Paris Saint-Germain to “calmly” present FFP case to Uefa next week following reports of inflated sponsorships April 12, 2018 French giants Paris Saint-Germain insist they have no substantive financial fair play (FFP) concerns with European football governing body Uefa, after reports suggested they are facing punishment for breaching the regulation. The Qatari-owned club’s world record £200m deal for Neymar and another lucrative agreement for striker Kylian Mbappe last summer triggered a Uefa investigation into [...]
Cyber security firm Avast set for London’s largest tech listing at £2.8bn April 12, 2018 Cyber security software company Avast has announced it is planning to float on the London Stock Exchange (LSE) next month. The company’s initial public offering (IPO) could see the firm valued at $4bn (£2.8 bn), making it London’s largest ever listing for a technology company. The company, which boasts some 435m users worldwide, is headquartered [...]
David Davis: There is room for “significant regulatory divergence” after Brexit April 12, 2018 David Davis has said there is room for “significant regulatory divergence” after Brexit because alignment will focus on outcomes rather than processes. Speaking at the WSJ’s CEO Council this morning the Brexit secretary said “there will be able to be significant regulatory divergence” because the deal on our future relationship with the EU will be [...]
Carpetright (CPR) share price falls on news it will close 92 stores with 300 jobs to go as part of a CVA April 12, 2018 Carpetright shares sunk more than 16 per cent in morning trading after it announced the details of its planned company voluntary arrangement (CVA) to tackle its “legacy property issues”, and deliver a turnaround in fortunes. It has identified 92 sites of 205 underperforming ones for closure, with 113 being subject to a reduction in rental [...]
Playtech is snapping up Italian gaming firm Snaitech after buying an €846m stake April 12, 2018 Gambling software firm Playtech revealed a plan to buy Italian betting and gaming company Snaitech this morning after it bought a 71 per cent stake for €846m (£737m) this morning. Upon completion of the stake sale, which is expected in the third quarter, Playtech will be required to make a mandatory takeover offer for all [...]
Greene King share price (GNK) bubble up despite the Beast from the East hitting sales April 12, 2018 Greene King’s sales were bitten by the so-called Beast from the East earlier this year as winter storms swept through the country, but its shares jumped at the market open as it toasted the future, saying it remains well placed to combat a challenging market. The pub group said like-for-like sales fell 1.8 per cent [...]
Brent crude oil price flies past $72 a barrel on threat of missile attack on Syria April 12, 2018 Oil prices jumped higher again this morning after Donald Trump’s threats to fire missiles at Syria sparked fears of supply disruptions in the Middle East. At the time of writing, Brent crude oil futures were up 0.17 per cent at $72.18 per barrel, having hit $72.49 earlier in the day. West Texas Intermediate, the US [...]
Stop sacrificing free trade by banging the protectionist drum | City A.M. April 12, 2018 On both sides of the Atlantic, traditional defenders of free trade are wavering. In the United States, the once proudly pro-business Republican party has, under Donald Trump, adopted protectionism and trade warfare with barely a whimper. Trump’s administration rejects the logic of international integration that has underpinned global prosperity since the Second World War, instead [...]
The RBS state aid fund is in serious danger of becoming a lost opportunity April 12, 2018 The Royal Bank of Scotland’s £425m fund was created with the best intentions. Launched last year, the Capability and Innovation fund aimed to fulfil European state aid conditions arising from the bank’s £45bn bailout during the financial crisis. The fund will be split into different grants to help “challenger banks and other financial services providers” [...]
How to bring the UK’s 1.5m unbanked into the digital economy before cash is displaced | City A.M. April 12, 2018 Last month’s inaugural Spring Statement had everything one might expect from a chancellor more renowned for fiscal prudence than visionary reform. Philip Hammond did, however, acknowledge the rapid pace of change in financial technology, launching a consultation to ensure “our economy is fit for the future and keeps pace with changes in the ways that [...]