End of an era: Martin Gilbert’s legacy as he steps down from Standard Life Aberdeen chief executive role March 13, 2019 City veteran Martin Gilbert stepped down as joint chief executive of Standard Life Aberdeen this morning as the investment firm ditched the management structure put in place following the 2017 merger of Standard Life and Aberdeen Asset Management. The move brings to an end Gilbert's 36-year reign as chief executive of Aberdeen Asset Management, and Standard [...]
Mike Ashley’s Sports Direct accuses Debenhams of ‘deliberately misleading’ the market March 13, 2019 Mike Ashley’s Sports Direct has accused the Debenhams board of “deliberately misleading” the market as the retail tycoon continues to pile the pressure on the struggling high street firm. Sports Direct, which owns a 30 per cent stake in Debenhams, has written to the Financial Conduct Authority (FCA) with concerns that recent trading updates have misled investors [...]
Spring Statement: Hammond warns against no deal as UK slashes 2019 growth forecast March 13, 2019 The UK chancellor Philip Hammond slashed the 2019 growth forecast in his Spring Statement and said future spending and economic wellbeing are dependent on an orderly Brexit. Hammond announced that the Office for Budget Responsibility (OBR) had cut the country’s 2019 growth forecast to 1.2 per cent, down from the 1.6 per cent predicted in [...]
All at sea: To save the maritime sector from a no-deal Brexit we must extend Article 50 March 13, 2019 As the representative body for the UK’s maritime sector, we find ourselves yet again having to respond to parliament failing to provide the certainty and clarity that our country needs. It really is worth restating that we are just 16 days away from the UK’s scheduled departure from the European Union. Read more: Brexit vote [...]
Brookfield buys 62 per cent of Oaktree Capital in $4.7bn deal March 13, 2019 Canadian firm Brookfield Asset Management has agreed to buy 62 per cent of US alternative asset management company Oaktree Capital for an estimated $4.7bn (£3.56bn). The combined companies will have around $475bn of assets under management and $2.5bn of annual fee related revenue, creating one of the world’s biggest alternative asset managers. Read more: Oaktree Capital [...]
No gas boilers in new British homes after 2025, chancellor pledges March 13, 2019 New British homes will soon be built without gas boilers as the government tries to tackle emissions. The new future homes standard will ban fossil fuel heating systems in all new houses from 2025, the chancellor said today. Read more: Spring Statement: UK slashes 2019 growth forecast The measure will help homes reach “world-leading levels [...]
Boeing’s Ethiopian Airlines crash fallout: Everything you need to know March 13, 2019 The world's biggest plane manufacturer is up against the ropes. After the second fatal crash of one of a new Boeing plane model over the weekend, fingers are being pointed and whole continents have banned it from entering their airspace. As the fallout for businesses and consumers across the globe continues to ramp up, City A.M. brings you [...]
Hammond calls for competition probe into digital advertising market March 13, 2019 The government will call on the competition regulator to launch an inquiry into the digital advertising sector amid concerns about the dominance of tech giants. Presenting his Spring Statement this afternoon, Chancellor Philip Hammond said he will ask the Competition and Markets Authority (CMA) to review the market and ensure Google and Facebook “pay their [...]
Spring Statement: Chancellor to consult on new ways of funding infrastructure projects March 13, 2019 The government is to launch a consultation on how the government pays for infrastructure projects such as Crossrail and HS2 in future, the chancellor said today. In a Spring Statement overshadowed by an impending vote by MPs on whether to accept a no-deal Brexit, Philip Hammond said he would consult business on how to fund [...]
Spring Statement: Philip Hammond demands Brexit consensus as he warns of no deal dangers March 13, 2019 Philip Hammond used his Spring Statement today to urge MPs to compromise on Brexit as he launched a savage assessment on the economic risk of ‘no deal’. Speaking a day after parliament again voted down Theresa May’s withdrawal agreement, the chancellor said leaving the EU without a deal would increase unemployment and food prices, and [...]