City AM (415)

It√ʬĬôs time for a British mega-fund

Earlier this summer, SoftBank invested $500m in Improbable, the largest round of venture financing in British history. The figure is transformative, it could fire the next-gen tech company into the world’s tech elite and see founders Herman Narula and Rob Whitehead enter the pantheon of ...

Hermes revenue growth slows but weak sterling helps UK sales

French luxury brand Hermes was hit by slowing sales growth in June, but has continued to benefit from sterling's devaluation in the UK. The figures In the three months to the end of June, sales reached¬†€1.36bn , rising 8.3 per cent on a like-for-like basis. This was compared to a sales growth ...

It's official: Britons are the worst sleepers in the world

Feeling a touch bleary-eyed this morning? That's not surprising: it turns out Britons are the worst sleepers in the world. A survey by Avia Health found almost four in 10 Britons don't get enough sleep, compared with 35 per cent of Irish people, 34 per cent of Canadians - and just seven per cent of ...

Unexpected borrowing rise in June deals blow to Hammond's deficit plan

The government borrowed more money than expected in June, dealing a blow to chancellor Philip Hammond’s deficit-reduction plans. Public sector net borrowing in June reached ¬£6.9bn , ¬£2bn higher than the same point last year, according to the Office for National Statistics . Economists had ...

AstraZeneca's Pascal Soriot responds to rumours he might leave in memo

The chief executive of pharmaceuticals giant AstraZeneca has written to staff to stifle rumours he is planning to leave the company to move to an Israeli rival. Pascal Soriot told staff he expects to work with employees to see the company succeed in a memo earlier this week, according to Reuters ...

Londoners, look away: The best cities for house price growth

London is now in the bottom five of the UK's largest 20 cities when it comes to house price growth, new figures have shown.  Prices in the capital have grown just 2.9 per cent in the first half of the year, putting it just ahead of Newcastle, where prices have grown 3.6 per cent, but below Glasgow, ...

Acacia loses millions in revenue due to new Tanzania mining rules

Troubled gold miner Acacia Mining's shares tumbled as its financial performance was "significantly" hit by the company's ongoing row with the Tanzanian government in the interim period, resulting in around $175m  of lost revenue. The figures Revenue for the six months to 30 June was 22 ...

Not so epic: Moneysupermarket has been fined √ā¬£80,000 over marketing emails

Here's what happens if you keep sending emails to people after they've pressed that pesky "unsubscribe" button: insurance comparison giant Moneysupermarket has been fined £80,000 by the Information Commissioner's Office after it kept sending emails to people who had opted out of direct marketing. ...

Michael Gove tells farmers they must earn their subsidies after Brexit

Environment secretary Michael Gove is expected to tell farmers today that they must earn their subsidies as part of his plans for a "Green Brexit". He will say farmers will only be entitled to taxpayers' money if they guard the environment and promote rural life.

Euro hits highest in almost two years as Draghi fails to convince markets

The euro hit its highest point in almost two years in morning trading against the US dollar after European Central Bank president Mario Draghi failed to stem its rapid rise in recent weeks. Draghi struck a dovish tone at the meeting in Frankfurt, with no firm date given to an announcement on the ...

AO World says 'challenging' environment won't blow it off course

White goods online retailer AO World reported a “challenging” UK trading environment in its first quarter but said it is on track to achieve market expectations for the full year. British sales volumes in major domestic appliances such as dishwashers and washing machines fell in the ...

Paysafe shares have leaped after a $3.7bn bid from Blackstone and CVC

Shares in card processing firm Paysafe shot up today after two of the world's largest private equity groups made a $3.7bn takeover offer. Shares in Paysafe rose 8.7 per cent to 589.1p in early trading, after the FTSE 250-listed company said CVC Capital Partners and Blackstone had made an ...

