City AM (419)

Luxembourg minister warns EU against letting the City of London drift away

Luxembourg's finance minister has warned EU leaders that taking a hard line approach towards a Brexit deal risks letting the City “drift away into the Atlantic”. Pierre Gramegna urged leaders to strike a collaborative accord allowing the “number one financial centre in the ...

Blow for England as Hartley, Hughes and Marler cited

Skipper Dylan Hartley is one of three England forwards set to face disciplinary action after being cited less than three weeks before the start of the autumn internationals. European Professional Club Rugby has confirmed that hooker Hartley, No8 Nathan Hughes and prop Joe Marler face hearings on ...

London won't be replicated as a financial centre, says BoE deputy governor

The Bank of England's deputy governor for financial stability has expressed confidence in the City of London's standing as a financial hub post-Brexit, saying he does not see its success being replicated on the continent. Sir Jon Cunliffe, a member of the Bank's Monetary Policy Committee , told the ...

Former HSBC banker found guilty of fraud

A US jury has found a former HSBC executive guilty of defrauding Cairn Energy in a 2011 currency trade. Mark Johnson, who formerly headed up the bank’s head of global cash foreign exchange trading, was found to have orchestrated a scheme to ramp up the price of sterling ahead of a trade for ...

United legend confirms interest in Everton and Leicester jobs

Former Manchester United winger Ryan Giggs has confirmed his interest in replacing Ronald Koeman as boss of Everton and also the vacant managerial position at Leicester City. Giggs, who is United’s record appearance maker with 963, has been keen to move into management since leaving his ...

Sir Hector Sants to give secret evidence in Lloyds-HBOS court case

Sir Hector Sants, the former head of the financial regulator, will give secret evidence in a High Court trial brought by shareholders against Lloyds over its acquisition of HBOS back in 2008. Lloyds Banking Group and five former directors are being sued by 6,000 investors over the decision to ...

MPs to scrutinise impact of Brexit on aviation in one-off evidence session

MPs will¬†hold a one-off session next week to consider Brexit’s impact on aviation, after the industry has called for certainty on flying rights when Britain leaves the European Union. The Transport Select Committee has invited airline and airport representatives to the evidence¬†session, ...

Final deal must be in place before transition, May tells MPs

Theresa May told MPs that a final deal should be in place before transition can be agreed, as she came under pressure from all sides to give businesses and citizens urgent clarity on life after March 2019. During an update to the Commons after last week's European Council the Prime ...

Doctor, doctor, I√ʬĬôm too busy to go to the GP... It√ʬĬôs no joke

Professionals¬†are some of the worst patients. They are prone to ignoring symptoms until they are nearly at death’s door because they simply don’t feel like they have the time required to queue up for a GP appointment. Professionals worry that taking time off for a sick day might ...

BT pension black hole could reduce √ʬĬď not rise √ʬĬď by billions

BT's troublesome pension black hole is set to reduce by billions of pounds as expectations of an interest rate rise mount, analysts said today. Previously, consensus opinion has been that BT's retirement deficit would swell from £8.7bn to around £11bn. But in a report by RBC Capital Markets, ...

Councils under pressure after delays to business rates relief

London councils have come under pressure after failing to hand out business rates relief six months after it was allocated to them by the government. Local authorities including the City of London, Tower Hamlets, Hackney and Islington have not yet allocated relief funding, according to a list ...

Arqiva shuns private sale in favour of raising √ā¬£1.5bn from London float

Arqiva, the firm that owns the majority of Britain's UK TV and radio masts, today revealed plans to raise £1.5bn through a London stock market float. The announcement comes after an attempt at a private sale fell apart on Friday. The listing would be the City's largest of 2017. Owned by Canadian ...

England can win Ashes without Stokes, insists Aussie Johnson

England's former tormentor-in-chief Mitchell Johnson believes the potential loss of all-rounder Ben Stokes does not end their hopes of retaining the Ashes during the winter’s battle with Australia. Test vice-captain Stokes was arrested on suspicion of causing actual bodily harm outside a ...

