London law firms say Brexit will have no significant impact on profitability or employment levels April 24, 2018 More than 90 per cent of London’s 100 largest law firms think that Brexit will have no significant impact on their profitability or staffing levels. Research by real estate business CBRE showed that 98 per cent of firms thought that Brexit would have no significant effect on employment levels while 95 per cent of firms [...]
Shocking new pictures of Bishopsgate bomb aftermath released on 25th anniversary of attack that rocked the City of London April 24, 2018 Never before seen images of the destruction caused by an IRA attack in the City have been released to mark the 25th anniversary of the incident. A powerful bomb was planted in a stolen truck outside 99 Bishopsgate, exploding on Saturday 24 April 1993, killing one person and wounding another 44. Today the City of [...]
EU regulators to probe Apple’s acquisition of music app Shazam April 23, 2018 EU antitrust regulators today opened an investigation into Apple’s bid for British music app Shazam over fears it could restrict competition in the music streaming market. Shazam allows smartphone users to identify a song by pointing their phones at it. Regulators fear Apple Music could use data from the app to poach users from rival [...]
Google parent Alphabet unveils soaring profit in first quarter but share price stays flat April 23, 2018 Google-owner Alphabet has unveiled strong first quarter results with profits leaping 73 per cent on the back of strong advertising sales. The tech titan beat analyst expectations for both its top and bottom line causing its share price to spike by three per cent before finishing down by 0.33 per cent. In the three months [...]
Property tycoon Robert Tchenguiz suffers blow in the Supreme Court over discretionary trust April 23, 2018 Property tycoon Robert Tchenguiz has lost a landmark Supreme Court judgment against a conglomerate of advisers he claimed acted negligently when his discretionary trust fell into financial difficulty. The London businessman, thought to be worth around £800m, accused various trustees of the Tchenguiz Discretionary Trust (TDT) of failing to alter the trust’s structure around the [...]
Woodford-backed company Prothena’s share price bombs by 70 per cent after failed drugs trial April 23, 2018 A biotechnology company backed by investor Neil Woodford saw its share price fall off a cliff today after announcing the withdrawal of a new drug. Prothena, which is nearly 29 per cent owned by a fund controlled by Woodford, saw its share price plunge by 70 per cent, wiping more than $1bn (£720m) from its [...]
Fashion retailer East to cease trading in May with loss of nearly 300 jobs April 23, 2018 High Street retailer East is due to cease trading next week after administrators failed to find a buyer, City A.M. can reveal. Almost 300 employees will be made redundant when the chain stops trading on 4 May. This follows the redundancies of 27 staff after the company fell into administration in January. Administrators at FRP [...]
Amid rising incomes, fewer Brits expect rate rise from Bank of England April 23, 2018 British households reported the strongest increase in workplace activity in nearly two years, while incomes have risen at an elevated pace for the second month running, according to the latest data from the IHS Markit Household Finance Index. However, despite the positive figures, UK households remained pessimistic towards financial conditions in the year ahead, according [...]
Goldman Sachs hires new head of digital assets to explore cryptocurrencies such as bitcoin (BTC) April 23, 2018 Goldman Sachs has hired a new head of digital assets as the investment bank considers how to answer burgeoning client demand for cryptocurrencies such as bitcoin. Justin Schmidt will be vice president and head of digital asset markets based at the Wall Street giant, the bank confirmed today. He was formerly senior vice president at [...]
Russian embassy not happy with MPs’ new defence group April 23, 2018 The Russian Embassy in the UK has hit out at a move by high-profile backbencher Tom Tugendhat to set up a new group to discuss defence in Parliament, describing it as “purely unconstructive”. The Russian Coordination Group, announced last week, will be chaired by Foreign Affairs Committee head Tugendhat, Tory colleague Nicky Morgan, who heads [...]