Campbell Soup reaches deal with activist investor to stop battle over board November 26, 2018 Campbell Soup has ended a months-long battle with Third Point by promising the activist investor can choose two new board members. The hedge fund, which will now have a say in selecting Campbell’s new chief executive, has been locked into a dispute with the soup maker over its struggling share price and a takeover spree which [...]
May needs the stars to align if her Brexit deal is to pass the Commons November 26, 2018 Fourteen days from now, Parliament will vote on the government's Brexit deal. The vote will be preceded by four days of formal debate but by the time MPs pass through the division lobbies of the House of Commons, they will have been arguing over this issue for two and a half years. Many have argued [...]
Donald Trump dumps on Theresa May’s Brexit deal November 26, 2018 Donald Trump gave Theresa May a Brexit headache on Monday evening, describing the agreement reached between London and Brussels as "great for the EU." The US President also warned the government's proposed deal with the EU could prevent a future trade deal between the UK and US. Trump's comments came as the Prime Minister was [...]
Mayfair art dealer Mark Weiss gets green light to inspect Sotheby’s exchange over $10.7m fake Frans Hals painting November 26, 2018 A Mayfair art dealer who is locked in a legal battle with Sotheby's over a fake Frans Hals painting today won the right to inspect internal documents shared between the auction house and art experts. The New York-based auction house is suing Mark Weiss Ltd for repayment of the $10.7m (£8.3m) selling price after the painting, purported [...]
Spain’s ‘Airbnb for long-term rentals’ taps King’s Cross as its new global headquarters November 26, 2018 Spanish property tech startup Spotahome has picked out London’s King’s Cross as its new global headquarters, thanks to the UK’s reputation as a great source of highly-skilled digital talent. Spotahome’s chief executive Alejandro Artacho told City A.M. that he believes the capital to be the best place to channel growth and take the business global. [...]
Shaun Bailey to stand in 2020 London Assembly elections despite bid to take on Sadiq Khan for mayor November 26, 2018 Conservative mayoral candidate Shaun Bailey hopes to keep his place on the London Assembly if he is unable to win the top job at City Hall, City A.M. can reveal. Parties in the London Assembly are currently selecting candidates for the next election, which is due to take place in 2020. Bailey is among a [...]
General Motors scales back workforce as it pushes for self-driving cars November 26, 2018 General Motors will close five plants and lay off around 8,000 workers in North America, the company has revealed. The carmaker hopes cutbacks will help it save around $6bn a year as it doubles the resources spent on its electric and self-driving cars, while discontinuing several old models. The company will say goodbye to around [...]
Vectura out of breath as company abandons asthma drug trials November 26, 2018 Vectura shares dropped sharply today as the company scrapped a late-stage drug trial aimed at helping severe asthma sufferers. The abandoned trial will hit Vectura’s loss before tax by £40m, the pharmaceutical company said this morning. As much as 14 per cent was wiped off the company’s £516m market value, with shares closing down 10.2 [...]
Rumours swirl on potential sale rumours for City broker Liberum November 26, 2018 Rumours of ongoing discussions between City broker Liberum and Australian bank Macquarie surfaced today, reported to be in the region of around £100m. However in an internal memo circulated among Liberum staff, seen by City A.M., chief executive Shane Le Prevost put a dampener on the reports. “In the last 12 months we have received a number [...]
O2 trials faster data downloads in King’s Cross and Marble Arch as it prepares for 5G November 26, 2018 O2 is trialling new technology that will boost network connections in London as it prepares to roll out 5G in the UK. The trial, which is being carried out in partnership with Nokia, has been launched at King’s Cross and Marble Arch as the company looks to lay the foundations for future high-speed connections. The [...]