Viasat and Inmarsat $7.3bn merger could choke competition in wifi market, says CMA October 6, 2022 Viasat and Inmarsat’s $7.3bn (£6.4bn) merger faces further scrutiny from the UK’s competition watchdog over concerns it will choke competition in the aviation sector’s on-board wifi market. The Competition and Markets Authority said today that with both companies having a strong presence in the aviation market, the deal would remove a significant element of competition [...]
Woodford fund manager set to return £20m to burnt investors October 6, 2022 The manager of Neil Woodford’s collapsed investment fund said today it plans to give £20m back to investors after it was warned by the financial watchdog it would be hit with a hefty bill over its role in the scandal last month.
Mark Kleinman: Vodafone pressure, steel woes and a new business boss October 6, 2022 Mark Kleinman is the man the City reads – and in his fortnightly column for City A.M., he shares his insight and analysis. Vodafone boss hopes deal eases the pressure At last, an engaged tone. Two months after I wrote in this column that Nick Read, the Vodafone chief executive, was looking nervously over his [...]
Samsung braces for biggest profit slump in years as consumer tech demand dries up October 6, 2022 Samsung Electronics could be swallowing its biggest profit slump in nearly three years in the third quarter, as a global economic crunch weighs on demand for consumer tech. The Korean technology giant may have had its profit dwindle by 25 per cent to $8.3bn (£7.3bn) in the three months to September, according to analysis by [...]
CMC profits to hit £150m as retail traders look to capitalise on volatility October 6, 2022 Trading platform CMC Markets said it was expecting a jump in profits in the first half of the year after online traders poured onto its platform to try and profit from volatility that has rocked markets.
Gambling titan 888 makes debut in Africa October 6, 2022 888 has today launched its African offering 888bet with with local licences in Kenya, Tanzania, Mozambique, and Zambia, paving the way for further expansion in the region. The gambling titan launched an African joint venture 888AFRICA back in March to expand across Africa’s regulated online betting and gaming markets. 888AFRICA’s team said it has focused on customer [...]
Shell says profits will be hit by weaker gas trading October 6, 2022 Shell warned that its third-quarter profits would be dented today after it weathered a sharp rise in refining costs and weaker earnings from natural gas trading.
Imperial Brands plans £1bn share buyback to help investors cash in on growth October 6, 2022 Imperial Brands announced that it has launched a £1bn buyback programme to reward loyal investors, which have helped the firm climb towards the top of the FTSE 100. The cigarette giant, which makes brands like Rizla and JPS, said it would repurchase as much as 5.3 per cent of its stock in a year-long programme: [...]
City Moves: Who’s switching jobs in the Square Mile? October 6, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. BGF BGF has bolstered its investment team in London with a new lead to oversee the healthcare sector. Sonia Powar, a former partner at capital and venture debt firm BOOST&Co, first launched her career at PwC where [...]
Tobacco chief denies unfair Western focus for vape strategy October 6, 2022 Top dog at cigarette giant British American Tobacco (BAT) has pushed back against claims that the company’s focus for smoking alternatives has unfairly focused on the West, calling this narrative “superficial”. Speaking to City A.M., chief marketing officer Kingsley Wheaton said that whilst it was “certainly true” that the northern hemisphere have a “more advanced [...]