Goldman Sachs profits fall 20 per cent in first quarter amid calm markets April 15, 2019 Profits at Goldman Sachs fell 20 per cent in the first quarter with revenues dropping in its trading and equities arms as lower market volatility limited opportunities for gain. Read more: Goldman Sachs fined £34m over transaction reporting failures The Wall Street giant said the US government shutdown, US-China trade tensions, and Brexit had all [...]
Countdown to Brexit: three market indicators to watch April 15, 2019 | City Talk With politicians still struggling to agree the terms of withdrawal, investors in assets linked to the UK economy could be in for an uncertain time. UK investments have already underperformed their global peers since Britain voted to leave the EU, in June 2016. For instance, sterling is down 8.4 per cent since the vote and despite [...]
Toyota sells electric car technology to Chinese startup in return for green car credits April 15, 2019 Toyota has agreed to sell its electric car technology to Chinese startup Singulato, in a move which will give it preferential rights to buy green credits under China’s new quota system for electric vehicles (EVs). Read more: Toyota to manufacture new Suzuki model at Derby plant The green car credit system, introduced in January, requires [...]
Top Tories give backing to Theresa May until Brexit deal is agreed in parliament April 15, 2019 Top Tories lined up behind the Prime Minister today to say a leadership contest should not be triggered until a Brexit deal is passed through parliament. Foreign secretary Jeremy Hunt, who is seen as a contender for the top job along with his predecessor, Boris Johnson, said talk of a leadership contest was a “sidetrack” [...]
Energy Ombudsman warns that customer complaints are being left unsolved as suppliers go bust April 15, 2019 An independent arbiter for the energy market has said a slew of company failures over the past year means customers are not getting redress for their complaints. The Energy Ombudsman told City A.M. it is working with regulator Ofgem to find a solution to the problem to “best serve the interests of consumers.” The Ombudsman [...]
Law firm Baker McKenzie confirms death of global chair Paul Rawlinson April 15, 2019 The global chair of Baker McKenzie has passed away, the law firm has confirmed. Read more: Over here: City's legal elite under pressure from expansion of US entrants Paul Rawlinson died unexpectedly on Friday, Baker McKenzie said. He had stepped back from his role temporarily last October due to exhaustion. “It is with great sadness that [...]
Former VW boss Martin Winterkorn faces criminal charges for emissions scandal April 15, 2019 German prosecutors have charged former chief executive of Volkswagen Martin Winterkorn with fraud for his alleged part in the car maker’s diesel emissions testing scandal. Read more: Volkswagen to build Tesla-style gigafactories for electric car batteries Today, just a stone’s throw away from the firm’s Wolfsburg base, prosecutors in Braunschweig said they were pressing charges [...]
Ground to a halt: Climate change protesters smash windows at Shell’s London HQ as blockades continue April 15, 2019 Climate change protesters have attacked the London base of Shell, smashing doors and defacing the property as thousands of activists took to the streets in central London today. Read more: The cheek of it: Climate activists strip off in parliament Demonstrators graffitied the oil giant’s headquarters near Waterloo and several appeared to have glued their [...]
IWG shares soar as it seals £320m TKP Japan office space franchise deal April 15, 2019 IWG has completed its first franchise sale to send shares soaring today, as it netted £320m from the sale of its Japanese division. Read more: IWG boss mulling £2.2bn break-up of serviced office space business The firm’s share price soared 23 per cent to hit 339.30p after reaching the strategic franchise arrangement with TKP Corporation. [...]
Jeremy Corbyn could hit bank profits as hard as a no-deal Brexit, warns Citi April 15, 2019 The election of Labour leader Jeremy Corbyn as prime minister would have as damaging an effect on UK bank profits as a no-deal Brexit, according to a note from investment bank Citi. Read more: Comrade Corbyn’s statist policies would tank the British economy Labour is edging ahead of the Conservatives in the polls, with the popularity [...]