Tag: Bid

Frasers bonus plan, G4S takeover bid, Tesco plans

The board of Frasers Group, which owns Sports Direct, has urged shareholders to back a £100m company bonus scheme. Photo: Toby Melville/Reuters
The board of Frasers Group, which owns Sports Direct, has urged shareholders to back a £100m company bonus scheme. Photo: Toby Melville/Reuters

Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and around the world:

Frasers Group board back £100m staff bonus plan

The board of Frasers Group, majority-owned by Mike Ashley, has urged shareholders to back a £100m ($128.9m) company bonus scheme that “could be worth in excess of £100m” for staff.

The company, which owns Sports Direct, Flannels, Evans Cycles, USC, Jack Wills and GAME, said in a statement the “vast majority” of workers could receive cash or stock bonuses if its share price reaches a target level.

“Eligible and qualifying” workers could receive cash bonuses for up to four weeks’ salary, while 1,000 outstanding staff could receive shares worth between £50,000 and around £1m.

The scheme would run

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Why Rutgers is unlikely to get cheap bowl bid, even with NCAA rule change

If Rutgers goes to a bowl game in Greg Schiano’s first season back at the helm, the Scarlet Knights are going to earn it. Not take advantage of a fortuitous NCAA ruling brought on by the coronavirus pandemic.

Greg Schiano standing in front of a building: A bowl game in Greg Schiano's first season back at Rutgers? If it happens, the Scarlet Knights will likely need to earn it, not benefit from a rule change.

© Chris Faytok | NJ Advance Media for NJ.com/Chris Faytok | NJ Advance Media for NJ.com/nj.com/TNS
A bowl game in Greg Schiano’s first season back at Rutgers? If it happens, the Scarlet Knights will likely need to earn it, not benefit from a rule change.

The Division-1 football oversight committee recommended all bowl eligibility rules be waived this season on Thursday, eliminating the general requirement that teams have a .500 record against FBS opponents in order to accept a bid. The recommendation still needs to be approved by the Division-1 Council in October, but that is expected.

Few, if any, schools will play 12 games this fall, and the number of games

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Biden brandishes working-class roots and middle-class image in bid to reclaim Rust Belt battlegrounds from self-styled billionaire Trump

Joe Biden stood on the floor of a Wisconsin aluminum plant this week, shed the trappings of his decades in national politics and then took aim at the billionaire New Yorker he wants to evict from the Oval Office.

“I’ve dealt with guys like Donald Trump my whole life, who would look down on us because we didn’t have a lot of money or your parents didn’t go to college,” Biden said, recalling his boyhood roots. “Guys who think they’re better than you. Guys who inherit everything they’ve ever gotten in their life and squander it.”

Biden has long cultivated his persona as “Middle-Class Joe” with “hardscrabble” roots, but as he turns to the closing stretch of his third presidential bid, the Scranton, Pa., native is personalizing his pitch as he tries to undercut one of the president’s core strengths.

“The truth is,” Biden said, “he never really respected us.”

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California judge rejects bid to return Chinese scientist to jail

A federal judge has rejected prosecutors’ request that bail for a Chinese researcher be revoked, saying that the government is unfairly trying to link her to spying without filing such charges.

U.S. District Judge John A. Mendez, in a three-page order issued Thursday morning, refused to order Dr. Juan Tang removed from the custody of a Bay Area lawyer who has taken her in and return her to the Sacramento County Main Jail while she awaits trial on charges of lying about her ties to China’s military and communist party.

The order upholds an earlier finding by U.S. Magistrate Judge Kendall J. Newman that Tang could be released under an agreement in which Foster city attorney Steven Cui — who does not know Tang — agreed to put up his home to provide the $750,000 bail for Tang, who came to California in December to conduct cancer research at UC

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FINCEN FILES: Money trail ties Tokyo Olympic bid consultant to kin of IOC member : The Asahi Shimbun

Documents reviewed by an international media consortium have pieced together the flow of money from a consultant of the Tokyo Olympic bid committee to the son of an influential member of the International Olympic Committee.

U.S. bank and French criminal investigation records show that about $370,000 (about 37 million yen) was transferred from the bank account of a Singapore consulting firm hired by the bid committee to help its efforts to bring the Summer Olympics to the Japanese capital in 2020.

