Unilever chief executive set to retire at the end of the year after shareholder revolt against plans to scrap dual-listed structure November 29, 2018 Unilever’s chief executive is set to step down at the end of the year, the company revealed today. Paul Polman will retire by the end of 2018, the maker of Dove soap and Marmite said, staying on to help with the transition as the company’s president of beauty and personal care, Alan Jope, takes up the [...]
John Whittaker-led consortium abandons £2.9bn offer for Intu, sending shares crashing November 29, 2018 Intu’s share price nosedived by 36 per cent this morning after a consortium ditched plans to pay £2.9bn for the shopping centre empire, blaming market uncertainty. Intu had repeatedly extended the deadline for the offer from a consortium led by billionaire shareholder John Whittaker, but today the consortium said it would abandon the takeover attempt. “Given the [...]
Brexit uncertainty drives car manufacturing down nearly 10 per cent, SMMT warns November 29, 2018 Car manufacturing fell by 9.8 per cent in October as global market turbulence and Brexit uncertainty continue to hit the industry. Figures from the Society of Motor Manufacturers and Traders (SMMT) out today show 15,255 fewer cars year-on-year came off production lines last month, marking the fifth consecutive month of decline. The influential trade body [...]
Revolut to launch in Japan and Singapore, as US expansion experiences further delays November 29, 2018 Fintech startup Revolut has received authorisation from regulators in Japan and Singapore, operating under a licence similar to its UK business through partnerships with local banks. The banking app hopes to launch in the Asia Pacific region in the first quarter of next year, with over 50,000 users already on its waiting list. The news comes [...]
Legal sector contributes £26bn to UK economy November 29, 2018 The UK legal services sector grew 8.8 per cent to 342,000 jobs in 2017, an increase of 30,000 year-on-year, according to a report released today by TheCityUk. The output of the UK legal sector in 2016 was £26bn, the equivalent to 1.4 per cent of UK gross value added (GVA). The industry employs 107,000 people [...]
Critics accuse Bank of England of using its forecasts to play with politics November 28, 2018 The Bank of England sparked a row today after publishing analysis of its ‘worst case Brexit scenario’ just 13 days ahead of a crucial Parliamentary vote on Theresa May’s deal. The controversy was sparked when governor Mark Carney unveiled the Bank’s latest ‘stress test’ assessment of the UK’s ability to withstand dramatic economic shocks, including [...]
Bank of England governor Mark Carney tries, and fails, to prevent Brexit analysis frenzy November 28, 2018 House prices plummeting 31 per cent. Unemployment shooting up to 9.5 per cent. GDP collapsing by 4.3 per cent amid a sharp recession. These were the scenarios the Bank of England used to conduct its mandated “stress test” for some of the UK’s biggest financial companies back in 2016. Last year, the wonks at Threadneedle Street [...]
Sun shines on NextEnergy as it plans global expansion with new $750m fund November 28, 2018 A UK-based asset manager will raise $750m (£585m) to expand its portfolio of solar farms, it was revealed yesterday. NextEnergy, which has around $1.4bn in assets under management, has already raised $160m after the first close of its NextPower III fund. It has secured investments from the Norwegian pension fund, a Swedish life insurance firm, [...]
Stocks soar on Fed chair’s dovish signal on interest rates November 28, 2018 The chair of the Federal Reserve took a softer line on interest rates yesterday, after being slammed by President Donald Trump over his hawkish policies. Jerome Powell hinted he may end interest rate hikes, saying rates are now “just below” the level which would not impact a healthy economy. Buoyed by the statement, Wall Street [...]
Electric Vehicle giant ChargePoint brings on Daimler as an investor in $240m funding round November 28, 2018 California-based electric vehicle charging network Chargepoint has secured $240m (£188m) in its largest-ever Series H funding round, bringing on new investors such as Quantum Energy Partners, which led the round, and Daimler. Other investors in the round include American Electric Power, Canada Pension Plan Investment Board, Chevron Technology Ventures, Clearvision and Government of Singapore Investment Corporation. They add [...]