Pendragon profit warning: Share price in reverse after the car dealership warns on profits October 23, 2017 Shares in the UK’s largest car dealership Pendragon dropped as much as 23 per cent this morning after it became the latest UK firm to warn on profits. Pendragon said it expects pre-tax profit to be around £60m in 2017 compared with expectations of £75.2m, according to Reuters data. The firm blamed the downturn on [...]
Financial Conduct Authority (FCA) slaps Merrill Lynch with £34.5m fine for derivative trading failings October 23, 2017 The City’s top watchdog has slapped banking giant Merrill Lynch with a £34.5m fine for not reporting tens of millions of derivative trades over a two year period. The groundbreaking enforcement action by the Financial Conduct Authority (FCA) follows Merrill Lynch’s failure to report details of 68.5m derivative transactions under the European Markets Infrastructure Regulation [...]
HelloFresh IPO: Meal kit firm wants a €1.5bn valuation October 23, 2017 Cookery kit maker HelloFresh is hoping to raise up to €357m (£318m) when it floats on the stock market, implying a valuation of €1.5bn. The German food firm, the majority of which is owned by e-commerce investor Rocket Internet, plans to sell as many as 31m new shares within a price range of €9 – [...]
Legal services: It’s time to be transparent about pricing October 23, 2017 For too long, pricing has been the thorn in the side for many businesses employing legal services firms. Last year, the Competition and Markets Authority published a damning report on legal services in the UK, highlighting the impenetrable nature of pricing for clients. Around £11-12bn a year is spent by consumers on legal services in [...]
Craft ale revolution: The UK now has the most breweries since the 1930s October 23, 2017 The number of breweries in the UK jumped almost 20 per cent last year, according to a new study, putting the total at its highest since the 1930s. The research, by UHY Hacker Young, found there were 1,994 breweries in the UK at the end of 2016, up 18 per cent from the 1,692 recorded [...]
New Wolff Olins boss Sairah Ashman on taking up the top job October 23, 2017 The opportunity to climb the meritocratic ladder, one rung at a time, is one of capitalism’s greatest feats. If you’re good at something and stick to it, eventually you’ll reach the top. Sairah Ashman, chief executive at brand consultancy Wolff Olins, is testament to that notion. Having worked at the firm for 23 years (“longer [...]
Hiver beers founder Hannah Rhodes is turning bees to money October 23, 2017 Even the most hardened City hack might consider turning down the offer of a drink at 11am. But for you, City A.M. readers, this reporter went the extra mile. The Bermondsey Beer Mile, that is. I’m here to meet Hannah Rhodes, founder of Hiver beers. Following a decade in the drinks industry, including a spell [...]
Scientists have worked out the impact of long commutes on life satisfaction October 23, 2017 Adding an extra 20 minutes to your commute is the equivalent of taking a 19 per cent pay cut when it comes to life satisfaction, according to researchers. A new study looking at the impact of commuting on happiness and well-being found that overall, satisfaction in people’s jobs and leisure time were reduced for each [...]
The “Wolf of Wall Street” fraudster, Jordan Belfort, thinks initial coin offerings (ICOs) are a scam and a “f*****g disaster” October 23, 2017 The man who earned himself the nickname the Wolf of Wall Street and inspired the Hollywood movie of the same name has weighed in on the initial coin offering craze. And it’s not a favourable opinion. Jordan Belfort, who served 22 months prison time for securities fraud and money laundering and was played by Leonardo [...]
JP Morgan’s entire fixed income trading will use fintech startup Mosaic’s data anaytics tool after graduating “In-Residence” programme October 23, 2017 Investment banking giant JP Morgan is tapping a UK fintech startup to help it delve into its treasure trove of trading data in a rare move for the firm. Mosaic’s smart data platform will be rolled out across the bank’s entire fixed income trading business following months of testing as part of its “In-Residence” fintech [...]