A market cap is the quickest way to inject some competition into audit March 7, 2019 As you read this, the Kingman review, the Competition and Markets Authority review, the Brydon review, and the Business, Energy and Industrial Strategy Select Committee are all scrutinising the audit profession following a series of high-profile scandals. Failures such as Carillion, BHS, and Patisserie Valerie present very different problems, but each case rightly led to [...]
Melrose moves into red after GKN takeover, but shareholders remain undeterred March 7, 2019 Acquisition specialist Melrose Industries fell into the red in 2018 after the £8bn takeover of aerospace parts group GKN, but shares rose five per cent on Thursday morning investors were buoyed by strong underlying profits. The FTSE 100 firm, which specialises in buying and improving underperforming businesses, said the hostile takeover of GKN had helped [...]
Quiz shares in freefall as retailer issues second profit warning of the year March 7, 2019 Fashion retailer Quiz saw its share price nosedive this morning after issuing its second profit warning of the year. Shares in the clothes brand plummeted more than 40 per cent in early trading after it revised its full-year revenue forecast to £129m, down from the £133m estimate posted in January. Read more: Quiz shares tumble [...]
Runway East plugs £1m into 1,000-person startup hub in London Bridge March 7, 2019 London startup workspace provider Runway East has announced plans to double the size of its existing South London hub to accommodate 1,000 workers. Read more: London startup space Tech Hub grabs new Shoreditch venue in City expansion The firm told City A.M. it will spend £1m on the expansion, in response to high demand from [...]
A third of UK energy to come from offshore wind by 2030, government says March 7, 2019 A third of the UK’s energy will come from offshore windfarms by the end of the next decade, the government said today as it signed a new deal with the industry. Companies will invest £250m to develop the supply chain, and increase global exports to countries including Japan and the US, fivefold under the new plan. [...]
Sweetening the deal: Greggs’ profits rise as bakery chain hails record breaking year March 7, 2019 Greggs’ baked goods weren’t the only thing rising in 2018, as revenues broke the £1bn mark for the first time ever in a record-breaking year for the pastry-making giant. The firm, which recently drew headlines for the launch a vegan version of its flagship sausage roll, said it had recovered from a “very challenging first [...]
Chinese telecoms giant Huawei sues US government after federal equipment ban in wake of spying claims March 7, 2019 Chinese mobile phone giant Huawei has sued the US government, saying a law introduced in August which limits its US business is unconstitutional. The embattled telecoms maker filed a complaint in a federal court in Texas on Thursday against the National Defense Authorization Act (NDAA), part of which prevents federal agencies and their contractors from [...]
Advertising industry group hits back in row over junk food ad bans March 7, 2019 Restrictions on junk food adverts have a huge economic impact and fail to address the problem of childhood obesity, the advertising industry body has said. In a report published today the Advertising Association (AA) states children’s exposure to adverts for products with high fat, salt or sugar (HFSS) contents has declined in recent years, yet [...]
Euronext confident Oslo Bors deal could be done by end of May despite Nasdaq battle March 7, 2019 Pan-European exchange Euronext has ramped up its battle with Nasdaq for Norwegian stock exchange Oslo Bors claiming its takeover bid is all but a done deal. The US stock exchange giant improved its offer earlier this week to match that of Euronext, and also gained the support of the Oslo Bors board. Read more: Nasdaq [...]
City Moves for 7 March 2019 – Who’s switching jobs at Oliver Wyman, Croud and Fieldfisher? March 7, 2019 Today's City Moves include Oliver Wyman, Croud and Fieldfisher. Oliver Wyman David Gillespie has today been appointed head of UK and Ireland at global management consultancy Oliver Wyman. In his new role, reporting to Davide Taliente, head of EMEA, Gillespie will lead the firm’s UK businesses while continuing to head up its established UK banking [...]