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Investors threaten to hang up on Dixons chief

Investors threaten to hang up on Dixons chief

Business
Leading shareholders in Dixons Carphone want directors to accelerate a search for its next boss after last week's shock profit warning wiped nearly a quarter off the company's stock market value.Sky News has learnt that a number of top 10 investors in the retailer will press Lord Livingston of Parkhead, Dixons Carphone's chairman, to speed up succession planning amid growing pressure on Seb James, chief executive.A search is already said to have been initiated by the board, although a person close to the company said it was simply part of "normal succession planning".The demand from some investors is the first sign of genuine disgruntlement ‎with the mobile phone and electrical goods chain's leadership since the £3.8bn merger of Dixons Retail and Carphone Warehouse in 2014.Mr James had run
More oil and gas possible from the Barents Sea

More oil and gas possible from the Barents Sea

Business
Aug. 28 (UPI) -- A Norwegian energy regulator said Monday it was assessing the extent of the oil available in two wells drilled by Lundin Petroleum in the Barents Sea.The Norwegian subsidiary of Lundin, which has headquarters in Stockholm, completed two appraisal wells in its Alta oil and gas discovery in the Barents Sea recently. According to the Norwegian Petroleum Directorate, about 85 percent of the reserves encountered in the two wells were oil.The company made the initial discovery at the Alta prospect in 2014 and estimated it holds between 125 million and 400 million barrels of oil equivalent."The results from the appraisal wells are important with regard to the further work on mapping the eastern flank of the discovery," the NPD declared in a statement. "The resource estimate will ...
Billionaire Samsung heir jailed for five years

Billionaire Samsung heir jailed for five years

Business
The billionaire heir to the Samsung empire has been sentenced to five years in prison after being convicted of offering bribes to South Korea's former president.Lee Jae-yong was also found guilty by a panel of three judges of embezzlement, hiding assets overseas, concealing profits from criminal acts and perjury.The court in Seoul found Lee hoped that bribes to then-president Park Geun-hye and a close friend would secure support for a merger that strengthened his control over the Samsung empire and its flagship Samsung Electronics business.It marks the downfall for the scion of South Korea's richest family, which controls one of the world's largest consumer electronics companies.Lee, 49, was accused of offering $ 38m in bribes to four entities controlled by Choi Soon-sil, a friend of Park....
Patriot Shipping receives contract to lift USS Fitzgerald back to the U.S.

Patriot Shipping receives contract to lift USS Fitzgerald back to the U.S.

Business
Aug. 25 (UPI) -- The Navy's Military Sealift Command announced Friday that it has awarded a $ 3.1 million contract to Patriot Shipping for the heavy-lift transfer of the USS Fitzgerald back to the United States.The Fitzgerald will be moved from the naval base at Yokosuka, Japan, to the Huntington Ingalls shipyard in Pascagoula, Miss., where it will be repaired and refurbished. The transfer is slated to be completed by November.The USS Fitzgerald was involved in a collision with a Philippine-flagged commercial cargo ship on June 17 that killed seven U.S. sailors and inflicted severe damage to the starboard side of the ship.Retired Vice Adm. Peter Daly, CEO of the U.S Naval Institute told UPI that lifting and transporting a 7,000 ton destroyer is an extensive effort which the Navy relies on ...
China-backed fund nears Imagination bid

China-backed fund nears Imagination bid

Business
A Chinese-backed fund is to test Theresa May's pledge to subject foreign takeovers‎ of British companies to closer scrutiny by lodging a formal bid for the struggling chipmaker Imagination Technologies.Sky News has learnt that Canyon Bridge Capital Partners has hired advisers from the Wall Street bank Citi to work on an offer for Imagination, one of Britain's leading technology businesses.Sources said this weekend that Canyon Bridge had made significant progress during talks with Imagination in recent weeks, with a formal bid expected to be presented to the London-listed group in the next fortnight.They added that talks between Imagination and other unidentified parties were ongoing, and cautioned that Canyon Bridge could yet decide against making a formal bid.Canyon Bridge has offices in