Brexit: City vents at EU’s failure to reciprocate on no deal regime August 8, 2018 The City has vented its frustration at the EU’s apparent failure to grapple with the regulatory challenges posed by a no deal Brexit. Work in the UK has begun on a ‘temporary permissions regime’, allowing EU firms to continue passporting into the country in the event of a hard Brexit, in which scenario there would [...]
Exclusive: Tory members plot Brexit rebellion at party conference August 8, 2018 Theresa May is facing outright rebellion at this year’s Conservative party conference, as aggrieved party members plot tactics to force her hand on Brexit. Activists are thought to be plotting protests against both the Prime Minister and Chequers-backing MPs at the conference in early October, just weeks before the crunch European Council to discuss Brexit. [...]
Quilter posts strong debut profits after growth in new client money August 8, 2018 Wealth manager Quilter reported rising profits yesterday in its first ever set of results since listing as a standalone business. Quilter, which was spun out of insurance company Old Mutual earlier this year, posted pre-tax profits of £110m in the first half of 2018, rising 16 per cent compared with the same period last year. [...]
Martin Sorrell vs WPP: The king of adland wages war on the company he founded with his new venture S4 August 8, 2018 When a couple break up, sage advice is that it’s best to part ways amicably. This advice, however, has not been heeded by Martin Sorrell and WPP, the company Sorrell founded in 1985, turned into a global powerhouse, then exited in controversial fashion in April this year. Sorrell and WPP have been engaged in a war of [...]
European investment takes bite out of Domino’s Pizza first half profits August 7, 2018 Takeaway giant Domino's Pizza profits cooled down in the first half as costs investing in new markets in Norway and Sweden took a bite out of earnings. Its shares experienced a double digit loss in the morning, shedding 10 per cent as it revealed its falling profits. The figures Statutory profit before tax lost 9.7 [...]
The global financial crisis 10 years on: A timeline of the global events that shaped the crash from the credit crunch to the recession and beyond August 7, 2018 Ten years ago this week the credit crunch started to bite. Take a look back at the global events that shaped one of the biggest recessions in history. Early tremors: February to June 2007 Early signs of trouble build, but are mostly missed. The giant Freddie Mac, also know as the Federal Home Loan Mortgage [...]
Peter Hargreaves: Government hasn’t got ‘a clue’ on Brexit August 7, 2018 One of the co-founders of Hargreaves Lansdown and a major supporter of the Leave campaign has slammed the government's handling of negotiations, saying there "isn't one person on our Brexit team who has a clue". In an explosive interview with Bloomberg, Peter Hargreaves railed against Theresa May and ministers for failing to involve business in [...]
House of Fraser turns down entrepreneur’s offer to take on 31 stores August 7, 2018 House of Fraser has turned away a “lowball” offer by a businessman to take over its 31 stores which are set for closure, City A.M. can reveal. The entrepreneur whose bid to take over the City branch of House of Fraser was turned down last month put forward an offer to buy the assets and [...]
Regulation didn’t wipe out Wonga – losing its reputation did August 7, 2018 WHEN PAYDAY LENDER Wonga launched in 2007, it was tipped to become a £1bn success story. Today, the company is worth just £23m and has only managed to avoid insolvency thanks to a last-minute £10m boost from investors. So what went wrong? Ultimately, it comes down to reputation. Wonga's public image first took a [...]
High times: The City gears up for a medicinal cannabis boom August 7, 2018 What do rapper Snoop Dogg, investment bank Canaccord Genuity, the boss of City law firm Memery Crystal and serial entrepreneur Gerry Thomas have in common? All of them see the UK as a new frontier in a medicinal cannabis boom and are positioning themselves to reap the rewards. Three cannabis companies have listed in London [...]