Jim Ratcliffe’s Ineos buys two exploration licenses in Northern Gas Fields West of Shetland November 21, 2017 Ineos, the chemicals giant owned by billionaire Jim Ratcliffe, as been shopping again, buying a majority share in two exploration licenses in a North Sea gas field with estimated reserves of as much as 5 trillion cubic feet. The acquisition of the licenses for the Northern Gas Fields West of Shetland, which it bought from [...]
Concordia accused by UK competition watchdog of overcharging the NHS by “millions” November 21, 2017 Canadian drug giant Concordia overcharged the NHS by millions of pounds, Britain’s competition regulator provisionally found today. It is alleged the firm hiked the price of one the NHS’ essential thyroid drugs. Last year, the NHS spent more than £34m on the medication, called liothyronine, an increase from £600,000 in 2006. The Competition and Market’s [...]
Plot to save London Stock Exchange chief executive (CEO) Xavier Rolet risks triggering a messy exit November 20, 2017 Successful leaders can be difficult to work with. From Margaret Thatcher to Alex Ferguson, people at the top are frequently characterised as stubborn, uncompromising and aggressive, provoking inevitable feuds with anyone who questions their approach. Examples abound in the business world too, where singleminded and determined senior figures turn boardrooms into corporate battlegrounds. Sometimes this [...]
It’s time to get serious about going off-road. Ditch the Chelsea tractor and pick up a £90k Mercedes-Benz Unimog November 20, 2017 There’s something very cool about driving an off-roader in central London. And I mean a proper off-roader, not a pseudo off-road SUV capable of tackling nothing more than a slightly rutted farm track. No, I’m talking about vehicles like the Land Rover Defender, Jeep Wrangler and Mercedes-Benz G-Class. Despite being even less PC than a [...]
Digital challenger Atom Bank is seeking to raise millions more funding from investors, including BBVA, Woodford and Toscafund November 20, 2017 One of the UK’s top digital challenger banks, Atom, is gearing up to raise fresh funding from investors as it eyes £1bn of deposit holdings, City A.M. can exclusively reveal. The app-only bank, which boasts music superstar Will.i.am, Neil Woodford and Spanish bank BBVA among high profile backers, has already raised more than £200m to [...]
YO! Sushi rolls up deal to acquire 600-branch Bento Sushi for £59m November 20, 2017 British sushi chain YO! Sushi has acquired Bento Sushi, the second-largest sushi chain in North America for $100m Canadian dollars (£59m). The acquisition forms one of the biggest sushi companies outside of Japan, combining Bento’s 600-strong portfolio of sushi bars across the US and Canada with YO!’s 97 owned or franchised restaurants worldwide. Combined sales [...]
Goldman Sachs will have two EU hubs after Brexit, says Lloyd Blankfein November 20, 2017 Goldman Sachs will have hubs in both Paris and Frankfurt after Brexit, the bank’s boss has said. In an interview with French newspaper Le Figaro, Lloyd Blankfein said the bank will have centres in “the two largest European economies”, according to the Financial Times. “We will have more employees on the continent,” he said. “After [...]
Bell Pottinger Middle East arm bought by London-headquartered PR firm Hanover Communications | City A.M. November 20, 2017 Bell Pottinger’s Middle East arm has been bought by PR rival Hanover, it was announced this lunchtime. The sale was negotiated by Bell Pottinger group administrator BDO after the PR giant collapsed in September. Hanover founder and chief executive Charles Lewington said: “Bell Pottinger Middle East is a terrific business with a talented, professionally run [...]
Ministers poised to sign off new Brexit bill offer November 20, 2017 Ministers are poised to sign off a new offer to the EU as the UK tries to push forward negotiations over the Brexit bill, according to reports. Theresa May has already offered to pay €20bn to the bloc, however, this falls short of the EU’s demand for a €60bn divorce settlement. Read more: Barnier: City [...]
Will Budget 2017 affect UK house prices? Here’s what Philip Hammond’s Budget will mean for property sales November 20, 2017 As with most Budgets, this Wednesday’s fiscal extravaganza has been heavily trailed by the government – so it should come as a surprise to few that one of the main focuses is expected to be solving the UK’s housing crisis. In advance of the speech, Theresa May has hinted at policies to “build more houses, [...]