Esure to be taken private in £1.2 billion Bain deal
The board of esure has agreed to a £1.2 billion takeover by private equity outfit Bain Capital, with the insurer’s biggest shareholders coming out in support of the deal.
Business
Royal Mail slapped with £50m fine for breaking competition law
The communications regulator has fined Royal Mail £50 million for a “serious breach” of competition law.
Poundland branches out into beauty as it casts eye on £26.7bn market
Poundland is launching its own £1 skincare range as the budget retailer looks to tap into what is tipped to be a £26.7 billion beauty market.
Regulators team up to warn over scourge of pension scams
City regulators are launching a new campaign to tackle pension scams as alarming figures show that victims of fraud lost an average of £91,000 each in 2017.
US stocks take further losses as Turkey worries continue
US stocks fell further on Monday as Turkey’s central bank was unable to stop a steep plunge in the nation’s currency.
Turkish jitters knock European stocks into the red
London’s blue chip index fell into the red as investors worried over whether a financial crisis in Turkey could spread across Europe.
Private tenants see rents surge by almost £10 billion since 2010
Private tenants are paying an average of £166 a month more in than in 2010, analysis by the Labour Party has claimed.
Elon Musk in talks with Saudi fund to take Tesla private
Tesla CEO Elon Musk has said he is in talks with the Saudi Arabian sovereign wealth fund about taking the electric car and solar panel maker private.
Sports Direct launches negotiations with House of Fraser landlords
Sports Direct is now in talks with House of Fraser landlords in a move that could hasten potential store closures if agreements on rents and leases fail to be reached.
Treasury drawing up job ad for new Bank of England boss as Carney heads for exit
The Treasury is putting the finishing touches to a job advert for the next Bank of England Governor as it prepares the ground for Mark Carney’s successor.
Bain revs up with £1.2bn bid for esure
Shares in esure took off on Monday after the insurer said it is in advanced discussions over a £1.2 billion takeover by private equity firm Bain Capital.
Chemring warns over profit following fatality near Salisbury
Chemring has confirmed that it could take a £20 million hit after one employee died and another was hurt in an accident at its site near Salisbury on Friday.
Clarkson profits dip but shipping firm sees better times over horizon
Profits at Clarkson dipped in the first half of the year as the shipping services giant pointed to a “challenging trading environment”.
Bank branch closures putting some high street retailers out of business – report
The recent raft of bank branch closures is hastening the loss of local shops on the high street, new research shows.
Small business lender hits out at ‘unfair’ application process for £775m fund
The chief executive of a small business lender has hit out at plans for a £775 million banking competition fund, saying that worthwhile challengers are being sidelined by an unfair application process.
Final day of trading for several Marks & Spencer stores
Seven Marks & Spencer clothing stores will close their doors for the last time on Saturday as the high street chain pushes ahead with a radical transformation plan.
Jury backs man who claims Roundup weed killer caused cancer
A San Francisco jury has awarded 289 million dollars (£226 million) to a former school groundsman who claimed Monsanto’s popular Roundup weed killer contributed to his terminal cancer.
Turkey, Trump and Brexit continue to weigh on stocks and pound
The pound and the FTSE 100 ended the week well and truly on the back foot as investors fretted over a potential financial crisis in Turkey, the US-China trade war and the likelihood of a “no deal” Brexit.
Co-op Bank finance chief steps down as clear-out of top ranks continues
The clear-out of Co-op Bank’s top ranks continued as finance chief Tom Woods announced plans to step down after less than one year in the role.
Ashley vows to save House of Fraser shops as he creates ‘Harrods of high street’
Mike Ashley’s Sports Direct will attempt to keep as many House of Fraser stores open as possible following a £90 million rescue of the ailing retailer.
Hammond hints at online tax change as high street firms continue to suffer
Philip Hammond has hinted at possible tax changes to ensure high street retailers are able to compete with online rivals, hours after House of Fraser was rescued in a last-ditch deal.
£780m government cash to boost high-paid technology jobs
The Chancellor has announced a £780 million funding boost to foster innovation technology start-ups and help create the high-paid jobs “we urgently need”.
Bank of England’s latest rate hike under microscope after UK GDP data released
The rebound in second-quarter UK growth was in line with Bank of England forecasts, but economists have raised questions over whether last week’s rate hike was justified.
House of Fraser bought by Mike Ashley’s Sports Direct
Mike Ashley’s Sports Direct has struck a deal to rescue House of Fraser out of administration for £90 million, raising hopes for the future of thousands of staff.
UK growth rebounds in second quarter thanks to warm weather boost
UK economic growth rebounded in the second quarter as retail sales and construction benefited from a warm weather boost.
B&Q sales to be warmed up by blistering summer
B&Q is expected to reveal a second-quarter boost from the warm weather next week, helped by shoppers splashing out on barbecues and garden furniture.
Iain Duncan Smith says employers have not bothered to look at British workers
Employers “have not even bothered to look” at British workers for vacancies currently filled by EU workers, Conservative MP Iain Duncan Smith has said.
House of pain – administrations and store closures blight the high street
House of Fraser is the latest retailer to collapse into administration, and it comes amid extreme turmoil on the high street.
Nationwide Building Society warns of intense competition as profits slip
Nationwide Building Society has reported a 12% drop in first-quarter profits and warned of “intense competition” and a subdued housing market in the months ahead.
House of Fraser falls into administration
House of Fraser has fallen into administration, endangering the future of 17,000 staff.