The City is the goose that lays the golden eggs December 3, 2018 The Financial Conduct Authority has taken its boldest step yet into the debate about banks' Brexit contingency plans. In a letter to lenders the City watchdog warned that it will not accept “steps being taken which could expose clients or markets to unacceptable risks.” Specifically, the FCA warns that they will intervene if they suspect [...]
London Stock Exchange eyes Experian boss as new chairman December 3, 2018 The chairman of credit reporting company Experian is tipped to become the next head of the London Stock Exchange (LSE). Don Robert, who is a member of Court at the Bank of England, is the frontrunner to succeed the LSE’s outgoing chairman Donald Brydon, according to Sky News. Discussions between Robert and the LSE’s board [...]
Mike Ashley calls for online sales tax to revive high street December 3, 2018 Sports Direct billionaire Mike Ashley has urged the government to tax online retailers as he put up a spirited defence of his own retail operation in front of MPs today. In a fiery appearance in front of a parliamentary committee the retail tycoon said “web boys” that make over 20 per cent of their retail [...]
Sanjeev Gupta signs $320m deal in push to increase US steel production December 3, 2018 Industrialist Sanjeev Gupta has agreed to buy US steel wire producer Keystone Consolidated Industries in a deal valued at $320m (£251m). The deal will take Gupta’s GFG Alliance steelmaking capacity to around 1.8m tonnes a year, as it adds to its US steelworks in Georgetown. The acquisition was financed by a loan from two American banks [...]
Shares in furniture retailer Dunhelm soar after broker upgrade December 3, 2018 Shares in home furnishings retailer Dunelm rocketed over 14 per cent after analysts at Peel Hunt upgraded their recommendation to buy. Peel Hunt said there are “clear catalysts for recovery” for the company next year, citing better brand awareness and improving online performance. The broker said Dunelm’s performance last financial year had been negatively affected [...]
Sadiq Khan hits back at Terry Morgan over Crossrail comments December 3, 2018 Sadiq Khan has hit back at Crossrail chairman Terry Morgan over comments he made about what the mayor knew about the project’s delay. The soon-to-be-sacked Morgan told the BBC earlier today that he was in “absolutely no doubt” that Khan was told on 26 July that it was no longer feasible to deliver Crossrail, also known [...]
Shipshape: Babcock JV wins £870m support contract for Aussie navy’s two biggest vessels December 3, 2018 Defence contractor Babcock may be under fire on UK shores, but a contract win to sustain and support the biggest ships in the Australian navy will help keep its head above water down under. This morning, the defence contractor’s shares were steady as it announced it had won a 15-year, 1.5bn Australian dollar (£870m) contract [...]
Support your local small business all year, otherwise it might not stick around December 3, 2018 American Express’s Small Business Saturday last weekend saw a call to arms to encourage us to shop locally and support small businesses. Since its launch in 2010, this annual event now reaches millions of people across the US, UK and Australia, helping independent retailers get their share of the Christmas spending frenzy. Small Business Saturday [...]
Trump tweets after Xi Jinping meeting give global stock markets boost December 3, 2018 Donald Trump and Xi Jinping have agreed a 90-day respite from from the two countries’ spat over trade tariffs, causing Wall Street to jump as it opened and giving global stock markets a shot in the arm overnight. In customary fashion, Trump took to Twitter after a two-and-a-half hour dinner between the Chinese and US [...]
GSK drops on $5.1bn deal for ovarian drug producer Tesaro December 3, 2018 Shares in Glaxo Smith Kline dropped almost seven per cent today after the company said it will take over US cancer firm Tesaro. At $75 per share, the UK’s biggest drugmaker is paying a 110 per cent premium for Tesaro’s stock. The New York-listed company was up 59 per cent to $73.76 in pre-market trading, [...]