Competition watchdog to probe Asda-Sainsbury (J) (SBRY) merger. The Competition and Markets Authority (CMA) will look into whether the combined business would result in a less competitive environment and constrained choice for consumers as well as higher prices or even worse service. Also under scrutiny is whether the tie-up – which would give the joint business almost a third of the UK market – could result in suppliers being squeezed on prices as the merged company’s greater buying power gives it more leverage.
Ryanair Holdings (RYA) agrees deal with Irish pilots, raising hopes of averting strikes across Europe. Talks between the low-cost carrier and pilot union Forsa started almost two weeks ago. An agreement was reached after a 22-hour negotiating session, which concluded in the early hours of Thursday.
Stobart appoints female director in boardroom overhaul after row. Stobart Group Ltd. (STOB) has addressed criticism about lack of diversity on its board with the appointment of a female City public relations guru among a trio of new director hires in the first stage of an overhaul following a boardroom row. Ginny Pulbrook will join as a non-executive director at the Southend Airport owner from October 1.
John Laing Group (JLG) profits soar as it cashes in on overseas investments. It said a “significant” contributor to the hefty profit boost was the sale of its remaining stake in the Government-led Intercity Express scheme, which will see a new fleet of Hitachi built trains brought to Britain.
Playtech boss defends chairman’s chunky pay rise. The chief executive of gambling software provider Playtech (PTEC) has defended its chairman’s hefty pay rise, despite issuing two profit warnings in the past year.
Premier Oil (PMO) profits surge ahead of North Sea cash deluge. The oil market recovery helped the North Sea producer to a post-tax profit of $98.4m (£76.6m) compared to $40.7m in the first half of last year, even as production fell to an average of 76,200 barrels a day from 82,100 barrels.
The boss of zombie life insurer Phoenix Group Holdings (DI) (PHNX) has said the firm’s £3.2bn deal with Standard Life Aberdeen is “not the final destination” and there will be more takeovers to come. Phoenix, which specialises in old insurance books or ‘zombie’ funds, is in the process of acquiring the majority of Standard Life Aberdeen’s 193-year old pensions and savings business. The acquisition is expected to close at the end of this month.
Tarmac owner CRH bounces back from rough weather to post rising profits. CRH (CRH) signalled growing confidence in construction markets in both the US and Europe as it unveiled a hike in interim profits and a fattened dividend despite having suffered amid the cold weather earlier in the year.
OneSavings growing faster than expected but warns on margins. OneSavings Bank (OSB) is growing faster than expected this year, but warned its margins are coming under pressure in a competitive lending market.
Questor – Brunner Inv Trust (BUT): this trust has slashed the cost of its debt – and income investors should benefit
