Sacked: Football clubs change chiefs at four times the rate of top UK firms December 29, 2022 Football clubs have proved they are a more ruthless group than Britain’s biggest firms this year as top clubs sacked their bosses at four times the rate of FTSE-100 firms.
Goldman Sachs poised to slash headcount next month December 29, 2022 The chief of Goldman Sachs has warned staff he will slash the bank’s headcount by around eight per cent next month in a bid to bolster profits in the face of recession next year.
Lawyers for Covid contract firm Randox pile pressure on MPs over ‘misleading’ report December 29, 2022 Lawyers for a firm paid hundreds of millions of pounds for Covid-19 testing contracts have stepped up pressure on an influential Commons committee over a “misleading” report. The Public Accounts Committee has received a series of legal letters from Randox Laboratories’ lawyers Schillings, over the content of its report. Although some of the correspondence has [...]
EXCL – Majestic Wine’s CEO John Colley on why 2022 will go down as the year of fizz December 29, 2022 Two years ago Majestic Wine went private, under the ownership of Fortress Investment. As a private entity, the company has enjoyed two years of transformation and the results have not gone unnoticed in the City: record growth and record sales. The Watford-based wine giant also opened a number of new branches and undertook a turn-around plan whilst [...]
EXCL – Why Private Equity’s appetite for aggressive takeovers will only increase in 2023 December 29, 2022 It’s no surprise that economic turmoil often drives consolidation. Companies may be struggling to survive and looking to M&A as a way to drive value. Not to mention the current weak pound that makes UK-based businesses, especially those with a global footprint, more attractive to overseas buyers. City experts don’t expect that to change in [...]
The City in 2023: Real estate and infrastructure increasingly inflation-proof alternatives for investors December 29, 2022 Half of UK investors have either made alternative investments this year or are considering doing so in 2023 as they seek inflation-beating options. They primarily focus on investments in assets such infrastructure, real estate but also private equity and commodities. Two in five investors are more likely to consider alternative investments as a result of [...]
Wealthy Brits see inflation as biggest threat in 2023 with worst sleep for older millionaires December 29, 2022 High-net-worth-individuals see inflation as the most significant risk to their personal finances in 2023. While younger respondents remain fairly confident in the future of the UK economy and their own wealth, older HNWIs express significant concerns. Just a third (34%) of 55-64s and less than a quarter (23%) of over 65s say they feel confident [...]
ExxonMobil sues EU over plans for bloc-wide windfall tax December 28, 2022 ExxonMobil has filed a lawsuit against the EU in a bid to overturn the trading bloc’s plans to impose a windfall tax on energy companies. The US oil major is seeking to challenge the EU’s authority to impose a 33 per cent levy on energy companies’ profits during the fiscal year 2022. Two of [...]
Oil giant BP completes £2.7bn purchase of US renewable energy firm Archaea December 28, 2022 Oil giant BP has completed the purchase of renewable natural gas (RNG) provider Archaea Energy for almost £3bn. The purchase of the Texas-based firm will help to expand its presence in the US biogas industry, accelerating its bid to decarbintion. It has been agreed for $3.3 billion (£2.7bn) in cash, as well as around $800 [...]
Not ‘appropriate’ for UK to publish details of post-Brexit Israel trade deal impact December 28, 2022 The government has said it is not “appropriate” to publish full details of a post-Brexit trade deal with Israel. Details of the agreement which boosts £5bn trade between the countries won’t be made public, the department for international trade (DIT) confirmed today. The deal has a strong focus on boosting UK services exports to the [...]