British nationals will be exempt from Trump’s travel ban, foreign office says January 29, 2017 Foreign Secretary Boris Johnson tonight said UK nationals will be exempt from US President Donald Trump's executive order banning travel from seven majority Muslim countries. UK nationals who are travelling to the US from one of the seven countries, which include Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen, will not be barred entry even if [...]
All eyes on Apple this week to see if it halted an iPhone sales slide over the key holiday period January 29, 2017 APPLE will reveal results for the holiday season this week, a key sales period which followed the release of the iPhone 7. The world's biggest quoted company had faced three consecutive quarters of overall year-on-year declines in revenue. This sales slide is expected to be halted if the iPhone, which accounts for two-thirds of Apple's [...]
Ocado set to deliver impressive annual results with £1.27bn sales January 29, 2017 Grocery delivery service Ocado will announce its annual results on Tuesday, and is expected to report a profit for the third year in a row. The group's sales are likely to be up 14.4 per cent year-on-year to £1.27bn according to a report from investment company Goldman Sachs. Despite scepticism from City investors, the firm also [...]
BT to review overseas operations in wake of Italian scandal January 29, 2017 BT is considering the future of its overseas operations in the wake of a £530m accounting black hole in its Italian arm that wiped billions off the value of the telecoms company. Chief executive Gavin Patterson told City A.M. that as a result of the scandal, he would be reviewing Global Services, the international arm [...]
Tom Hayes expected to launch next stage of Libor appeal this week, as convicted Barclays pair due in front of Court of Appeal January 29, 2017 Tom Hayes, the first person in the UK to be found guilty of playing a role in the Libor-rigging scandal, is due to kick off the next stage of his appeal against his conviction in the coming days. City A.M. understands the former UBS and Citigroup trader will likely file his appeal to the Criminal Cases [...]
Analysts expect disappointing results from AstraZeneca as competition hits sales January 29, 2017 AstraZeneca is forecast to report disappointing results this week as competition continues to drag on sales. Revenue will slip six per cent while pre-tax profits fall seven per cent to $6bn, the drugs giant is expected to say in its annual results according to reports. The decline in revenue is due to increased competition in its core business as cheaper versions of drugs like [...]
American brand Under Armour in talks to buy French Connection Oxford Street store January 29, 2017 American sportswear brand Under Armour is reportedly in talks to take over French Connection's flagship London store on Oxford Street. British retailer French Connection has been seeking a sale of the building as part of a turnaround plan, according to The Sunday Telegraph. The troubled retailer has been under pressure from activist investors to change [...]
Biotech giant backed by Sir Chris Evans set to float in London for up to £100m this year January 29, 2017 UK healthcare giant Arix Bioscience, backed by bitoech entrepreneur Sir Chris Evans and City high fliers, is gearing up to float on the London Stock Exchange over the next couple of months, industry insiders have told City A.M. The company, which is headquartered in London, could raise up to £100m in its initial public offering this year. [...]
Competition watchdog could stop Tesco-Booker mega deal, claims retail body January 29, 2017 The Competition and Markets Authority (CMA) could stop Tesco's proposed £3.7bn takeover of Budgens and Londis owner Booker, according to a retail body that represents 33,500 local shops. "The CMA could either stop or put conditions on the deal," James Lowman, chief executive of the Association of Convenience Stores told City A.M. "The deal was a [...]
A group of 111 former BHS staff are suing administrators over redundancy procedures January 29, 2017 Over 100 former BHS employees have launched a claim against the retailer's administrators over their alleged failure to consult staff before they were made redundant. Lancashire-based JWK Solicitors are representing the 111 staff that worked at BHS' headquarters in London. They allege administrators did not consult staff for at least 45 days before making them redundant. Due in April, [...]