EasyJet appoints John Barton as new chairman as Sir Mike Rake quits

Written on:April 17, 2013
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easyJet gets new chairman

easyJet appoints Next chairman to better its growth strategy

John Barton, the chairman of fashion retailer Next and Lloyd’s insurer Caitlin, has been chosen as the chairman of budget airline easyJet. The 68-year-old will take over from Sir Mike Rake as non-executive chairman on May 1. John Barton has a daunting task ahead in the role of easyJet chairman as he would have to manage the strained relationship between the company and its founder Sir Stelios Haji-Ioannou. John Barton will also be responsible for ensuring continued growth of easyJet which is Europe’s second-largest budget airline by passengers after Ryanair.

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Tesco exits US market after incurring first loss in 20 years

Written on:April 17, 2013
Tesco's Fresh & Easy store

Tesco has withdrawn from the US market after the supermarket chain’s profits fell 52% since the early 1990s. The exit from the US market has cost Tesco more than £1bn at a time when the Britain’s biggest retailer is experiencing slowdown in sales at home front too. After indicating US market exit in December last year, Tesco will be shutting down 199 Fresh & Easy stores, which have posted zero…

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Npower tax avoidance shocks MPs as Paul Massara defends £766m profits

Written on:April 17, 2013
Npower avoids tax

Npower has become the latest firm to be embroiled in tax avoidance scandal following Starbucks, Amazon and Google, while admitting to have dodged corporation tax for over three years despite making heavy profits of £766m by hiking the electricity and gas bills. The tax dodge by Npower which was done by bending a ‘simple UK accounting rule’ is the cause of fresh outrage among MPs and public. Npower tax avoidance…

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Supermarkets cut petrol prices by 2-3p, Asda customers to pay 133.7p a litre

Written on:April 16, 2013
Asda

British supermarkets have cut petrol prices by 2-3p a litre as oil prices have plunged to a 12-month low. The petrol price cut of Asda, Tesco and Sainsbury’s will be up to 2p a litre while the Morrison petrol price cut will be 3p a litre. The newest Asda petrol price cut will make its customers shell out no more than 133.7p a litre at any of its petrol stations….

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Glencore-Xstrata merger wins conditional approval from China regulatory

Written on:April 16, 2013
Glencore chief Ivan Glasenberg

The Glencore-Xstrata merger has overcome its final regulatory hurdle as China has given a conditional approval for the $35bn (£22.8bn) merger, which is touted as the biggest merger in the sector to date. It was crucial for Glencore to obtain approval from China which is the biggest buyer of materials it trades and mines. The approval means that Glencore can now begin to sell off its assets its Las Bambas…

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AXA UK cuts 450 jobs by discontinuing face-to-face financial advice practice

Written on:April 16, 2013
AXA job cuts

AXA UK has announced that it is discontinuing the practice of offering face-to-face financial advice in banks namely Co-operative bank, Clydesdale and Yorkshire Banks in the UK, which has resulted in the French insurer cutting 450 jobs owing to new regulations which ban commission payments. Under the new regulations by Retail Distribution Review, customers will now pay upfront instead of having to deal with a middleman.

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Dish pitches £16.6bn takeover bid to Sprint Nextel challenging Softbank

Written on:April 15, 2013
Dish Network Sprint Nextel

Dish Network has made a $25.5bn (£16.6bn) takeover bid for mobile phone firm Sprint Nextel which could launch a mobile bid war with Japan’s phone operator Softbank. Sprint shareholders would receive $7 a share, which is 13% higher than its closing price on Friday of $6.22. This includes $4.76 per share in cash and 0.05953 Dish shares for every Sprint share. Last year, mobile phone company Softbank announced a $20bn…

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UK house prices rise to record level in April, May likely to see another high

Written on:April 15, 2013
House in Oxford

House prices across the UK have hit the highest level ever registered in the month of April, which is an unambiguous indication of a spring recovery in the real estate market. The house price hike report has been posted by Rightmove House Price Index on its property search website. Asking prices amplified by 2.1% month-on-month to touch £244,706 on average. The UK house price rise documented by the report for April is…

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Centrica, Qatar sign £650m joint venture to acquire Canada’s Suncor Energy

Written on:April 15, 2013
Gas pipelines

Centrica and Qatar have tied up for a £650m joint venture to acquire Canadian natural gas assets of Suncor Energy in a move that reiterates Centrica’s plan to secure more gas supplies by developing its resources internationally, which would reduce its exposure to price movements in the wholesale gas market. The deal is the first joint investment for Britain’s biggest energy supplier and the world’s largest liquefied natural gas (LNG) exporter since they…

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Benckiser to buy Douwe Egberts for £6.4bn to create global drinks empire

Written on:April 12, 2013
Caribou Coffee outlet

Joh A Benckiser, German consumer products business is planning to acquire coffee firm Douwe Egberts (DE), in a £6.4bn takeover. DE Master Blenders 1753, the Dutch proprietor of the DE coffee and Pickwick tea, has announced that the company had arrived at a conditional agreement on a £10.63 per share cash takeover by Joh A Benckiser. The Joh A Benckiser takeover of Douwe Egberts is to create a global hot…

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