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

Read More

British bookmaker William Hill PLC said it has received takeover proposals from Caesars Entertainment Inc. and Apollo Management International LLP, the latest sign of global interest in the growing U.S. sports-gambling market.

Sports betting in the U.S. was booming before the pandemic, and the monthslong shutdown of casinos for social distancing this year underscored the value of online sports wagering for major gambling operators. In recent months, betting companies have spun off digital arms and made big investments into online gambling, activity that has been accelerated by the impact of the pandemic on retail revenue, according to analysts.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

William Hill, a London-listed company that has become a major player in the U.S., said Friday that talks with the two potential suitors were ongoing but cautioned there was no

Read More

Update, Sept. 21, 2020: On Monday a Delaware court granted Tiffany & Co.’s motion to fast-track their lawsuit against LVMH. The court set a trial date of January 5, 2021.

“We appreciate the Court’s ruling today to expedite the process,” Tiffany chairman Roger Farah said in a statement. “Despite LVMH’s ongoing efforts to avoid paying the agreed-upon price for Tiffany, a trial on January 5, 2021 will hopefully lead to a ruling prior to the expiration of U.S. antitrust clearance on February 3, 2021 and enable us to protect our company and our shareholders.” LVMH, meanwhile, said in a statement that it “takes note of the decision by the Delaware Court of Chancery, which stated that the trial should begin in January 2021

Read More

(Bloomberg) — Volkswagen AG’s heavy-truck business plans to make a fresh push to acquire Navistar International Corp. after talks were put on hold amid the coronavirus pandemic, according to people familiar with the matter.

Loading...

Load Error

VW’s Traton SE is seeking to restart negotiations this month to win over Navistar’s management and the main shareholders, including billionaire investor Carl Icahn, said the people, asking not to be identified because deliberations are private.

The German company’s truck unit in January offered to buy the rest of Navistar for $35 a share in cash, or $2.9 billion, to secure a bridgehead in the U.S. heavy-truck market and step up its challenge to Daimler AG and Volvo AB. VW already own 16.7%, the second-biggest stake, according to data compiled by Bloomberg.

VW and Traton executives earlier this year stoked doubts among investors about whether the deal would move ahead after acknowledging that talks

Read More

(Bloomberg) — J.C. Penney Co.’s lenders are preparing to take ownership of the retailer as talks with potential outside buyers reach an impasse, an attorney for the company said in a bankruptcy court hearing Monday.

“We’ve hit a stalemate,” the attorney, Joshua Sussberg of Kirkland & Ellis LLP, said in the hearing. “Our lenders will no longer be held hostage” by outside bidders, he said.

The company will continue exploring bids, Sussberg said, while it works with lenders to negotiate a debt-for-equity swap in the next 10 days. The lender group originally aimed to take over J.C. Penney’s real estate but sell the retail business.

Mall owners Simon Property Group Inc. and Brookfield Property Partners had been in talks for months with J.C. Penney’s lenders about buying the retail business, but discussions over the weekend couldn’t bridge the gap between the parties, according to people with knowledge of the impasse.

Read More

Presumptive Democratic presidential nominee Joe Biden’s pick of Sen. Kamala Harris, D-Calif. as his running mate is just the latest example of how the Democratic Party is moving further and further left. But it will be at this week’s Democratic National Convention, where the party will officially nominate Biden and agree to its 2020 platform, that the policy transformation will be complete.

The four-day event begins Monday and the speaker list includes a whos-who of radical Democrats, from Sen. Elizabeth Warren, D-Mass. to Sen. Bernie Sanders, I-Vt. and Rep. Alexandria Ocasio-Cortez, D-N.Y.

TRUMP’S $400 UNEMPLOYMENT EXTENSION SPARKS PUSHBACK FROM CUOMO, NEWSOM

The writing is already on the wall.

Democrats will propose taking over large swaths of the U.S. economy. By the end of this week, moderates will no longer have a

Read More

The Hong Kong owner of English football club Wigan enquired about placing the team into administration the day before he informed the English Football League he had acquired a majority stake an independent panel said in a report.

Au Yeung Wai Kay bought Stanley Choi’s 51% stake in Next Leader Fund the owners of 2013 FA Cup winners for £20 million ($26 million) in June but on July 1 they were placed in administration.

A subsequent 12 point penalty imposed by the EFL saw them relegated to the third tier.

The club’s appeal against the penalty reasoning it was a force majeure — events out of their control — was rejected by the panel although they did express sympathy.

Wigan have been “let down by those who appear to have seen it as an opportunity for investment and profit”, the commission said.

The panel also made clear Kay was solely

Read More

(Bloomberg) — It’s been a tough day for DraftKings Inc., with the online gambling company reporting a steeper-than-expected loss and facing a tax issue that could squeeze it even more.



a close up of a screen of a cell phone: DraftKings


© Photographer: Andrew Harrer/Bloomberg
DraftKings

Jason Ader, a longtime casino-industry investor, think he knows what could help. He’s pitching the idea of DraftKings acquiring one of his holdings, the European gaming company Playtech Plc, as a way to shore up profit.

Loading...

Load Error

Playtech, an established player in Europe, generated earnings before interest, taxes, depreciation and amortization of 383 million euros ($453 million) last year. But its market value is less than $2 billion, compared with about $12 billion for the money-losing DraftKings, Ader notes.

“They should be making a stock-for-stock deal with Playtech,” he said in an interview. “If I were on their board, that’s what I’d be saying.”

Playtech declined to comment. A spokesman for Boston-based DraftKings didn’t

Read More