Indivior sells China opioid treatment drug as it looks to focus on its core products February 4, 2019 Drug company Indivior has agreed to sell its rights related to the Sai Bo Song (buprenorphine, naloxone) tablet in China to Zhejiang Pukang Biotechnology for $122.5m (£93.6m). The pharmaceutical company said the sale of the tablet was part of its strategy to focus its resources on its core assets and markets. "The divestiture of the [...]
Time to appreciate the perks of the job? February 4, 2019 For full-time office workers blinking out of the window onto the cold, grey, concrete City, the advantages that they enjoy over the self-employed might not seem obvious. You daydream about rocking up at one of those shared workspaces at 11am in your jeans, laptop on your back, ready for a self-managed day of freelancing, and [...]
The bonus is on you: Santander’s recent saga highlights the problems with deferred rewards February 4, 2019 Star investment banker Andrea Orcel was about to take the top job at Santander. And then he wasn’t. It turns out that the bank hadn’t quite realised how expensive Orcel would be, resulting in an unprecedented U-turn, as the board announced that Santander wouldn’t be hiring him after all. While Jose Antonio Alvarez will continue [...]
Flybe to give investors a vote on chairman’s future as major shareholder applies pressure over Virgin bid February 4, 2019 Flybe will ask shareholders to vote on whether or not to remove its chairman as the struggling airline tries to keep a cut-price takeover on course in the face of investor pressure. The budget flyer, which is set to be taken over by a group led by Virgin Atlantic, has agreed to set a date [...]
Ryanair falls to €20m loss as O’Leary signs new five-year contract February 4, 2019 Budget airline Ryanair today said it suffered a €20m (£17.5m) loss in the third quarter of its financial year, blaming weaker ticket prices. The airline also said that longstanding chief executive Michael O’Leary had signed a five-year contract for the role of group chief executive, as the company moves to a new structure. Read more: Ryanair [...]
HSBC, Goldman and Lord Fink back City fintech firm Bud February 4, 2019 Fintech startup Bud has closed a $20m (£15.3m) funding round from investors such as HSBC, Goldman Sachs and former Man Group boss Lord Stanley Fink. Other investors included Investec’s INVC fund, ANZ Bank, the corporate venture arm of Banco Sabadell and 9 Yards, the venture capital firm which lists former chancellor George Osborne among its [...]
City Moves for 4 February – who’s switching jobs at Accel, BCLP and Zoopla? February 4, 2019 Who’s on the move today? Accel Accel, the leading global venture capital firm, today announces that Andrei Brasoveanu and Seth Pierrepont have both been named as partner, strengthening Accel’s team in London. Andrei is promoted to partner from his previous role as principal at Accel and will remain focused on investments in enterprise software, cloud [...]
JP Morgan takes minority stake in London startup Smart Pension February 4, 2019 Banking behemoth JP Morgan has made a strategic investment in workplace pensions startup Smart Pension, the firm will announce today, as part of a fresh equity funding round. The size of the round was undisclosed, however Smart Pension said it had raised around £50m to date. JP Morgan took a minority equity stake as part of [...]
BDO completes its merger with Moore Stephens February 4, 2019 BDO has completed its merger with Moore Stephens, forming a new fifth-largest UK audit firm. The announcement arrives alongside new audit contract figures for the Alternative Investment Market (Aim) clients, which show the accountancy firm has expanded its junior market dominance. The new firm – which will operate under the BDO moniker as part of [...]
Starling Bank courts Irish banking licence as it launches euro accounts February 4, 2019 London digital challenger bank Starling is today kicking off preparations to apply for an Irish banking licence, as it launches support for euro currency accounts this week. Offered to its users based in the UK, the euro account will be available alongside Starling’s existing pound account in order for customers to hold, send and receive euros with [...]