Which Carluccio’s restaurants are closing? Creditors back company voluntary arrangement (CVA) to close up to 30 restaurants 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 [...]
SoftBank Vision Fund to invest £1.69bn in Alphabet competitor GM’s self-driving tech unit, putting the business’ valuation at £8.63bn May 31, 2018 General Motors (GM) has announced today that SoftBank is to invest $2.25bn (£1.69bn) in its self-driving technology unit GM Cruise, with a further $1.1bn to follow from GM after the transaction closes. This is set to result in the SoftBank Vision Fund owning 19.6 per cent equity stake in GM Cruise, with its investment to [...]
England’s Trevor Bayliss conundrum: Case for taking ailing Test team out of his hands could be strengthened against Pakistan at Headingley May 31, 2018 In a way, you almost throw your hands up sometimes – but what else can you do?” For a man tasked with turning around his side’s poor form, Trevor Bayliss doesn’t sound particularly bullish. England have gone eight Tests without a win following their comprehensive nine-wicket defeat by Pakistan at Lord’s at the weekend. The [...]
Ride-hailing giant Uber is in talks to team up with rival Waymo on driverless cars, says CEO May 31, 2018 Ride-hailing firm Uber is now in talks with Alphabet’s autonomous driving firm Waymo on a possible future together using Uber’s taxi app despite its previous rivalry, its CEO said last night. Speaking at a conference in the US, Dara Khosrowshahi said that Uber’s relationship with Waymo has been improving since the outcome of a legal [...]
More turmoil for gold miner Petropavlovsk as it ousts board member May 31, 2018 London-listed Russian gold miner Petropavlovsk is ousting one of its board members as a part of an ongoing struggle over the future leadership of the company. The company announced today that it is serving notice on board member Bektas Mukazhanov. Mukazhanov, who was only appointed in February, is an investment adviser at Cyprus-based Fincraft Holdings. [...]
Mayor Sadiq Khan launches severance pay review after Transport for London (TfL) reveals £51m staff payouts May 31, 2018 London mayor Sadiq Khan has launched a review into senior staff severance pay as Transport for London (TfL) newly published annual report reveals over £50m being spent on departing staff over the past year. The transport body paid 224 people one-off voluntary severance payments that took their total remuneration above £100,000 for the last financial [...]
Brexit in the balance | City A.M. May 31, 2018 The Brexit negotiations are stuck in a stalemate. The EU is playing hardball on everything from the UK’s participation in the Galileo satellite navigation programme and the European Arrest Warrant to the Irish border issue. It scents weakness. Confusion and chaos reign in the UK government, where internal disagreements over Brexit have become paralysing. Read [...]
UK car manufacturing sees April boost despite overall industry slump May 31, 2018 UK car manufacturing increased 5.2 per cent in in April, with 127,952 vehicles rolling off British production lines, new data shows. According to figures released today by the Society of Motor Manufacturers and Traders (SMMT), demand was particularly strong overseas, with exports accounting for 81 per cent of total output. The lift in manufacturing follows [...]
Pharma firm Circassia bashed by shareholder vote against executive pay May 30, 2018 Investors today gave bosses at Circassia a bloody nose as a fifth voted against the remuneration report at the pharmaceutical firm backed by star fund manager Neil Woodford. Some 20.51 per cent of shareholders voted against approving the Oxford-headquartered speciality pharma firm’s executive pay, the firm announced after its annual general meeting. Circassia has struggled [...]
Gareth Southgate’s World Cup riddles: Seven questions that could be answered in England’s final two warm-up matches May 30, 2018 Just 180 minutes of non-competitive football stand between Gareth Southgate’s youthful England squad and their departure for Russia and the World Cup. The mood music from Southgate is that he knows his own mind and it therefore seems likely that he has chosen his starting XI for the opening match against Tunisia on 18 June. [...]