The money was sent by Black Tidings Co. around the time of the September 2013 IOC meeting that decided on Tokyo as the 2020 host city and went to the bank accounts of Papa Massata Diack, 55, and his company. He is the son of Lamine Diack, who was then a voting member of the IOC as well as president of the International Association of Athletics Federations.

Four years

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NYC School Delay Sows Doubt on Mayor’s Bid for In-Person Classes

(Bloomberg) — Mayor Bill de Blasio’s decision Thursday to further delay in-person learning raised questions about whether New York will join other large school districts in reverting to all-remote learning, for at least the start of the year.

Four days before New York City schools were to reopen for in-person instruction, the mayor delayed classes for elementary schoolers until Sept. 29 and for middle- and high-school students until Oct. 1. Learning will begin remotely Sept. 21 for all but pre-kindergarten pupils and those with severe developmental disabilities.

“We’re giving schools more staff, more time and more support,” Education Chancellor Richard Carranza said at a press briefing Thursday.

New York, which has the largest school system in the U.S., is one of the few cities to plan in-person learning this month. The postponement was met with dismay by parents who have been cooped up in apartments for months and are now

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UPDATE 3-South Africa’s Woolworths reviews strategy in bid to revive profit

* Full-year HEPS down 65.1%

* Sales dip on store closures

* Food and online only star performers

* Reviewing S. African fashion business (Adds CEO presentation on strategy review, DJ cost cut initiatives)

JOHANNESBURG, Sept 17 (Reuters) – Woolworths Holdings is reviewing its South African clothing business and the food division of Australian unit David Jones to respond to fashion trends and stem losses amid a slump in earnings, its chief executive said on Thursday.

Roy Bagattini, who took over as CEO of the fashion and food retailer in February, is on a mission to improve the performance of the David Jones department store chain. His predecessor Ian Moir paid a premium to bulk up in Australia and turn the company into a leading southern hemisphere retailer.

“Although some progress has been made, our David Jones business has simply not transitioned fast enough,” Bagattini told analysts on Thursday during

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Bid to retain work visa option for foreign students stuck studying overseas

Honey also said Immigration New Zealand should resume study visa applications from people who were based overseas because the current pause on accepting applications was sending the wrong message.

“That’s actually like pinning the closed sign on the door, rather than ‘back in five minutes’. We’ve got to really think about the messaging we’ve got out there.”

Other parts of the private sector were also keen for the government to restart study visa applications for overseas applicants and provide certainty about when foreign students could return.

The chairperson of English New Zealand, Darren Conway, said accepting visa applications would keep foreign students interested in New Zealand and help avoid bottle-necks of applications when the border did reopen.

Meanwhile, he said the organisation’s members desperately needed support from the government’s $10 million fund for private tertiary institutions that had lost at least half of their foreign enrolments because of the pandemic.

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GardaWorld’s revived bid for G4S is cheap but at least credible

G4S has spent much of the past decade stumbling between blunders. Failure to take suitor GardaWorld seriously could prove to be another one.

The Canadian company went public with a potential £3bn takeover offer for the UK-listed outsourcer on Monday. It did much the same thing 17 months ago, when it announced it was in the early stages of considering an approach to G4S.

The way GardaWorld handled that mooted bid did little to lend it credibility. G4S said it did not even receive a request for information, let alone a bid proposal, in the month it took GardaWorld to pull out. The private equity-backed group was regarded then as too small and with too much leverage to be a serious bidder for G4S, with its bemusing behaviour put down to a strategic play for G4S’s cash handling business.

This time is different. G4S sold its cash business to Brink’s

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TikTok has chosen Oracle as U.S. ‘technology partner,’ rejecting Microsoft’s bid

It’s also unclear whether the Trump Administration will approve the deal with Oracle. President Trump previously issued an order that would ban the app in the U.S. beginning Sept. 20. He followed it with a second order that would essentially require TikTok’s Chinese parent company, ByteDance, to divest from its operations in the U.S.

Both Microsoft and Oracle were bidding for that business.

Microsoft said separately Sunday in a blog post that its offer to acquire TikTok‘s U.S. operations was rejected. Microsoft was the first to confirm it was courting TikTok this summer as President Trump threatened to ban the app over national security concerns.

“We are confident our proposal would have been good for TikTok’s users, while protecting national security interests,” Microsoft said in its post. “To do this, we would have made significant changes to ensure the service met the highest standards for security, privacy, online safety, and

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