Global stock markets gain as coronavirus treatment approved in US – business live

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8.37am BST
Shares in Amigo Holdings, the controversial guarantor loans provider, have tumbled by a quarter this morning after the latest salvo in a brutal battle for control of the business.
Amigo’s founder, James Benamor, remains the largest shareholder through his Richmond Group vehicle. On Friday he wrote a blog post calling for himself to be appointed as chief executive of the lender’s parent company, while keeping on newly appointed chief executive Glen Crawford as head of the lending subsidiary, Amigo Loans Ltd.
Mr Crawford has made it clear to the board that he is not prepared to work with Amigo in any circumstances where Mr Benamor returns to Amigo’s governance structure in a position of influence, and that Mr Crawford’s decision to return as CEO was predicated on the clear statement from Mr Benamor that he was selling down Richmond Group Limited’s controlling shareholding in Amigo to a position of zero.
In the event that Mr Benamor elects to requisition a general meeting for shareholders to vote on his proposals, and should he be successful in gaining shareholder approval for his proposals, the board has agreed with Mr Crawford that he may terminate his employment contract immediately. The board is strongly of the view that such an outcome would be materially detrimental to the interests of the company and its shareholders taken as a whole.
8.14am BST
Mike Ashley’s Frasers Group will use the newly purchased Dave Whelan Sports gyms to expand its Everlast fitness brand, it said on Monday.
The transaction compliments [sic] the existing gym and fitness club portfolio within the company’s group and is consistent with the group’s elevation strategy. Frasers Group looks forward to elevating the gym and fitness assets acquired pursuant to the transaction under the group’s existing iconic Everlast brand, and is also pleased to have saved a number of jobs. Continue reading...

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