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The Business Matrix: Monday 12 May 2014
Green & Branson’s exchange return
Two ennobled entrepreneurs look set to return to the London Stock Exchange in separate deals. Sir Richard Branson (pictured) plans to float Virgin Money, at up to £2bn, while Sir Philip Green, the Topshop tycoon, will make his return by buying a quarter of the soon-to-float online fashion group Mysale. Sir Philip was last on the stock market 26 years ago with retail group Amber Day.
Councils ‘ignoring town centre policy’
Retailers today slammed the Government’s “town centre first policy” ahead of a select committee inquiry and claim councils are ignoring planning guidance. The Association of Convenience Stores said since the policy came into effect 76 per cent of approved floor space was out of town, despite the Government’s guidance designed to consider the impact on town centres.
What the Sunday papers said
Collapsed jet firm linked to Eads boss
Eads UK’s chief executive, Robin Southwell, a close adviser to the Government, was director of a private jet company, Corporate Jets Services, which went bust owing £113m to HBOS bank. He and fellow directors were sold the collapsed company for what was described as a “knockdown price”. He denies wrongdoing.
Independent on Sunday
Investor revolts at ITV and Centrica
Bosses at ITV and Centrica, the owner of British Gas, are to face shareholder revolts over their huge bonuses at their AGMs this week. The investor Royal London has condemned ITV chief executive Adam Crozier’s £8.3m, while Chris Weston, British Gas boss, will face the wrath of investors today over his £401,000 bonus.
Mail on Sunday
Interest-rate rises ‘before election’
The Bank of England’s quarterly inflation report, released on Wednesday, is expected to signal that interest-rate rises could start before the general election. It is also likely to lift growth forecasts for this year to 3.5 per cent or higher, from the 3.4 per cent predicted three months ago.
Dixons merger with Carphone
Carphone Warehouse is set to announce its £3.6bn merger with Dixons on Thursday. It will be structured as a deal in which Carphone buys Dixons, although both firms’ shares are valued at about £1.8bn. Carphone’s founder, Sir Charles Dunstone, will be chairman; Dixons’ chief, Seb James, will be CEO.
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