Ex-Deutsche Bank trader accused of manipulating markets by Russian central bank December 20, 2016 A former employee of Deutsche Bank's Russian division was accused today of manipulating markets to pocket himself and three of his relatives a profit of 255m rubles (£3.4m) over a two and a half year period. Russia's central bank claims Yuri Khilov, while acting on behalf of Deutsche's London branch, carried out 300bn rubles worth of trades [...]
Nigel Wilson would support more involvement of employees on boards December 20, 2016 Nigel Wilson, chief executive of Legal & General Group, today gave the thumbs up to workers getting more involved at company board level. When asked by the Business Committee whether there was anything to be frightened of about workers on boards, Wilson, who is also the chairman of Legal & General Investment Management (LGIM), answered "no". [...]
General Mills’ share price dropped by as much as four per cent as profit slipped below expectations December 20, 2016 Shares in the US food giant General Mills fell by as much as four per cent in early trading as the company reported its quarterly earnings had slipped below expectations The figures The maker of Cheerios and other breakfast cereals reported its operating profit margin was down 18.7 per cent on the previous year, and [...]
Uber’s financials just leaked – here’s how much it lost December 20, 2016 Uber's losses clocked in at $800m in the third quarter of the year, according to leaked documents. It brings total losses to more than $2.2bn for the first nine months of the year, while revenues for the startup are expected to come in at $5.5bn for the year, according to the figures first reported by The Information, indicating [...]
Flying high: 48-hour walkout by airport staff called off December 20, 2016 Strikes by airport staff which had been planned for 23 and 24 December have been called off. More than 1,500 workers at Swissport, including baggage handlers, cargo crew and check-in staff across 18 airports, had been due to start a 48-hour walkout on Friday in a row over pay. This has now been cancelled following successful [...]
Government set to wave through international takeover of National Grid gas network December 20, 2016 The government is set to wave through the sale of the National Grid’s gas network to an international consortium, City A.M. has learned. CIC Capital, a subsidiary of China’s sovereign wealth fund, the Qatar Investment Authority (QIA) and Australian investment bank Macquarie were among the successful bidders for a 61 per cent stake in the [...]
Save the date: the last Spring Budget will be on 8 March 2017 – before Article 50 December 20, 2016 The next UK government Budget announcement will take place on 8 March 2017, before the government triggers Article 50, the Treasury has announced. Prime Minister Theresa May has outlined plans to notify the EU of the UK's intention to leave by the end of March 2017. Official negotiations with the EU will then commence. Philip [...]
Donald Trump could be the “wildcard” to upset Asia growth in 2017 says Goldman Sachs December 20, 2016 Donald Trump could be a “wildcard” for economic growth across Asia in the coming year, according to Goldman Sachs. The President-elect’s apparent protectionist policies could harm nations relying on exports to the US, but his likely fiscal stimulus is set to drive US growth higher, the bank says in its 2017 macroeconomic outlook. “For a [...]
Single Market access is top priority for EU businesses after UK leaves EU, while 58 per cent see Brexit as a threat December 20, 2016 Access to the UK as part of the Single Market is the highest priority for European businesses in the upcoming Brexit negotiations, a new survey says. Single Market access is the most important factor for 29 per cent of EU businesses with UK operations, according to a poll of 700 business leaders by accountancy firm [...]
Fracking: Reactions to High Court giving Third Energy the go-ahead to frack in Yorkshire December 20, 2016 Anti-fracking campaigners lost a legal bid to halt fracking in Yorkshire today, after the High Court gave a green light to developer Third Energy. The energy firm started the application process for a shale gas fracking permit in 2014, which was granted by North Yorkshire County Council in May this year. Here are some of [...]