Sir Martin Sorrell’s mission: To out-fox former WPP allies, proxy voting pressure and fintech in focus June 1, 2018 It was there in black and white. In his farewell memo to 180,000 WPP staff in mid-April, Sir Martin Sorrell couldn’t have been more explicit: “As a founder, I can say that WPP is not just a mattter of life or death, it was, is and will be more important than that. Good fortune and [...]
Exclusive: Cabinet ministers poised to back max fac customs option as Irish border solution breaks Brexit deadlock May 31, 2018 Ministers charged with determining the UK’s position on post-Brexit customs are poised to argue for a modified version of the “max fac” option, after making a breakthrough on the Irish border issue, City A.M. understands. For nearly a month, Cabinet ministers have been analysing the two options – the new customs partnership, or NCP, initially [...]
Tesla battery manufacturer Panasonic to develop cobalt-free EV batteries May 31, 2018 Panasonic has said it plans to start development of electric vehicle (EV) batteries without using cobalt due to the production component's high price and scarcity. The company, which has an exclusive contract with Tesla to produce the batteries for the new Model 3, is trying to move away from cobalt like many other companies in [...]
Morgan Stanley’s CEO calls Soros’ prediction of a global crisis ‘ridiculous’ May 31, 2018 The chief executive of Morgan Stanley, James Gorman, has hit out at doom-mongering comments which billionaire investor George Soros made earlier this week. At a think tank conference on Tuesday, Soros said the EU was in an "existential crisis" and may be "headed for another financial crisis". But Gorman played down the economic risks raised [...]
Carluccio’s gets green light from creditors to close up to 30 restaurants with company voluntary arrangement May 31, 2018 Carluccio's has announced its proposal to enter a company voluntary arrangement (CVA) has been backed by creditors, with the closure of 30 restaurants. The Italian restaurant chain said the proposal was required to restructure the company by ditching a number of loss-making restaurants from its 103 UK sites. Carluccio's said today the process will impact [...]
Safe as houses: How to invest in property without buying a home May 31, 2018 Brits are falling out of love with the property market. A recent report from Rathbones found that more than half of investors now take a pessimistic view on the sector. It’s easy to see why, when the government is making life harder for private landlords – with a tax hike just one of several measures [...]
Exclusive: Putin critic Bill Browder blasts UK over arrest May 30, 2018 Financier and anti-Kremlin campaigner Bill Browder has accused the UK government of failing to protect him after he was arrested in Spain yesterday morning. The Hermitage Capital founder, who was detained in Madrid under a Russian Interpol arrest warrant, told City A.M. Russia was using the system “to track down enemies of the Putin regime”. He added: [...]
Ocado joins FTSE 100 as Marks & Spencer narrowly escapes being kicked off May 30, 2018 Online retailer Ocado officially joined the FTSE 100 today, while embattled department store Marks & Spencer narrowly avoided dropping off the blue chip index. Ocado was promoted from the FTSE 250 in a quarterly reshuffle by index provider FTSE Russell that also saw bookmaker GVC promoted. Ocado’s FTSE jump comes after the retailer’s shares soared [...]
Homebase’s perception drops on news of sale to restructuring firm Hilco May 30, 2018 Last week, in another dent to bricks and mortar retail, Homebase announced it had been sold to retail restructuring firm Hilco for a sum of just £1. Australian company Wesfarmers bought the brand for £340m back in 2016. However, industry experts panned its strategy and management, accusing it of failing to appreciate the difference between [...]
Online property group Emoov to join forces with Tepilo and Urban in £100m merger May 30, 2018 Online real estate group Emoov today announced a £100m merger with digital property firm Tepilo and online letting agency Urban. The combination of the three proptech companies will create the second-largest online real estate agent in the UK behind industry leader Purplebricks. The merged business will be headed by Emoov CEO Russell Quirk, the company [...]