Bankers work on √ā¬£400m debt financing for Pure Gym sale

Bankers are working on securing £400m of debt financing for a possible sale of Pure Gym, according to Reuters. Harris Williams and Jefferies are acting as advisors on a sale process, and the final round of bids ends at the beginning of November.  Pure Gym's major shareholder is CCMP Capital ...

Amber Rudd's plan to register EU citizens is illegal, say MEPs

The government's plan to register citizens from the EU may be illegal and could be blocked by European parliament, a group of MEPs have claimed. In a letter to home secretary Amber Rudd, a group of cross-party MEPs argue that the plan to register some individuals from the start of the so-called ...

London√ʬĬôs no longer the UK√ʬĬôs leading smart city

Bristol has overtaken London as the UK’s leading smart city a new index reveals. The south west city leapfrogged the capital when it comes to how it approaches¬†digital innovation and its¬†vision for a connected city. Under the so-called smart cities label comes tech such as driverless ...

Transferwise is shaking up its money transfer fees

Star startup Transferwise is shaking up its fee structure as it chases profitability, the latest fintech to look more closely at how it charges customers.  The cost of transferring cash from the UK to Eurozone countries, Switzerland, the US and Australia has been lowered by between 0.1 and 0.35 ...

John Lewis opens a new store tomorrow - here's everything you need to know

John Lewis is opening an ambitious new store in Oxford tomorrow, the culmination of an £18m plan to "reinvent the department store". The rise of online shopping has changed what people want from retail stores, and John Lewis' 120,000 sq ft outlet in Oxford's Westgate development will sell both ...

Billionaire Saudi prince calls bitcoin the next Enron

Billionaire investor and Saudi prince Alwaleed bin Talal has slammed bitcoin and called it "Enron in the making". He predicts the cryptocurrency, which is on a streak hitting all time highs over the weekend will "implode" in a scathing comment on the nearly $100bn market.

Sam Torrance: Why Sergio Garcia won't win Race To Dubai

It was a lovely scene. Sergio Garcia, having just clinched the Andalucia Valderrama Masters in his native Spain, bathed in the applause from the huge home crowds, which included his parents and his new wife, Angela Akins, who is expecting their first child. Joost Luiten, who knows first-hand the ...

PPI complaints rocketed before the FCA launched its Arnie deadline campaign

Payment protection insurance complaints jumped in the first half of 2017, hitting a three year high, the City regulator said today. PPI complaints rose by 24 per cent to 1.1m from 899,000 in the first half of 2016. The rise came before a controversial deadline was put in place on PPI mis-selling ...

FCA plans 'focused investigation' into RBS-GRG

The Financial Conduct Authority has published an update of its review into Royal Bank of Scotland's treatment of small businesses within the Global Restructuring Group amid growing pressure for transparency. The City watchdog has said it is "investigating matters arising" from the report, adding it ...

Everton have sacked manager Ronald Koeman

Everton have sacked manager Ronald Koeman after just nine games of the new Premier League season. The Dutchman only took charge at Goodison Park in summer 2016 and oversaw £140m of investment in new players during the summer. The decision follows Sunday's 5-2 thrashing at home to Arsenal, which ...

Dr Martens boosts revenue with expansion across Asia

Shoe retailer Dr Martens' revenue jumped last year as it expanded its sales in Asia. The figures For the year to 31 March, the shoe retailer's group revenue jumped 25 per cent to £290.6m.

European banking sector continues painful path to recovery

Europe’s banks took further steps on the painful recovery path last year, but non-performing loans still loom over the sector, according to European Central Bank data published today. The number of credit institutions in the Eurozone fell from 2,379 in 2015 to 2,290 last year, the ECB said, ...

