All eyes on the Pound as Sterling set for bounce on Truss’s energy bill freeze September 8, 2022 It’s a big day in the markets with Liz Truss set to confirm her energy plans. The proposals are set to place a huge burden on the UK’s already strained finances. UK energy bills are set to rise to more than £3,500 a year for the average household from October, with Truss expected to outline [...]
Melrose to break up Britain’s oldest engineering firm via GKN automotive spin-off September 8, 2022 Melrose Industries confirmed this a.m. plans to spin off the GKN automotive business in a move that will see Britain’s oldest engineering firm broken up. Turnaround specialist Melrose, which bought GKN in a controversial £8bn takeover in 2018, said it will demerge GKN’s automotive and the smaller powder metallurgy divisions from its aerospace arm into [...]
Not having it: Revolut hits back at cost-cutting claims September 8, 2022 Revolut has hit back at claims it is cost-cutting and labelled them “misleading and incorrect” today after reports it was in the midst of a major review of its cost base.
UK must pursue overseas tech talent, says start-up body September 8, 2022 A leading start-up body has championed the flow of overseas talent into the UK’s technology sector today as new figures showed that nearly one in five UK tech firms had a foreign founder.
Terrible Thursday for Darktrace as shares nosedive by 25 per cent after private equity walks away September 8, 2022 Darktrace share price jumped sharply on reports last month that it is in talks with private equity fund Thoma Bravo, although no figure was attributed to the discussions. However, this morning it was confirmed that these talks had ended with no prospect of an offer being made in the near future, although the option was [...]
Russia threatens to halt energy shipments into Europe September 8, 2022 Russia could halt all energy shipments into Europe if the West pushes through proposals for caps on the price of gas, warned Putin.
Former M&S CFO Helen Weir named new chair of National Express September 8, 2022 Former M&S CFO Helen Weir has been named the new Independent Non-Executive Director and Chair Designate of National Express.
Shares plunge as US private equity titan backs out of Darktrace takeover September 8, 2022 UK tech darling Darktrace posted revenue and customer growth and pushed back against reports that it was in takeover talks with US private equity giant Thoma Bravo.
Lloyd’s of London to give staff £2,500 helping hand ahead of winter September 8, 2022 Lloyd’s of London is to give staff earning less than £75,000 per year a £2,500 one-off payment later this month to help with surging inflation. Chief Executive John Neal told City A.M. this morning that it was set to be a “pretty rotten winter” and “as employers we’ve got an obligation to think, to care [...]
City Moves: Who’s switching jobs in the Square Mile? September 8, 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. Constantine Law Employment and regulatory specialist law firm Constantine Law has poached its latest lawyer from Bird & Bird. Nicola O’Connor, who brings over 20 years of experience to the firm, will focus on leading internal investigations [...]