Nationwide profits slip for second year running after planned mortgage retreat May 22, 2018 Nationwide, Britain’s biggest building society, today announced a slump in mortgage lending amid concerns of a “fiercely competitive market”. Net lending fell from £8.8bn to £5.8bn in the year to 4 April. Annual profit slipped seven per cent to £977m A planned retreat from the buy-to-let mortgage market was the driving force behind falling lending, [...]
London-based marketing-tech firm Realeyes raises £12m with backing from Draper Esprit May 22, 2018 London-based AI marketing-tech firm Realeyes has announced a $16.2m (£12m) funding round with support from venture capital firm Draper Esprit. The company works with large advertisers such as Coca-Cola and Mars to maximise the impact of their video marketing through analysing how audiences react to ads. Realeyes uses webcams and computer vision and machine-learning technology [...]
Sony takes control of EMI Music Publishing with £1.7bn deal May 22, 2018 Sony today struck a deal to pay £1.7bn to take control of British giant EMI Music Publishing. Already one of EMI’s largest shareholders, Sony will buy a further 60 per cent stake currently owned by Mubadala Investment Company. This will take Sony’s interest in EMI to 90 per cent. The deal is part of a [...]
The top threat to global business: protectionism May 22, 2018 Barely a day goes by without consultants and politicians urging businesses to embrace innovation or be left behind in the AI apocalypse. But while it is never a good idea to take your eye of the technology ball, there is a greater threat to the world of business: the rising tide of protectionism. KPMG’s 2018 [...]
Don’t listen to the naysayers: Sadiq Khan is the mayor for a modern London | City A.M. May 22, 2018 Two years ago, Londoners chose hope over fear and unity over division by electing Sadiq Khan as our mayor of London – rejecting a Conservative campaign that was the nastiest and most divisive in living memory. It was a remarkable statement of our values as a city and of our commitment to unity, tolerance, respect [...]
Barclays Qatari loan fraud charges thrown out by Crown Court May 22, 2018 Barclays celebrated a significant victory over the Serious Fraud Office (SFO) yesterday when the Crown Court dismissed charges surrounding the bank’s huge capital raising during the financial crisis a decade ago. The SFO alleged that a $3bn (£2.2bn) loan Barclays gave Qatari investors led to the Qatari acquisition of shares in a Barclays fundraising, an [...]
Arsenal set to pick Unai Emery over Mikel Arteta to replace Arsene Wenger at Emirates Stadium May 21, 2018 Arsenal are set to appoint former Paris Saint-Germain boss Unai Emery as their new manager after having a late change of heart over handing ex-club captain Mikel Arteta his first head coach’s role. Arteta looked be the preferred candidate to replace the long-serving Arsene Wenger at Emirates Stadium after earning rave reviews as Pep Guardiola’s [...]
FCA slams robo-advisers for misleading customers and failing to gauge their risk appetite May 21, 2018 The Financial Conduct Authority (FCA) slammed online wealth advisers today, accusing firms of misleading customers on fees and failing to discern their needs. In a critical report, the FCA warned that firms providing investment services through apps or web-based platforms must improve their governance practices. It reviewed seven platforms offering automated online discretionary investment management [...]
Ryanair among worst performing airline stocks in past year as airline strikes cautious note in annual results May 21, 2018 Ryanair is among the worst-performing airline stocks over the past year that has been marked by union disputes and rising costs. Analysis by Thomson Reuters shows that the once buoyant stock has fallen to the back of the pack along with Air France-KLM, United Continental and SouthWest in terms of positive share price change. Air [...]
Carillion inquiry demands transport secretary Chris Grayling answers accountant ‘conflicts of interest’ queries May 21, 2018 A parliamentary inquiry into Carillion’s failure has written to transport secretary Chris Grayling, demanding answers about multiple roles performed by Big Four accountant EY. Under the heading “conflicts of interest”, MPs have asked Grayling if he was aware EY was simultaneously supporting Carillion’s management on the perilous state of the firm’s finances while also advising [...]