Exclusive: Expedia doubles down on London as it hunts for 120 new tech brains in the capital November 10, 2022 Travel tech firm Expedia Group is planning to expand its UK operations by recruiting candidates for around 120 predominantly tech-focused roles at its London base as the travel industry rebound continues, City A.M. can reveal. London is one of the group’s tech hubs outside the US, with close to half of all employees in the [...]
WeWork cuts office space in a bid to save cash November 10, 2022 WeWork has announced it would be closing some of its US offices in a bid to save costs and boost profitability. Announcing its third quarter results, the flexible office space said it would be shutting about 40 “underperforming” offices in the US, comprising of approximately 41,000 workstations. WeWork said that although these closures are expected [...]
Haleon inches revenue forecasts higher yet again post-GSK split November 10, 2022 Haleon has inched its revenue forecasts higher, as the consumer health giant books a revenue of £2.89bn for the past three months. It is the second time bosses at London-listed Haleon have raised guidance since the split from GlaxoSmithKline (GSK) earlier this year. Haleon, which owns Sensodyne and Panadol, now expects revenue for the full year to grow [...]
Frozen Russian assets should act as ‘wake up call’ for UK government, campaigners say November 10, 2022 The billions in Russian assets frozen by UK authorities since the start of the war in Ukraine should act as a “wake up call” to the British government, to ensure it never allows a “kleptocratic regime” access to the country’s economy again, campaigners have said. The record £18.39bn in assets frozen by the UK’s [...]
Musk sends remaining Twitter staff back to office November 10, 2022 Elon Musk has ordered all Twitter staff back into the office, ending an era of remote working for the social media firm. The new chief exec told employees in an email late on Wednesday that they would need to prepare for “difficult times ahead”, according to reports from Bloomberg. Musk had already made his views [...]
‘Greening’ investor portfolios has done little to slash emissions, UBS warns November 10, 2022 The “greening” of investors’ portfolios has had little impact on the actual decarbonising of the economy, investment bank UBS warned today, as it called for a significant acceleration of financial efforts to tackle environmental collapse.
Forbes in ‘exclusive discussions’ with potential buyer after IPO flop November 10, 2022 Forbes said it has entered into “exclusive discussions” with an investor consortium as it gears up to sell the media firm. Although the value of the deal is not known, the consortium is made up of family offices and global investors. “We have entered into exclusive discussions with an interested buyer for Forbes, which is a [...]
BP oil trader loses employment lawsuit after being stripped of whistleblowing protection November 10, 2022 A BP oil trader has lost an employment lawsuit against the firm after a tribunal ruled he was not entitled to whistle-blower protections. Jonathan Zarembok, who was fired from his job after flagging concerns about potential bribes being paid to Nigerian middlemen, claimed he was forced out unfairly. He raised concerns about “abnormally large” fee [...]
Bumble tumbles as it misses Wall Street estimates November 10, 2022 Shares in the Bumble tumbled last night after the dating app’s third quarter results fell below Wall Street expectations. Although total revenue increased 16.8 per cent to $232.6m, compared to $199.1m, the dating group failed to rally momentum behind its other apps, including Badoo and Fruitz. The Badoo app and other revenue dropped 10.2 per [...]
Labour calls for business rates relief in Hunt’s autumn statement November 10, 2022 Labour has called for Jeremy Hunt to provide tax relief for small businesses in his autumn fiscal statement as firms stare down rates hikes in April. Labour deputy leader Angela Rayner told City A.M. today that the chancellor “must” next week axe the planned inflation-linked increase to business rates, while calling for a complete tax [...]