Carlos Ghosn granted bail by Japanese court March 5, 2019 Former Nissan chairman Carlos Ghosn has been granted bail by a Tokyo court after serving more than three months in prison over accusations of financial misconduct. In a surprise overnight decision, a Japanese district court has set bail for the ousted boss at 1bn yen (£6.8m). The news comes in the wake of two previous [...]
City Moves for 5 March 2019 – Who’s switching jobs at Co-op, Deloitte and Hunters? March 5, 2019 Today's City Moves cover the Co-op Group, Deloitte and Hunters. Take a look at these movers and shakers. Co-op Group Central England Co-op has welcomed its new chief executive Debbie Robinson on her first day with the society. Debbie was appointed in November last year and will oversee one of the largest independent retail co-operative [...]
Revolut boss concedes to claims of ‘toxic culture’ at the startup March 5, 2019 The chief executive of London fintech startup Revolut said his firm “hasn’t always gotten things right” in an open letter late last night, after fresh allegations of a toxic culture at the company emerged last week. Former Revolut employees at both senior and junior levels described an environment of unpaid work, unachievable targets and high-staff [...]
Music streaming revenues overtake ownership for the first time amid shift to ‘rental’ market March 4, 2019 The popularity of subscription services reached record levels in the UK last year as music streaming revenues overtook ownership formats for the first time. Revenues from paid-for music subscription services such as Spotify jumped 39 per cent last year to £829m, meaning subscriptions now account for 62 per cent of all music revenues, according to figures [...]
UK digital advertising spend to grow to £15bn in 2019, report states March 4, 2019 Spending on digital advertising in the UK is set to grow to more than £15bn this year amid a boom in new digital marketing technology, a new report has revealed. Digital ad spend will enjoy double-digit growth in 2019 as the industry moves away from traditional media forms, according to the latest forecasts by Barclays [...]
Telford Homes strikes investor alliance for London plan March 4, 2019 Housebuilder Telford Homes has struck a major deal with two global real estate giants, amid efforts to offset woes in the capital’s traditional housing market by doubling down on Britain’s growing rental sector. City A.M. can reveal that the residential developer is partnering up with M&G and Invesco in a bid to tap into the [...]
Prices of petrol and diesel inch up in February after months of reduced prices March 4, 2019 The price of petrol and diesel inched up in February, ending three months of price reductions. Data from RAC Fuel Watch shows that the average price of a litre of petrol in the UK increased by just under a penny to 120.42p at the end of the month, while diesel increased by 1.24p to 129.88p [...]
Consumer spending growth slows and retail sales fall on Brexit fears March 4, 2019 Consumer spending growth and retail sales fell last month as households cut back on non-essential items amid fears over Brexit and the UK’s economic prospects. Clothing, department store and hotel spending all contracted in February, according to the latest monthly spend data from Barclaycard. Read more: Retail investors are sitting tight amid Brexit uncertainty Spending [...]
Philip Morris cuts forecasts after CA$15bn court ruling March 4, 2019 Marlboro-maker Philip Morris International cut its full-year guidance yesterday after a Canadian court last week turned down an appeal against a CA$15.6bn (£8.9bn) award to smokers to compensate for health problems. The Canadian Court of Appeal last week ruled against Philip Morris subsidiary Rothmans, Benson & Hedges (RBH), alongside Imperial Tobacco Canada and JTI-Macdonald, confirming [...]
DEBATE: Will the European Research Group’s three legal tests help pass Theresa May’s Brexit deal? March 4, 2019 Will the European Research Group’s three legal tests help pass Theresa May’s Brexit deal? Olivia Utley, deputy editor at TheArticle, says YES. The three tests proposed by the European Research Group (ESG) have been rejected by the European Union. But, although they are now off the table, the very fact that they were mooted will help Theresa [...]