British manufacturing order growth wobbles despite export strength

Orders for the British manufacturing sector softened in the three months to October, with growing signs of nerves for the coming quarter, according to a survey published today. A negative balance of two per cent of firms reported order books were above normal, representing a sharp drop from the 10 ...

A 'tormented' PM 'begged' for Juncker's help

The Prime Minister was "begging" Jean-Claude Juncker for his help during her 11th hour dinner just days before the European Council meeting that blocked talks from opening up to trade and transition. The Frankfurter Allgemeine Sonntagszeitung - better known as Faz - said the dinner was "quite ...

HelloFresh IPO: Meal kit delivery startup wants a √ʬā¬¨1.5bn valuation

Cookery kit maker HelloFresh¬†is hoping to raise up to €357m when it floats on the stock market, implying a valuation of €1.5bn. The German food firm, the majority of which is owned by e-commerce investor Rocket Internet,¬†plans to sell as many as 31m new shares within a price range of ...

Hit the brakes: Pendragon shares sink after it warns on profits

Shares in the UK's largest car dealership Pendragon dropped as much as 23 per cent this morning after it became the latest UK firm to warn on profits. Pendragon said it expects pre-tax profit to be around £60m in 2017 compared with expectations of £75.2m, according to Reuters data. The firm ...

FCA slaps Merrill Lynch with √ā¬£34.5m fine for derivative trading failings

The City's top watchdog has slapped banking giant Merrill Lynch with a £34.5m fine for not reporting tens of millions of derivative trades over a two year period. The groundbreaking enforcement action by the Financial Conduct Authority follows Merrill Lynch's failure to report details of 68.5m ...

Boris Johnson urges dialogue amid fear of 'nuclear Sword of Damocles'

Boris Johnson has stressed the importance of diplomatic solutions to the growing aggression of North Korea as the world increasingly fears the "nuclear Sword of Damocles".¬† While the US has¬†“an absolute duty” to prepare for a possible military option in the event of an attack, the ...

Legal services: It√ʬĬôs time to be transparent about pricing

For too long, pricing has been the thorn in the side for many businesses employing legal services firms. Last year, the Competition and Markets Authority published a damning report on legal services in the UK, highlighting the impenetrable nature of pricing for clients. Around £11-12bn a year is ...

The UK now has the most breweries since the 1930s

The number of breweries in the UK jumped almost 20 per cent last year, according to a new study, putting the total at its highest since the 1930s. The research, by UHY Hacker Young, found there were 1,994 breweries in the UK at the end of 2016, up 18 per cent from the 1,692 recorded at the end of ...

Shouting at consumers is a losing game √ʬĬď it's time for a rethink

Shouting at customers – or advertising, as it has been called for the last century or so – is a losing game. Scott Galloway, clinical professor of marketing at the New York University Stern School of Business, recently said that advertising is becoming “a tax on the poor”. If ...

New Wolff Olins boss Sairah Ashman on taking up the top job

The opportunity to climb the meritocratic ladder, one rung at a time, is one of capitalism’s greatest feats. If you’re good at something and stick to it, eventually you’ll reach the top. Sairah Ashman, chief executive at brand consultancy Wolff Olins, is testament to that notion. ...

Hiver beers founder Hannah Rhodes is turning bees to money

Even the most hardened City hack might consider turning down the offer of a drink at 11am. But for you, City A.M. readers, this reporter went the extra mile. The Bermondsey Beer Mile, that is. I’m here to meet Hannah Rhodes, founder of Hiver beers. Following a decade in the drinks industry, ...

Miner Petra Diamonds' revenue has been hit by a row with Tanzania

Petra Diamonds' sales took a hit in the first quarter after the government of Tanzania seized a parcel of diamonds amid a probe of the sector. In a trading update for the first quarter, Petra Diamonds revealed its revenue dropped 17 per cent to $78.7m  from 711,277 carats sold. "No sales from ...

