Fintech group True Potential eyes £2bn sale

By Mark Kleinman, City editor A wealth management platform used by more than one-fifth of Britain’s army of independent financial advisers (IFAs) is plotting a sale that could value it at close to £2bn. Sky News has learnt that True Potential, which is based in Newcastle, has appointed bankers from Perella Weinberg Partners to field […]

WPP appoints Mark Read as Sorrell successor

By Wale Azeez, business reporter WPP Group has appointed Mark Read as its chief executive officer and successor to founder Sir Martin Sorrell, who resigned amid controversy in April. Mr Read, a 29-year WPP veteran and one-time protege of its founder, has also been appointed executive director of the group board with immediate effect. Mr […]

Argentina to tax exports in economic ’emergency’

Argentina is introducing austerity measures and new taxes as it battles the effects of its deepening economic crisis. The country’s president, Mauricio Macri, made the announcement in a TV address. Mr Macri told viewers the government’s plans – including the scrapping of several ministries and a tax on exports – were a response to the […]

What your water company plans to charge you

Two figures have loomed large in the thoughts of water company bosses during the last year. One is Jeremy Corbyn who, if he makes it to 10 Downing Street, has threatened to nationalise the industry. The other is Jonson Cox, chairman of Ofwat, the industry regulator. He is a wily operator who, as a former […]

Smiths rejects £2.8bn ICU offer for medical arm

By Mark Kleinman, City editor A US-based healthcare group has tried to breathe fresh life into stuttering talks with Smiths Group, the industrial conglomerate, by proposing a £2.8bn takeover of the British company’s medical division. Sky News has learnt that Nasdaq-listed ICU Medical tabled a written offer for Smiths Medical last month that would have […]

Tough US market blows WPP shares off course

Shares in marketing and advertising giant WPP saw the biggest fall in early trading on Tuesday after the company revealed declining profitability this year. WPP dropped 8% in early trading – recovering slightly to be down 6.2% on the day. The world’s biggest advertising group has seen clients become increasingly cautious with their ad budgets, […]

Warranty giant D&G picks bank for £1.5bn float

By Mark Kleinman, City editor One of Britain’s biggest providers of extended warranties on household appliances is lining up banks to prepare a stock market comeback more than a decade after it was taken private. Sky News has learnt that the owner of Domestic & General (D&G), CVC Capital Partners, has appointed Rothschild to advise […]

Why Pester did not leave crisis-hit TSB earlier

There will be two reactions to the news that Paul Pester has stepped down as chief executive of TSB. One will be “about time”. The other will be “how rare, in this day and age, to see a boss falling on his sword”. Nicky Morgan, the influential chair of the Commons Treasury select committee, falls […]

Amazon follows Apple to $1trn market value

Amazon has become the second company listed in the US to achieve a market value of $1trn (£779.3bn). Its stock surged during morning trading on the Nasdaq, reaching the milestone when its share price hit $2,050.50 per share. It began the day needing just over $18bn worth of net value to reach $1trn – a […]

Facebook urged to give police suspect’s password

Tech companies like Facebook should hand over account passwords within minutes of approval being granted, the head of the Met Police has said. Cressida Dick told LBC that police forces currently have a “very protracted procedure” to obtain information from social media giants. She was being questioned after a man who is suspected of murdering […]