Boohoo will take on Primark’s chief operating officer, who will become the group’s chief executive. John Lyttle will become the group’s new boss from March 2019 and replace current joint chief executives Mahmud Kamani and Carol Kane. Boohoo said Lyttle’s appointment “is a key constituent of the Group’s positioning for its next stage of growth and will be accompanied by a number of changes to the existing main Board roles, all of which are designed to support the journey of the Group through its further international expansion.” Lyttle’s annual salary will be £615,000, with an annual bonus of up to 150 percent of that amount. “John Lyttle’s remuneration package will be heavily related to creating premium growth in shareholder value over the next five years,” said Boohoo. Kamani will become group executive chairman and Kane will remain on the main board in an executive role. Kamani and Kane said: “We are thrilled to have secured a candidate of John’s calibre as our CEO. We have got to know John over a number of years and are convinced he has the necessary skills to complement what we already have and take the Group on to its next stage of growth.” “Both of us remain totally committed to the business and will ensure a measured and careful handover.” Analysts at Liberum said in a research note: “While Primark is a store based model, it has very similar characteristics to Boohoo, despite different channels. The signal of intent is to match Primark’s success in taking Boohoo to a £7 billion turnover business, just as he [Mr Lyttle] did at Primark.”

“This news should not be seen as an upheaval as Mahmud Kamani will lead the strategic direction of the group, while CEO designate John Lyttle will take care of the day to day operations.”

“Carol Kane will continue to drive the creative direction of the brands.”

Shares in the group (LON: BOO) are up 1.42 percent at 172.42 (1000GMT).

   

Time Magazine has been sold to Silicon Valley billionaire in a $190 million (£145.3 million) deal. Marc and Lynne Benioff are personally buying the magazine just eight months after it was sold to Meredith Corporation (NYSE: MDP). Marc Benioff is the co-founder of Salesforce.com (NYSE: CRM). In a statement, Meredith said the Benioffs “will not be involved in the day-to-day operations or journalistic decisions”. Meredith President and CEO Tom Harty said: “We’re pleased to have found such passionate buyers in Marc and Lynne Benioff for the Time brand. For over 90 years, Time has been at the forefront of the most significant events and impactful stories that shape our global conversation.” “We know Time will continue to succeed and is in good hands with the Benioffs. We thank the Time team for its ongoing hard work and passionate commitment,” he added. The deal must get regulatory approval and could be closed within a month. The Benioffs said: “We are honoured to be the caretakers of one of the world’s most important media companies and iconic brands.” “Time has always been a trusted reflection of the state of the world, and reminds us that business is one of the greatest platforms for change.” Time Editor-in-Chief, Edward Felsenthal, said: “On behalf of the entire Time team, we are very excited to begin this next chapter in our history.” “We can’t imagine better stewards for Time than Marc and Lynne Benioff. The team is inspired by their commitment to high-quality journalism and by their confidence in the work we have done to transform and expand the brand in new directions.” Benioff is the latest tech figure to invest in print publication. In 2013, Amazon founder (NASDAQ: AMZN) Jeff Bezos bought the Washington Post.  

Unilever investors have said they would vote against the firm’s decision to move headquarters to the Netherlands. The company behind Dove and Marmite announced in March that it aims to simplify its corporate structure and only have one HQ based in Rotterdam. Aviva investors have feared that because the FTSE 100 firm will no longer be listed in London, shareholders will sell the stock resulting in losses. “Aside from the fact it is disappointing to see a world-class company like Unilever leave the UK, it also means longstanding UK shareholders may be forced to sell their stock,” said David Cumming, chief investment officer for equities at Aviva Investors. “I don’t see logically why any UK shareholder would support their decision to go Dutch, because there is no upside only downside,” he added. The group needs 75 percent from shareholders for the move to go ahead. A Unilever spokesperson said the firm was confident in achieving approval.  

Crusader Resources (LON:CAS) has announced its financial results for the half year ended 30 June 2018. The results offer several highlights. First, the successful completion of a dual listing on the AIM Market of the London Stock Exchange raising $6.5 million before costs. Next, ongoing technical and financial optimisation of the Borborema Gold Project delivers positive results. Additionally, key initiative for the Borborema Bankable Feasibility Study has progressed. Finally, Ausenco in Brazil has engaged to assist in finalisation of the Borborema Installation License application. Crusader’s Managing Director, Marcus Engelbrecht, commented: “With our successful London AIM dual listing and capital raise in April, the Company has significantly increased its exposure in the Northern hemisphere.” “In addition, we have made considerable progress in moving our headline gold project in Brazil, Borborema, from exploration toward a decision to mine and development through continuing work on our BFS.” At 12:48 BST today, Crusader Resources Limited shares had dropped by 9.09%.