Blackstone and CVC have made a $3.7bn bid for Paysafe

Two of the world's largest private equity groups have made a $3.7bn takeover offer for card processing firm Paysafe. In a statement this morning the company said CVC Capital Partners and Blackstone had made an initial offer for the FTSE 250-listed company in May, before hiking it to 590p per ...

British American Tobacco adds Reynolds directors as $49bn deal nears end

British American Tobacco has appointed three new non-executive directors as it prepares to close its acquisition of tobacco rival Reynolds. The new additions from Reynolds were agreed under the terms of the $49.4bn deal, which is expected to create the world’s largest listed tobacco ...

Vodafone revenues dip as India stabilises

Things were looking more encouraging for Vodafone in its first quarter, as losses from its Indian operation "stabilised". The figures Group revenue dipped¬†3.3 per cent¬†to¬†€11.5bn , with revenues in Europe falling¬†4.8 per cent¬†to €8.3bn, while revenues in Africa, the Middle East and ...

What you need to know before the open

Today's top story: Barnier: Don't use Brexit to slash taxes and red tape Today's leader: Ending austerity now? That's not what Keynes would have done As MPs retreated to their constituencies for the summer, there were still some politics to be done, as the European Commission's chief Brexit ...

New climate change dashboard forecasts global warming of more than 4√ā¬įC

Global temperatures are on course to rise by up to 4¬įC, twice as far as safe levels, according to a new Climate Progress Dashboard. The unique dashboard tracks the progress governments and industries are making towards meeting the 2¬įC temperature rise commitment global leaders made in the Paris ...

Don√ʬĬôt be a MayBot: Answer the question

Does it drive you mad when people don’t answer your questions directly? The Prime Minister is the indisputable master of this Dark Art. A few months ago, she told the BBC that the UK needed “strong and stable leadership” when asked about mugwumps. More recently, when asked by ...

Guest Notes: Our national broadcaster is our national bully

There was a lot of coverage this week about the gender pay gap among the BBC’s highest earners; rightly so. But deafening silence about their funding model. What the BBC pays the “talent” would be its own business, but for the fact that the bill is paid for via a tax enforced at ...

Underinsurance: Ministers have kicked things off... insurers must step up

Amid all the noise around Brexit, it is great to see the British Government lead on the significant issue of global underinsurance. At the G20 conference in Hamburg, UK Prime Minister Theresa May unveiled a new London Centre for Global Disaster Protection. Her plan is to use the wealth and expertise ...

How can you manage the effects of geopolitical uncertainty when investing?

Politics and geopolitics are polarising and confusing. Yet it is critical that investors integrate such criteria into their analysis. √ʬĬú absolutely should be paying attention to geopolitics,√Ę¬Ä¬Ě said Willis Sparks, the director of global macro at Eurasia Group, in an interview with Jason Voss, ...

These three scenarios show how we could hit peak oil demand as soon as 2025

Peak oil demand could be coming much sooner than expected, a new report suggests. The Boston Consulting Group  has analysed three different scenarios that would result in global peak oil demand between 2025 and 2030. While that doesn't mean a doomsday for the oil industry, companies, investors and ...

ITV screening signals change elsewhere in FTSE 100

‎First among equals: a label Dame Carolyn McCall can lay claim to this week after being named the new chief executive of ITV. It's not often that we know the full line-up of candidates for a FTSE-100 boss’s vacancy - but then, this is the media industry.

An intergenerational storm is brewing √ʬĬď politicians beware

Two announcements were issued from Westminster this week that should strike fear into the hearts of anyone under 30. On the one hand, the Conservative government has brought forward the rise in the state pension age by seven years, increasing it to 68 by 2038. On the other, the Labour party dropped ...

Brexit is Britain√ʬĬôs chance to cut red tape on vaping

This week, the government released its Tobacco Control Plan. This has been long awaited by the vaping industry – until now, we did not really know in what light it would cast our products, or if vaping would even feature in it at all. My industry colleagues and I absolutely welcome the ...

