitted in public.
Kiltearn Partners says it “considered participation in civil legal action against Carillion with a view to recovering a proportion of its clients’ crystallised losses” following its profits warning last summer.Read more
SLA share price dips as bank serves notice to terminate deal in 12 months
Standard Life Aberdeen has been served notice by Lloyds Banking Group and Scottish Widows on a £109bn asset management deal, further denting shares in the recently merged group.
Clients have pulled billions of pounds in assets from SLA in the six months since Standard Life and Aberdeen Asset Management formed one of Britain’s biggest asset managers.Read more
The supermarket chain swapped one Clarke for another – but in a tough market there’s little improvement to be seen
Eggs from a Dutch farm involved in a contamination scare have found their way on to some UK supermarket shelves, it would appear. If Asda workers find any of the offending items in the stockroom, they may just feel tempted to hurl them in the direction of their bosses.Read more
Sam Woods has spelled out clearly why a transition period is needed for financial services – and showed it would make the process cheaper
Sam Woods isn’t beating about the bush. The deputy governor of the Bank of England and head of the Prudential Regulation Authority (PRA) says practical complexities arising from Brexit pose “a material risk to our objectives” and “we may have to make some difficult prioritisation decisions”.
This is strong stuff. Central bankers tends to prefer qualification and nuance. Woods couldn’t be clearer in describing why a transition period is needed to make the Brexit process orderly, at least in financial services.Read more
Standard Life offloads entire 5.8% holding and Aviva sells down stake amid concerns over corporate governance issues
Sports Direct has lost its biggest independent investor as some fund managers fear the crisis-hit retailer is incapable of addressing its corporate governance issues.
The Guardian has learned Standard Life, the largest independent investor at last year’s annual meeting, has bailed out of the stock, selling its entire 5.8% holding, and Aviva said it had sold down its stake.Read more
Eight-hundred posts to be axed within three years of £11bn deal set to be completed by mid-August
Standard Life and Aberdeen Asset Management expect to cut 800 jobs, nearly 10% of the firms’ total workforce, within three years of their looming merger, Standard Life said after announcing on Tuesday that the combined group will be named Standard Life Aberdeen.
The Scottish companies agreed in March on an £11bn ($14.2bn) all-share deal they said is expected to bring £200m in annual cost savings.Read more
Jes Staley deserves criticism over the whistleblower affair – but is now being unfairly kicked by hedge fund KKR
If Jes Staley, chief executive of Barclays, ends up losing his job over the whistleblower affair, he’ll deserve no sympathy. In the post-crisis era, attempting to unmask a whistleblower is a serious offence for a bank boss.
It doesn’t matter if Staley thought the informant was making an unfounded and malicious attack on Tim Main, a recent senior recruit to Barclays’ investment bank. The critical thing is for the chief executive to respect the whistleblowing process by staying out of it. It is staggering that Staley, whether he was badly advised or not, could have made such a mistake. The regulator, the Financial Conduct Authority, is investigating and its judgment is keenly awaited.Read more
Despite a near-halving in retailer’s stock market value over 16 months, are its current troubles really severe?
Panic over for Next shareholders? It’s too soon to sound the all-clear since a steeper decline in profits than last year’s 4% fall to £790m is very possible this time. Chief executive Lord Wolfson also has a longer list of grumbles than usual: inflation, currencies, the squeeze on real incomes and consumers’ new love of entertainment over “stuff”.
For the time being, he won’t risk a penny of shareholders’ funds on share buy-backs in case the retailing weather turns nastier.Read more