AstraZeneca (LON:AZN) has announced that the US Food and Drug Administration has approved its cell leukaemia treatment. Hairy cell leukaemia (HCL) is a rare, chronic and slow-growing leukaemia where bone marrow overproduces abnormal B cell lymphocytes. This can result in life-threatening conditions such as infections, bleeding and anaemia. HCL is diagnosed in roughly 1,000 people in the US each year. The treatment, named Lumoxiti, has been approved following a successful clinical trial. Fundamentally, the treatment successfully cleared bone marrow of hairy cells. Moreover, it has shown a haematologic remission in patients for a duration of more than 180 days. 75% of patients receiving Lumoxiti achieved an overall response. Additionally, 30% had a durable complete response. Dave Fredrickson, Executive Vice-President, commented: “Today’s FDA approval of Lumoxiti represents a significant milestone for people living with hairy cell leukaemia, a rare blood cancer that can result in serious and life-threatening conditions. For patients, this approval provides the first FDA-approved medicine for this condition in more than 20 years.” At 14:27 BST today, shares in AstraZeneca dropped by 0.28%.

Sports Direct (LON:SPD) has released a statement in which the founder accuses shareholders of stabbing the company in the back. The statement demonstrates founder Mike Ashley’s anger at shareholders for not supporting ex-chairman Keith Hellawell. Hellawell quit earlier this week as a result of criticism over the company’s corporate governance. Today, Ashley has erupted with an incredibly direct statement: “It is blatantly apparent that true entrepreneurs will never be accepted in the public arena. The media circus surrounding Sports Direct […] only proves that whatever progress Sports Direct makes, it will always be subject to disproportionate scrutiny and misrepresentation.” “In light of the above, and despite the substantial progress made over the last few years, the shareholders have now made it extremely challenging for future engagement to take place. On the one hand they are delighted with our performance and progress, yet with the other hand they have stabbed Sports Direct and myself in the back by repeatedly hounding Keith Hellawell” At 13:40 BST today, Sports Direct shares were trading at +1.15%.

British Steel has announced it will be “streamlining” its workforce in order to secure a “sustainable future”. Plans include slashing 400 managerial, professional and administrative roles. These will be across its operations in the UK, Ireland, France and the Netherlands. In addition, the company will continue to improve manufacturing performance and increasing turnover through strong sales. British Steel’s Executive Chairman, Roland Junck, has blamed the “weakening” pound because raw materials are traded in US dollars. “We’ve already committed £120 million to capital expenditure projects and are pressing ahead with the £50 million upgrade to our Scunthorpe Rod Mill, which we announced in July. However, the pace of change we need in this challenging industry requires further and continued investment along with more agile and efficient operations.” “To help us achieve this, we have to make difficult decisions and our plans unfortunately include the proposed reduction of 400 roles across our global workforce.” “We’re sad to be making this announcement, particularly for our colleagues who could be affected. The skill and dedication of our employees has helped us come a long way in a short period of time. However, it’s vital our transformation continues so we can build a sustainable future for the whole business,” “We’re confident these proposals will help achieve this.”

Mark Carney has warned the cabinet that a no-deal Brexit could have an equally disastrous impact as the 2008 financial crash, the Guardian reports. On Thursday, at a special cabinet meeting, Mark Carney discussed the economic consequences of leaving the EU without a deal. He warned Theresa May and her senior ministers of the harrowing economic effects a disorderly exit could cause. Cabinet sources said that unemployment levels could reach double figures in percentage terms. Furthermore, Carney’s worst case scenario was that house prices could face a drop of 25-35% over three years. Not to mention the impediment to EU transport links such as air travel and the Eurostar. The Guardian have reported that a cabinet minister said: “The government wouldn’t just stand by. It didn’t in 2008. He wasn’t saying it was all going to happen but I think there is a recognition that you do have to contemplate the worst-case scenario.” Following the meeting, the government released further issues of what a no-deal Brexit may entail. First, the occasional traveller will have to provide an international driving permit in the event of a no-deal as UK licenses may not be valid. However, holders of an EU driving licence will be able to drive in the UK without any extra paperwork. Next, the EU-wide ban on roaming charges will be dropped for UK citizens. When roaming charges apply once again, UK holidaymakers and business travellers can expect to see the return of large bills. But, the government said it would try to cap mobile data at £45 a month. With the March 2019 exit date becoming closer and closer, we can only wait and see what lies ahead for Britain’s future.

Arrow Global Group PLC (LON:ARW) has completed the acquisition of of Europa Investimenti. Since 2005, Arrow Global has specialised in the purchase, collection and servicing of non-performing and non-core assets. It identifies, acquires and manages secured and unsecured loans as well as real estate portfolios from financial companies. Arrow Global manages over £49.3 billion assets with over 1,800 employees across its European markets. Earlier this March, Arrow Global announced the proposed acquisition of Europa Invetimenti. Today, Arrow Global has completed the acquisition of the leading originator and manger of Italian distressed debt investments. CEO of Arrow Global, Lee Rochford, commented: “The acquisition of Europa Investimenti represents another logical step of our considered entry into the Italian market.” “When combined with our diverse institutional fund client base and our strategy to continue to raise third-party funds to invest in high-return assets” “We remain excited by Europa Investimenti’s potential to grow income from the Group’s capital-light Asset Management and Servicing business.” At 10.14 BST today, shares in Arrow Global were trading at +1.97%.