Tariff man Trump is the most economically illiterate President in US history December 6, 2018 America and China may have called a truce in the trade war, but nobody seems to have told the President. On Tuesday, Donald Trump tweeted: “I am a tariff man. When countries come in to raid the great wealth of our nation, I want them to pay for the privilege of doing so.” I don’t have [...]
Ted Baker appoints law firm Herbert Smith Freehills to probe hugging claims December 6, 2018 Fashion chain Ted Baker said this morning it has appointed law firm Herbert Smith Freehills (HSF) to investigate claims of forced hugging by its boss Ray Kelvin. The Ftse 250 chain’s shares have been battered since the news emerged that the fashion retailer has launched an internal investigation into harassment claims. In a trading update [...]
Outgoing Unilever chief makes plea for unity in speech to shareholders December 6, 2018 Outgoing Unilever boss Paul Polman has asked shareholders to trust his successor as he prepares to step down next month. The Dutchman announced his resignation months after investors shot down plans to combine the company’s London headquarters with that in the Netherlands. Polman, 62, said investors will have to trust his successor Alan Jope, a [...]
Sir Martin Sorrell fights hard to remain king of adland December 6, 2018 Sir Martin Sorrell channelled his inner Frank Sinatra recently and proclaimed that the success of his new venture S4 Capital would be “the best form of revenge” against WPP. “I want to build the best,” the businessman said of his new advertising outfit, which he previously called a “peanut” in comparison to the global scale [...]
Sadiq Khan slams Westminster Council for pulling out of £80m TfL Oxford Street redevelopment plans December 6, 2018 Sadiq Khan has slashed £80m of funding from Westminster City Council (WCC) for redeveloping Oxford Street, after finding out the council had ditched joint plans with Transport for London for the project in favour of its own £150m proposal. In a letter seen by City A.M., addressed to council leader Nickie Allen, the mayor of [...]
What will float investors’ boats in 2019? December 6, 2018 This year has been a good period for new listings, although recent volatility has put others off. While the easy days are behind us, sensibly priced issues are still likely to be popular. Data from PwC shows we saw 173 initial public offerings (IPOs) to the end of September, raising over $40bn (£31.4bn) and up [...]
How businesses are busy hedging Brexit risk December 6, 2018 Philippos Kassimatis explains some of the hedging strategies on offer as businesses prepare for March 2019 It was was only last week that Mark Carney said fewer than half the UK’s businesses have initiated contingency plans for a no-deal Brexit, causing alarm throughout Britain’s business and investment community. Looking at the headlines, there is a [...]
‘Front end’ of company reports do not meet auditing standards, says regulator December 6, 2018 Auditors’ work on non-financial information in company reports does not meet auditing standards, a new report has found. A report published today by the Financial Reporting Council (FRC) said auditors are often not doing enough to support statements made in the ‘other information’ section of company reports. The ‘other information’ section, also known as the [...]
Faroe Petroleum agrees asset swap amid fight over hostile bid from DNO December 5, 2018 Faroe Petroleum has agreed to swap oil and gas fields with Norwegian state firm Equinor as it fights a hostile takeover from DNO. The move, which is expected to increase Faroe’s output by around 60 per cent in 2019, could bump up its price in the face of DNO’s bid. The company takes over stakes in [...]
Ogilvy names Piyush Pandey as new chief creative officer December 5, 2018 Ogilvy has appointed Piyush Pandey as its new chief creative officer following the dismissal of Tham Khai Meng over misconduct allegations. Pandey is currently the advertising agency’s chairman in India and has served at the company for over 30 years. He will retain his current duties in Mumbai and take over the new role on [...]