Today we look at Sports Direct, Tullow Oil, ITV, Accor, Facebook, Lloyds Banking and Compass.
It would appear that Sports Direct CEO Mike Ashley’s witty retorts and one liners paid off in court as he won his pub deal case. It is not clear whether the whole process had anything to do with justice, or whether it was really a matter for the courts. But at least the lawyers involved will have had a decent financial notch for their respective bedposts. The Daily Telegraph reports on the happy case of an investment banker losing out to Mr Ashley’s gritty personality.
Speaking of lawyers wasting everyone’s time and money, we hear from The Guardian(where else?) that three Californian communities are suing oil majors for present and future effects of climate change and rising sea levels.
Tullow Oil, the former growth stock minnow which went to the FTSE 100, shows it can be somewhat painful falling from glory. The latest woe is reported by the Daily Telegraph as Tullow reveals a £498m writedown on its African assets.
The Daily Telegraph also reveals how UK broadcaster ITV is set to serve up a rather large bill to Virgin Media, with the threat of a blackout if the bill is not paid.
The Financial Times reports on how Accor, the French hotels group, is strengthening its presence in the home sharing market. This will mean adding new additions to its Onefinestay brand.
Stock markets temporarily dipped in the wake of yesterday’s announcement by the Federal Reserve that it is set to unwind the extended QE of the past decade, and shrink its balance sheet. The Financial Times reported this, even as inflation remains weak.
In yet another back dated money losing incident from a High Street bank, we hear how Lloyds Banking is set to pay out £300m for historic mortgage arrears errors.
The Times reports that Mark Zuckerberg’s bet on video boosting Facebook’s fortunes appears to have worked. This is on the basis that second quarter earnings reported yesterday beat Wall Street’s expectations.
The Daily Telegraph suggests that catering giant Compass looks set to take market share away from its peers in North America, as business there surges.
Heading in the other direction we have American Eagle Outfitters which beats a retreat from the UK as the retailer struggled to gain traction.
