English football clubs heading for “financial nightmare” in pursuit of Premier League riches October 10, 2017 English football clubs are risking ruin in a bid to reach the Premier League’s riches, according to a new report by financial analysts. The analysis found that 18 of 19 clubs who were promoted to the top tier between the 2008/09 and 2015/16 seasons made a loss during their promotion season. And playing in the [...]
The pound edged up after UK industrial production smashed expectations in August as manufacturing output jumped October 10, 2017 The pound climbed this morning after official data showed production in the UK’s industrial and manufacturing industries smashed expectations in August. Total production output in the industrial sector was 1.6 per cent higher in August than a year before, against expectations of a 0.8 per cent increase, while output in manufacturing, which makes up the [...]
Co-op has made a formal offer to buy convenience chain Nisa for £137.5m October 10, 2017 The Co-operative has offered to buy convenience chain Nisa for £137.5m. Nisa released a statement this morning saying that its board had unanimously recommended the offer to its members. The offer includes £137.5m for the full shareholding of the company plus associated deal costs of £5.5m, totting up to a total cost to Co-op of [...]
Why cinema isn’t doomed after all: The industry is in rude health, despite the occasional lurid headline, says UK Cinema Association October 10, 2017 In an article published last week, City A.M.’s Bespoke magazine laid out an apocalyptic view of the future of cinema, which made for lurid reading but was completely divorced from the economic facts. Where to begin? Far from being on a ‘downward curve’ – your phrase – cinema box office on both the global scale, [...]
London fintech star Monzo is fending off one takeover offer each month October 10, 2017 Monzo, one of London’s biggest fintech success stories, is fending off a takeover offer every month as larger rivals try to get their hands on a slice of its ultra-hip clientele, its co-founder has said. Speaking on City A.M.’s Unregulated podcast, Tom Blomfield, who launched the company in April this year, said the firm has [...]
Wood Group completes £2.2bn takeover of Amec Foster Wheeler | City A.M. October 9, 2017 Wood Group has completed its merger with Amec Foster Wheeler, the FTSE-250-listed oilfield services firm announced today. The £2.2bn takeover had been held up by the Competition and Markets Authority, but the regulator waved the deal through in September after Amec Foster Wheeler agreed to sell some North Sea assets. The integration of the two [...]
David Cameron gets his first post-Brexit vote private sector job with US payments company October 9, 2017 David Cameron has gained his first big private sector job since stepping down as Prime Minister after being on the losing side of the Brexit referendum last June, with a US payments technology firm. Cameron will assist with business development as well as joining the international advisory board of First Data, a New York Stock [...]
David Lloyd investor ICG Enterprise Trust makes record proceeds and outperforms October 9, 2017 Listed private equity fund the ICG Enterprise Trust has announced it generated record proceeds in the first half of this year, receiving £117m from the sale of various investments. The trust, which invests in other private equity funds as well as making its own investments alongside funds, increased the underlying value of its portfolio to [...]
London Southend Airport plots expansion with application to Rochford District Council and invests in mobile check-in firm AirPortr October 9, 2017 London Southend Airport has taken a significant step on the road to expansion, applying for permission to extend its terminal building. The short-haul specialist airport has submitted an application to Rochford District Council that it said would lead to much-improved facilities for passengers and allow it to meet new aviation regulations. Read more: Heathrow unveils [...]
20 years since Deep Blue: Garry Kasparov on the human-machine relationship October 9, 2017 When Garry Kasparov was defeated in a game of chess by IBM’s Deep Blue in 1997, it represented more than just a PR exercise from an opportunistic computer manufacturer looking to bump its share price. For many, it signified the start of the end of human supremacy: the machines had won. Today, 20 years later, [...]