Theresa May poised to extend Article 50 beyond March to head off a no-deal Brexit February 25, 2019 Theresa May is poised to ask the EU to delay Brexit after Tory MPs drew up an amendment to grant the Prime Minister more time in the negotiations. Last night May caused more anger in the business community when she announced that she would in fact hold the meaningful vote on 12 March, just two [...]
Hammerson announces £500m property disposal programme as it swings to a loss February 25, 2019 Shopping centre owner Hammerson has outlined plans to offload more sites in a bid to raise more than £500m following activist investor pressure. The figures The disposal programme was outlined in Hammerson’s full-year results for 2018, in which the firm announced a £268.1m loss. In the year to 31 December net rental income dropped 6.2 [...]
Facebook, social media and ads – when will marketers abandon the network? February 25, 2019 The Facebook-Google duopoly has a stranglehold over internet advertising. While the search engine dominates the pairing, Mark Zuckerberg’s creation is no slouch – last year, more than a fifth (21.8 per cent) of all US digital ad spending went to the social media network, equivalent to $28.2bn (£21.7bn). But the company is in hot water, [...]
Acquisition-heavy Bunzl drops from all-time share high as margins get squeezed February 25, 2019 Bunzl stumbled from an all-time high share price this morning as the company’s margins were squeezed to a several-year low. The figures The distribution and sourcing firm grew revenue six per cent to £9.1bn in the 2018 financial year, it announce this morning. Adjusted operating profit, which strips out acquisition costs, some pensions charges and [...]
‘Bridge over Brexit’: UK and US strike post-Brexit derivatives and trading deal in major boost for the City February 25, 2019 Derivatives trading and clearing between the UK and the US will continue as normal regardless of the outcome of Brexit, the Bank of England said today in a major boost for the City. The US Commodity Futures Trading Commission (CFTC), the Bank of England and UK watchdog the Financial Conduct Authority (FCA) have struck a deal to [...]
Barclays rallies as shareholders promised more February 25, 2019 | City Talk In a bear trend since 2007, Barclays has won over the market with this update, at least temporarily. These numbers from Barclays (LSE:BARC) have been well received on the basis of "jam tomorrow", as the high street bank continues to suffer from litigation and conduct fines, whilst growing strongly excluding these charges. The increase to [...]
Daily Mail reviews options for financial magazine publisher Euromoney February 25, 2019 The owner of the Daily Mail is “reviewing options” for its holding in financial publisher Euromoney. The announcement follows reports over the weekend that Daily Mail and General Trust (DMGT) has lined up a £750m sale of its 49 per cent stake in Euromoney Institutional Investor. Read more: Daily Mail online ad revenue helps offset print [...]
Karren Brady quits her role as chair of Sir Philip Green’s retail empire February 25, 2019 Baroness Karren Brady has resigned from Sir Philip Green’s retail investment firm just days after saying she owed it to staff to stay at the company. Brady has quit her post of non-executive chairman of Taveta Investments, the company behind Sir Philip’s Arcadia Group, which includes such brands as Topshop, the firm announced this morning. [...]
Hiscox profits treble as London market returns to growth February 25, 2019 Insurer Hiscox announced its profits trebled last year as it returned to growth in its London market for the first time in three years. The firm also revealed that it has completed its Brexit preparations and is ready for the UK to leave the EU “even if British politicians are not”. The figures Pre-tax profit was [...]
An appetite for business: Deliveroo doubles down on corporate eating February 25, 2019 Late night dinners around the boardroom table have become something of a staple in modern City life, particularly for those working in demanding sectors. Food delivery startup Deliveroo is readying itself to take full advantage of that, with plans to double staff numbers in its business teams to 200 globally by the end of this year. [...]