Britain√ʬĬôs railway is a barometer for our future EU relationship

David Davis recently said that the process of negotiating the UK’s exit from the EU will be “as complicated as the moon landing”. But the Brexit secretary’s lunar comparisons were vastly unnecessary. If he needed an apt juxtaposition, down here on earth, the challenges faced ...

Now is the time for some Keynesian action

Are the days of austerity numbered? With the row over public sector pay showing little sign of abating, the chances of Theresa May’s weak government abandoning its unpopular fiscal agenda appear to be growing. Chancellor Philip Hammond is making a valiant effort to resist the demands of his ...

DEBATE: √ā¬≠√ā¬≠Do businesses underestimate the value of hiring millennials?

DEBATE: ¬≠¬≠Do businesses underestimate the value of hiring millennials? YES – Jack Parsons,¬†chief executive of Yourfeed. The Vauxhall Tea House Theatre’s appalling job advert this week is a prime example of businesses grouping young people together under one negative umbrella. This ...

Aviation given priority boarding by government in run up to Brexit

Ministers have identified aviation as a “top priority” in Brexit negotiations, saying today that the government was seeking new flight rights with 44 countries to replace the EU framework governing where airlines can fly. It comes as the Department for Transport seeks input on how to ...

Almost half of British exporters have not reviewed post-Brexit plans

Almost half of British exporters have not yet reviewed their strategy for selling goods abroad since Brexit, in a “concerning” finding revealed by a survey published today. Some 48 per cent of British exporters have not yet assessed how they will respond to the various possibilities for ...

Spieth, Koepka and Kuchar set Open pace as McIlroy battles

American trio Jordan Spieth, Brooks Koepka and Matt Kuchar fired themselves into contention at The Open by carding five-under-par 65s to share a three-way tie for the lead at Royal Birkdale. Former world No1 Spieth and Kuchar both hit bogie-free rounds while Koepka, who is bidding for back-to-back ...

Barnier: Don't use Brexit to slash taxes and red tape

√ʬĬčThe EU’s chief Brexit negotiator has fired a warning shot across any British attempt to slash red tape after it leaves the bloc, saying mass deregulation would scupper hopes of a lasting trade deal with EU member states. Transcripts of Michel Barnier’s evidence to the Lords select ...

Froome wary of Uran threat to slender lead despite Alpine success

Defending¬†champion Chris Froome insists the battle for the yellow jersey is far from over, despite taking a huge step on his quest to win a fourth Tour de France title today. The Briton crossed the line fourth on the summit finish to the Col d’Izoard, just behind home favourite Romain Bardet, ...

Nottingham Building Society: Coming to a town near you?

Nottingham Building Society is continuing its aggressive expansion strategy, as it acquired seven more locations today from the Norwich and Peterborough Building Society. Although many building societies have retrenched or closed entirely in recent years, The Nottingham now has branches across ten ...

Ukraine's central bank pulls plug on PwC bank audit rights over PrivatBank

The National Bank of Ukraine announced today that it had pulled the plug on PwC's domestic bank auditing rights, after it had failed to identify a $5bn balance-sheet hole at the country's largest lender in previous audits. It comes after last December's state takeover of PrivatBank by the NBU, ...

West Ham agree deal for ex-Manchester United striker

West Ham are poised to boost their attacking options after agreeing a deal with German side Bayer Leverkusen for the signing of former Manchester United and Real Madrid striker Javier Hernandez. Hernandez, who netted 59 goals in 156 appearances during a five-year stint at Old Trafford, is due in ...

Passive funds are winning the popularity contest

For the first time ever, as many passive as active investment funds featured in Cavendish Online's ten most-bought funds in the first half of this year, the online broker has revealed. Of the five index tracking funds which featured, one more than in the same period last year, four were from ...

This Disco Pigs revival is a swine piece of theatre

Plays that operate in their own register tend to be divisive. Like last year’s A Girl is a Half-Formed Thing at the Young Vic, or pretty much any Shakespeare play, you either buy into the world and let it hug you like a language sandwich, or feel alienated by it, disowned by your native ...