The 'Wolf of Wall Street' fraudster thinks ICOs are a scam

The man who earned himself the nickname the Wolf of Wall Street and inspired the Hollywood movie of the same name has weighed in on the initial coin offering craze. And it's not a favourable opinion. Jordan Belfort, who served 22 months prison time for securities fraud and money laundering and was ...

Debenhams accused of bullying suppliers

Debenhams has hit back at accusations that it has been bullying its suppliers as it gears up to announce a fall in profits this week. The department store asked for several deductions from one of its suppliers, the Telegraph reported, and even demanded a 16.7 per cent discount if it paid the small ...

Japan's stock market greets Abe election win with two-decade high

Japan's flagship stock index hit its highest point since 1996 today after the resounding victory of Prime Minister Shinzo Abe in last night's election. The Nikkei 225 index gained 1.11 per cent in Monday trading to close at 21,696.65 points, after hitting a high of 21,723.60 late last night. The ...

Spire Healthcare shares surge after it rejects Mediclinic takeover offer

Spire Healthcare has rejected an takeover offer from FTSE 100 private hospital group Mediclinic, saying it "significantly undervalues" the firm. Shares in the UK private hospital firm shot up by more than 11 per cent at the time of writing to reach a high of 295.07p. Mediclinic, which already owns ...

Troubled Interserve notches up another win with √ā¬£140m BBC contract

Interserve has been granted a £140m contract extension with the BBC, and will continue providing facilities services to the broadcaster until 2023. Shares in the group went up 2.8 per cent at the open.  The group provides broadcast engineering, energy and utilities management, cleaning, portering ...

Spire Healthcare rejects Mediclinic takeover offer

Spire Healthcare has rejected an takeover offer from FTSE 100 private hospital group Mediclinic, saying it "significantly undervalues" the firm. Mediclinic, which already owns 29.9 per cent of Spire, last Wednesday submitted an offer valued at 298.6 pence per share. However, the board – ...

What you need to know before the open

Today's top story: Sajid Javid proposes government borrowing to kick-start housebuilding Today's leader: Sajid Javid has grabbed the housebuilding agenda The Conservative government has clearly decided it needs to do more to address the housing crisis that analysts from across the political spectrum ...

This business group wants Philip Hammond to stop reducing corporation tax

Planned reductions to corporation tax should be paused at the next Budget to fund business rates relief, the British Chambers of Commerce said today. The BCC called for the government’s “business tax road map”, which aims to reduce corporation tax to 17 per cent by 2019, to be ...

JP Morgan's using this fintech's data tool across all fixed income trading

Investment banking giant JP Morgan is tapping a UK fintech startup to help it delve into its treasure trove of trading data in a rare move for the firm. Mosaic's smart data platform will be rolled out across the bank's entire fixed income trading business following months of testing as part of ...

Increasing electricity imports from Europe puts Britain's supply at risk

The UK is becoming overly dependent on electricity imports from Europe, a think tank has warned. The Centre for Policy Studies will today publish a report that argues Britain has begun importing an increasing amount of electricity from continental Europe. A projected 67 terawatt hours will be ...

London's T-Charge: The world's 'toughest emission standard' starts today

A heavy charge on older, more polluting vehicles entering central London comes into effect today. The T-Charge, also known as the emissions surcharge, means vehicles in the area will need to meet minimum exhaust emission standards or drivers will have to pay a daily £10 charge on top of the ...

IAG profit to fly higher as investors keep an eye on cost control

All eyes have been on the aviation sector of late, what with Ryanair's mass flight cancellations, Alitalia and Air Berlin entering administration, and Monarch Airlines' collapse earlier this month. This week, attention turns to British Airways owner IAG which has third quarter results out on Friday. ...

Consumer confidence has rallied despite a squeeze on household finances

Consumer confidence in the UK has risen for the first time this year, buoyed by positive sentiments around employment. Consumer confidence was up three points to a negative reading of seven, according to a survey released today by accountants Deloitte. This marked the first rise since the same ...