LONDON, July 6 British newspapers reported the
following business stories on Sunday. Reuters has not
independently verified these media reports and does not vouch
for their accuracy.
WATCHDOG MULLS PROBE INTO FLOAT ADVISERS
Britain's Financial Conduct Authority is considering
launching a probe into the role of independent flotation
advisers after receiving complaints from several banks.
Flotation advisers such as STJ Advisors, Lazard and Rothschild
act as advocates for companies looking to list, helping them to
select the banks to handle the sale and policing the fees they
BURBERRY FACES INVESTOR REVOLT OVER NEW CEO PAY DEAL
Burberry is facing an investor revolt over a 20
million pound pay deal for its new chief executive Christopher
Bailey, who took the helm of the British maker of luxury
clothing and accessories in May. A number of large shareholders
have expressed concerns over the package which includes awards
in shares if he stays on as CEO until 2018, regardless of the
NIKE FUNNELS MILLIONS IN PROFITS THROUGH DUTCH DIVISION
Sports clothing giant Nike has been moving million
of pounds generated from sales of Manchester United kit to its
sister company Hilversum, in Holland, helping it to sidestep the
British taxman. Holland has become a popular destination for
companies looking to cut their tax bills. Nike said it abides by
all applicable tax laws in the countries in which it operates.
AMERICAN APPAREL IN RESCUE TALKS WITH LARGE CREDITOR
Retailer American Apparel was last night holding emergency
talks on how to repay a 10 million pound debt to one of its main
creditors, British buyout firm Lion Capital. If it does not
repay the debt that Lion has called in, American Apparel would
be deemed in default of a separate larger debt it has run up
with U.S. bank Capital One.
BEIJING IN TALKS WITH EDF TO BUILD NUCLEAR PLANT IN BRITAIN
China is in talks with French power giant EDF Energy
about buying one of its nuclear development sites in
the UK, in what could lead to the first Chinese designed and
built atomic power station in Britain.
MAJOR MOTHERCARE SHAREHOLDERS BACK REJECTION OF TAKEOVER BID
Leading investors in UK chain Mothercare backed the
company's rejection of a 270 million pounds takeover bid from
U.S. rival baby product retailer Destination Maternity.
Fidelity and Allianz, which together own about a fifth of
Mothercare, said the U.S. company's approach was opportunistic
and inadequate and signalled the offer should be raised
significantly for any chance of success.
SHIRE INVESTORS EXPECT NEW APPROACH FROM ABBVIE
Shareholders in drugmaker Shire are anticipating a
fresh bid approach from AbbVie after meeting AbbVie
chief executive Richard Gonzalez last week. AbbVie last month
went public with its interest in Shire, saying it had been
rebuffed three times by the London-listed company.
BLACKROCK HALTS SHARE LOANS AFTER ATTACK ON BLINKX
BlackRock, the world's largest asset manager, has stopped
its London office from lending shares after a suspected
short-selling attack on online video advertising firm Blinkx, in
which BlackRock is the largest shareholder.
FIRSTGROUP BOSS PAY CRITICISED BY SHAREHOLDER GROUPS
Criticism of executive pay at British bus and train operator
FirstGroup has intensified after three investor advisory
groups raised concerns over the 86 percent jump in the amount
chief executive Tim O'Toole took home last year. O'Toole
received nearly 2 million pounds in the year to March 31.
SHELL ADMITS SAUDI ARABIA GAS PROJECT HAS FAILED
Royal Dutch Shell's search for gas in Saudi Arabia
has been unsuccessful, the director of upstream international
business Andrew Brown said, dashing hopes of the firm gaining an
upstream foothold in the country. Brown declined to specify
whether the exploration failure would force the company to shut
down South Rub al-Khali Company, its joint venture with
state-owned producer Saudi Aramco.
Mail on Sunday:
CREDIT UNIONS TO OFFER INSTANT ONLINE APPROVALS
Credit unions are set to offer instant online approval for
loans from next year, to take on payday loan firms which
transfer money almost immediately but can charge very high
interest rates. The financial co-operatives currently take up to
a week to approve loans for just a few hundred pounds.
(Reporting by Silvia Antonioli Editing by Mark Potter)