Here's our pick of the new homes on sale in London this weekend

  Parkside Place, Clapham From £850,000 for a three bed, from £1.295m for a five bed Sought-after family houses are going on sale this weekend in Bourke Close near Clapham Park. In total, 20 are on sale, comprising five three bed and 15 five bedroom Рfour storeyРmews-style ...

Monaco warn Mbappe suitors tapping up will be reported to Fifa

French champions Monaco have warned suitors of in-demand teenager Kylian Mbappe that they will report any clubs who contact the striker without their consent to governing body Fifa. Mbappe, who netted 26 times in a sensational breakout campaign last season, is believed to have interested a host ...

City of Ghosts is a haunting look at Syria's freedom fighting journalists

In 2013, after ISIS took control of Raqqa, a group of citizen journalists began secretly recording and publishing their activities. Calling themselves Raqqa Is Being Slaughtered Silently , the group formed to counter ISIS’s slick propaganda machine, and deliver the truth about their atrocities ...

Insolvency Service targets seeks to return more money to creditors

The government is looking to increase the amount it distributes to creditors when it is forced to step in and wind up a struggling company. The department for business, energy and industrial strategy released figures today showing the Insolvency Service returned £46m to creditors as a result of ...

Monaco warn Mbappe suitors tapping up will be reported to Fifa

  French champions Monaco have warned suitors of in-demand teenager Kylian Mbappe that they will report any clubs who contact the striker without their consent to governing body Fifa. Mbappe, who netted 26 times in a sensational breakout campaign last season, is believed to have been targeted by ...

Top AI experts have backed British chip startup Graphcore with $30m

Some of the world's leading experts in artificial intelligence are among fresh investors to plough $30m into a Bristol-based chip startup. Google DeepMind founder Demis Hassabis and Zoubin Ghahramani, Uber's chief scientist and Cambridge university professor, are among new investors in ...

Horse racing betting tips: Super Tupi can upset market principals

SOME classy horses have won Saturday's Group Three Hackwood Stakes at Newbury in recent years, including The Tin Man , Music Master , Deacon Blues and Regal Parade . All were either winners or placed at Group One level and the only horse with a similar profile in this year’s renewal is Magical ...

Horse racing betting tips: Balding to land Straight Right in Newbury opener

WHILE Leicester City are well into their pre-season schedule, the club’s owners will have an eye on the opening seven-furlong handicap . STRAIGHT RIGHT will carry the colours of King Power Racing having been bought and stabled with Andrew Balding after finishing seventh in the Group One ...

Horse racing betting tips: Maggie may land Super Sprint hat-trick for Fahey

TRAINERS will be queuing up for the biggest pot at Newbury, the Weatherbys Super Sprint run over five furlongs. No more so than the Hannon team, who are always to be respected in this race following some golden years. Richard Snr saddled a record seven winners and his son continued their dominance ...

Frankfurt expects up to 20 banks to commit to city this year over Brexit

Frankfurt is expecting to win post-Brexit commitments from six new banks in the coming months after scoring a series of big wins this week. Nine banks have now chosen Frankfurt as the main beneficiary of Brexit-enforced movements, according to Frankfurt Main Finance , a lobby group which promotes ...

Hoochie Koochie's a strange and brilliant show that's unlike anything else

The Tate Modern’s vast new performance space has brought the fleshy mass of live human bodies to the forefront of the London art scene, but it’s the Barbican that’s scored this year’s biggest coup. For the next month New York-based choreographer and dancer Trajal Harrell will ...

Why Christopher Nolan's Dunkirk is the film of the year so far

The most striking thing about Christopher Nolan’s Dunkirk is the speed at which the mundanity of war becomes the horror of war. The opening scene follows a group of soldiers as they mooch listlessly through the ghost-town of Dunkirk, which is now well and truly surrounded by Nazi forces. Then, ...