Business

William Hill rejects revised 888-Rank approach

British bookmaker William Hill on Monday rejected a revised takeover proposal from rivals 888 Holdings and Rank Group, saying it continues to see no merit in engaging with the consortium. Casino and bingo hall operator Rank and online gambling group 888 want to join up with William Hill to create Britain’s largest multi-channel gambling operator by revenue and profit. They ... Read More »

Restaurant Group ousts chief executive

Britain’s Restaurant Group, the struggling owner of the Frankie & Benny’s and Chiquito chains, has ousted its chief executive, replacing him with a former boss of bookmaker Paddy Power. The firm said on Friday that Danny Breithaupt, CEO for the last two years, had left the company and would be succeeded by Andy McCue on Sept. 19. “The board has ... Read More »

FTSE lifted by rise in shares of oil companies

Britain’s top share index gained ground on Friday to reach a 14-month high, as a rise in the shares of major oil companies lent the market an element of support. The blue-chip FTSE 100 index was up 0.1 percent at 6,923.43 points, its highest level since June 2015. A rise in the likes of BP and Royal Dutch Shell added ... Read More »

UK presses ahead with apprenticeship levy despite calls for Brexit delay

Britain confirmed on Friday it would press ahead with plans to impose a levy on large employers from early next year to help pay for training workers, despite calls from business groups for the charge to be delayed to soften the economic impact of Brexit. The decision comes as Britain faces the looming prospect of a recession, fuelled by wilting ... Read More »

UK construction output slips in June, economists see worse to come

British construction output fell roughly as much as expected in June, according to official data, with little evidence that the European Union referendum that month had an impact on builders at the time. The Office for National Statistics said construction output fell 0.9 percent in June compared with May, a slightly smaller drop than the 1.0 percent decline forecast in ... Read More »

South Korea suspends sales of most Volkswagen models

South Korea on Tuesday suspended sales of most Volkswagen AG (VOWG_p.DE) models in a fresh blow to the German automaker as it struggles to overcome the global repercussions of its emissions-test cheating scandal and rebuild its tattered image. The government revoked certification for 80 model variants of VW, Audi and Bentley vehicles, and fined Volkswagen 17.8 billion won ($16.06 million) ... Read More »

Three big firms pursue Oi creditor protection mandate -sources

Alvarez & Marsal, PricewaterhouseCoopers and Deloitte & Touche are pursuing a mandate to administer the bankruptcy protection process for Brazilian telecommunications group Oi SA (OIBR4.SA), according to two sources familiar with the matter. Oi filed last month for court protection from creditors on 65.4 billion real ($19.9 billion) of bonds, bank debt and operating liabilities, Brazil’s biggest filing ever of ... Read More »

Tata Steel pauses sale of UK assets on Brexit uncertainty, looks for partner

Tata Steel has put the process of selling its major British assets on hold because of the uncertainty caused by the Brexit vote and surrounding pension liabilities and will now also look at forming a joint venture, the company said. Tata Steel put its British operations up for sale in March, including its Port Talbot plant in southern Wales, threatening ... Read More »

Hershey rejects $23bn Mondelez takeover offer

Hershey has rejected a $23bn (£17bn) offer from Mondelez that would bring some of the world’s best known biscuit and chocolate brands under one roof. A deal would have merged the maker of the famous Hershey’s chocolate bar with Mondelez’s Oreo and Cadbury brands. And it would have combined Hershey’s strong US business with Mondelez’s global distribution footprint. Hershey’s controlling ... Read More »

UK factories report pick-up in activity in June

UK manufacturers reported a pick-up in activity in June from May, according to a closely watched survey. However, data for the Markit/CIPS manufacturing purchasing managers’ index was almost all collected before the 23 June referendum. There is a “clear risk” uncertainty resulting from the vote will have a short-term impact on manufacturing, Markit said in its report. Its index for ... Read More »