Changes to agency contracts could push out temporary Transport for London workers January 24, 2017 Transport for London (TfL) is set for a backlash against its plans to stop using temporary workers who operate through limited companies. Critics have said the plan will deprive TfL of talent in key areas, with the potential to throw crucial engineering projects off track. TfL has contacted over 2,000 agency staff asking them to sign [...]
Guardian newspaper could switch to a tabloid format and outsource its printing press January 23, 2017 The Guardian newspaper is considering becoming tabloid size and outsourcing its print run, according to reports. Last year, the media group revealed a "transformation programme" to make savings of 20 per cent in an attempt to stem widening losses. Read more: Look who’s back… Brooks to head up news UK Sources close to the company told City A.M. "all options [...]
Cinema chain Odeon’s owner AMC reels in Nordic Cinemas Group in $929m deal January 23, 2017 The company which admits millions of popcorn-crunching cinema attendees at Odeon across the UK has snapped up Nordic Cinemas Group for close to $1bn. AMC Entertainment, which owns the UK movie theatre chain Odeon, paid $929m (£743m) in an all-cash deal to gain control of Nordic Cinemas Group, which has stakes in picture houses in seven [...]
EU follows UK lead and considers plans to test bank defences against a cyber attack January 23, 2017 The EU is contemplating plans to test banks' ability to repel cyber attacks in an initiative that would mirror measures already put in place by the Bank of England. Cyber and technological-enabled attacks have been on the Bank of England's radar since 2013 with 30 out of 35 "core firms" having completed the UK's cyber stress testing [...]
The Supreme Court’s Article 50 verdict is unlikely to derail Theresa May’s Brexit timeline January 23, 2017 A landmark Supreme Court ruling tomorrow is unlikely to derail plans for Prime Minister Theresa May to begin Brexit talks before April – whatever the outcome. The 11 Supreme Court judges will deliver their verdict on whether May needs approval from parliament to trigger the UK's separation from the European Union. The government has been appealing a decision [...]
And then there was one: Sports Direct splits from top brokers January 23, 2017 Sports Direct has split from three of its brokers, announcing today that Liberum Capital would be its sole broker from hereon. The controversial retailer's former collection of brokers was made up of City heavyweights Goldman Sachs, Citi and Haitong. Haitong and Citi are both neutral on the company's shares, while, last May, Goldman Sachs stopped recommending [...]
Fraud squad successfully puts funds linked to Chad oil corruption claims on ice January 23, 2017 The fraud squad has today secured a property freezing order worth over £4m. The Court of Appeal decided to enforce the property freezing order against Ikram Mahamat Saleh, covering £4.4m plus interest, which represents the sale proceeds of 800,000 shares in Canadian oil and gas company Caracal Energy, formerly known as Griffiths Energy International. The Serious Fraud Office [...]
Alliance Pharma revenues doubled in 2016 after its first full year since its tie-up with Sinclair January 23, 2017 Alliance Pharma revenues more than doubled in 2016 with the firm boosted by its December 2015 acquisition of Sinclair. In its annual trading update, the firm said revenues would be £97.5m, up from £48.3m in 2015. Although £43.8m of this increase was attributable to ex-Sinclair products, the group delivered organic growth of 13 per cent [...]
Property legal Q&A: What legal issues should I consider before I let a leasehold flat in a mansion block? January 23, 2017 Question: I own a leasehold flat in a mansion block and am considering letting it on a daily/weekly basis. What legal issues should I consider before doing so? Answer: The success of Airbnb and similar providers of short room/property rentals has increased significantly over the past few years, but there are several factors to consider [...]
Braemar Shipping shares hit as oil and gas headwinds knock profits January 23, 2017 Braemar's share price plummeted over 16 per cent today after the shipping firm revealed spiralling restructuring costs are threatening to wipe out operating profits. The London-listed firm revised its operating profit before interest down to between £3m and £3.5m. On top of this, the firm is facing a bill of £2.7m to put the business [...]