Glencore loses £4bn in market capitalisation following US Department of Justice money laundering probe July 3, 2018 Over £4bn has been wiped off Glencore's market capitalisation following the news it had received a subpoena from the US Department of Justice (DOJ) seeking documents relating to money laundering compliance. The DOJ wants documents and records related to the commodity trading and mining company's business in Nigeria, the Democratic Republic of Congo and Venezuela [...]
Arabian heights: What Saudi Arabia’s upgrade means for investors July 3, 2018 It was a symbolic moment for Saudi Arabia last week when women could finally get behind the wheel. Lifting this archaic driving ban was obviously a huge milestone for women’s rights, but it also speaks volumes about the direction of travel the country is heading in. The Saudi Crown Prince, Mohammed bin Salman, has been [...]
WPP goes head-to-head with former boss Sir Martin Sorrell in bidding war for Dutch digital agency MediaMonks July 3, 2018 WPP is locked in a bidding war with former chief exec Sir Martin Sorrell's new venture S4 Capital to take over Dutch digital agency MediaMonks. Reports on Monday suggested Sorrell's new vehicle S4 Capital was in talks to acquire the company, which has around 600 staff. But it emerged today that WPP made an offer [...]
Govia Thameslink Railway promises ‘more dependable’ train timetable from 15 July with peak services prioritised July 3, 2018 Train operators have taken out a half-page newspaper advert to offer "a sincere apology" to customers, pledging a more dependable timetable later this month after previous changes caused chaos. Southern and Thameslink parent Govia Thameslink Railway (GTR) and Network Rail penned the note, which said: On behalf of Thameslink, Great Northern and Network Rail we [...]
Exclusive: Fresh Cabinet divisions appear over post-Brexit immigration system July 2, 2018 New battle lines have been drawn within Theresa May’s Cabinet over Britain's post-Brexit immigration system, stoking divisions even further and presenting the Prime Minister with yet another headache. Home secretary Sajid Javid is understood to have dropped one of two models being considered under his predecessor, which would have favoured EU citizens by effectively granting [...]
Online broker Plus500 raises profit expectations again as trade war nerves create volatile market July 2, 2018 Online broker Plus500 has raised its profit forecast for the second time this year, as it said market volatility caused by fears of a US trade war had boosted trading in quarter two. The update comes weeks after the platform for amateur traders graduated to London's main market from Aim after the company said it [...]
Tesco has formed a strategic alliance with French supermarket chain Carrefour to enhance competition July 2, 2018 Tesco and Carrefour are teaming up to beat the competition, in a strategic alliance announced this morning. A joint statement issued by the companies say the alliance will cover their relationships with global suppliers, its joint purchasing of all own-brand products, and any goods not for resale. The deal should force prices for own-brand products [...]
Cannes and adland’s evolution: the future of marketing will require creativity and data July 2, 2018 The marketing and advertising sectors are constantly undergoing transitions in one form or another. And, not unreasonably, clients always want services that are better, faster, and cheaper. However, though this is a perennial theme, now brands are also increasingly bringing marketing activities in-house. Even the professional services hegemons are attempting to capitalise on industry weaknesses, [...]
UK corporate debt soars to all-time high after years of low interest rates July 2, 2018 The debt of the UK’s public listed companies (PLCs) has hit an all-time high after years of low interest rates and continued pressure to return money to shareholders. The Link Asset Services UK PLC debt monitor shows UK listed company debt of £390.7bn, up 69 per cent from the debt low point of 2010-11, an [...]
Three UK chief exec Dave Dyson: Company focused on creating ‘genuine customer experiences’, not ‘hypothetical’ 5G launches July 2, 2018 In the race for 5G connectivity, many would assume that fast, and first, is best. But the head of one of the UK’s biggest mobile operators says he is not concerned with being first to the party when it comes to rolling out the faster network for consumers. Dave Dyson, Three UK chief executive, says [...]