Sainsbury’s to sell Argos to three retail veterans in £120m deal
Sainsbury’s has agreed to sell Argos retail chain for £120m to three retail veterans led by former Morrisons executive Richard Pennycook, enabling focus on core food business.
Budget to be held on 28 October, John Healey announces
Chancellor John Healey has announced his first Budget will take place on 28 October, stating it will move power and resources out of Westminster to communities across Britain while maintaining fiscal discipline.
Boss of £300m used-car firm was ousted after ‘orchestrated plan’ by investors, judge rules
A judge ruled that private equity investors orchestrated the ouster of a used-car company boss through a pre-planned scheme, despite also finding he was legitimately dismissed for gross misconduct.
FIFA tests the limits of private equity in sports with World Cup subsidiary sale
FIFA’s plan to sell a minority stake in a World Cup subsidiary to private equity firms has faced swift opposition from UEFA and Concacaf, which worry about outside investor influence on the sport.
US borrowing costs hit 19-year high as Fed holds interest rates
US government borrowing costs reached their highest level since 2007 as the Federal Reserve held interest rates steady, raising concerns about inflation control and economic stability.
Only the Middle East crisis is preventing a drop in UK interest rates
The UK’s Middle East conflict is the primary inflation threat preventing interest rate cuts, though domestic pressures remain subdued, the Bank of England indicated Thursday after holding rates at 3.75%.