Shares collapse at Gam as it prepares for huge full year loss, pinning hopes on turnaround strategy December 13, 2018 Fund manager Gam saw its share price plummet by 28 per cent today as it warned shareholders that it is staring at a heavy net loss for the full year. The Swiss firm predicted a net loss of SFr 925m (£736.8m), after recording a profit of SFr 123.2m last year, embarking on a turnaround strategy [...]
Want to master the art of negotiation? You need emotional intelligence December 13, 2018 With so much focus on the detail – or lack thereof – in the UK’s proposed agreement for leaving the EU, you could be forgiven for thinking that deal-making is a technocrat’s art. For the negotiation teams here in the UK and Europe, technical expertise and competences about the issues at stake are, of course, [...]
Brexit jitters dampen London property market as activity slumps, says Rics December 13, 2018 Fresh fears for the future of London’s subdued housing market have been brought to light this morning, with a new closely-followed survey suggesting that a growing number of the capital's buyers and sellers are sitting tight as Brexit jitters mount. Painting a downbeat picture for the upcoming months within London’s residential property market, the Royal [...]
Investors hit back at DNO’s unchanged bid for Faroe Petroleum December 12, 2018 Investors in Faroe Petroleum hit back at DNO’s hostile bid for the North Sea oil company today, calling it a “non-starter”. Their comments came after the Norwegian suitor pushed on with its £610m bid, setting a deadline of 2 January for shareholders to accept it. DNO, which is already Faroe’s largest investor, has offered 152p [...]
Housebuilder shares jump as market backs Prime Minister Theresa May in leadership challenge December 12, 2018 Shares in Brexit sensitive housebuilders have jumped today as the market backs Theresa May's ability to survive an impending no confidence vote. Persimmon, Taylor Wimpey, Berkeley Group and Barratt Development all saw shares increase by between 3.4 per cent to 5.5 per cent hours before Conservative MPs cast their votes on the Prime Minister’s leadership. May [...]
Brexit Live: Theresa May survives vote of no confidence December 12, 2018 Prime Minister Theresa May faces a challenge to her leadership after the threshold for triggering a vote of no confidence was reached this morning. Welcome to today’s City A.M. Brexit live blog. This post is being updated. Please refresh for the latest version. A vote will be held tonight between 6pm and 8pm after Sir Graham [...]
Suppliers uneasy about Interserve payments as outsourcer’s shares edge back from the brink December 12, 2018 Interserve’s suppliers are worried they will not receive payments from the debt-stricken outsourcer, as its share prices nudge back up from a low of 6p. Smaller subcontractors carrying out work on behalf of the company are “extremely worried they will not be paid,” said Rudi Klein, chief executive of trade body Specialist Engineering Contractors' (SEC) [...]
Network Rail offers to wrap commuters’ Christmas presents at London stations December 12, 2018 Network Rail is offering a free gift wrapping service to commuters at London train stations this Christmas. The service, which Network Rail has dubbed “Wrapland”, is available from a pop-up stall at London Bridge until tomorrow and then at King's Cross from 17 to 19 December. The stall has been set up to encourage commuters to purchase presents from shops [...]
Campaign to oust Theresa May being coordinated from Iain Duncan Smith’s office December 12, 2018 The campaign to oust Theresa May is being coordinated from the office of former leader Iain Duncan Smith, it can be revealed by City A.M. A group of Brexiters determined to end May’s leadership gathered in the plush office in Parliament on Wednesday afternoon to discuss tactics ahead of the no confidence vote set to [...]
Legal & General hires bankers to sell its general insurance business December 12, 2018 Legal & General has appointed an investment bank to sell its general insurance arm. According to Sky News, L&G has hired Fenchurch Advisory Partners to sell the business in a deal that could be valued at more than £300m. L&G previously tried to dispose of its general insurance arm three years ago, but that attempt [...]