EasyJet founder Sir Stelios Haji-Ioannou has signed up to Bill and Melinda Gates’ Giving Pledge and plans to give away the majority of his wealth May 30, 2017 EasyJet founder Sir Stelios Haji-Ioannou is among the 14 new signatories to commit to the Giving Pledge, joining the echelons of the super-rich who intend to give away the majority of their personal wealth. Sir Stelios, who has set up a range of businesses under the “easy” brand, is worth an estimated £1.95bn according to [...]
Mid-market M&A pricing in Europe increases as private equity funds pay record high levels May 30, 2017 The price which buyers will pay for mid-market companies in Europe has increased by 1.2 per cent in the first quarter of 2017, according to the Argos Mid-Market Index from Epsilon Research and French investment firm Argos Soditic. Buyers paid an average of 8.6 times earnings before interest, tax, depreciation and amortisation (Ebitda), while the [...]
UK house prices: Demand for homes drops due to uncertainty around the General Election May 30, 2017 The demand for homes stuttered in April due to uncertainty around the General Election, according to the National Association of Estate Agents (NAEA). The number of house-hunters registered per estate agent branch fell in April, the property body found. There were 381 house hunters per branch in April compared to 397 in March and close [...]
Leisure will be key to the future of London retail May 30, 2017 London retail has a positive future. Hardly a revolutionary statement in isolation, particularly to the many millions of people who live, work and visit the capital and experience its unparalleled consumer offer. However, there are challenges too: technology, changing shopper habits, and predictions of falling consumer confidence. April saw the biggest quarterly fall in retail [...]
Dream on, the UK is not going to be a cashless society any time soon | City A.M. May 30, 2017 The next few years will be decisive in determining what payments and financial services will look like for decades to come. Driving this is a huge change in the way people manage their money – something that affects all of us as we go about our daily lives. The pace of change is only set [...]
British Airways faces escalating bill over IT nightmare as questions build for cost-cutting chief executive Alex Cruz May 29, 2017 British Airways is facing a sky-high bill for its global IT meltdown that resulted in hundreds of flights cancelled over the bank holiday weekend. A power failure on Saturday resulted in mass flight cancellations across London Heathrow and Gatwick airports, causing chaos for 75,000 passengers. Read more: Global IT meltdown prompts British Airways Heathrow, Gatwick [...]
AkzoNobel triumphs over activist investor Elliott Advisors in Dutch legal battle May 29, 2017 Dutch paints firm AkzoNobel has scored a legal victory over activist investor Elliott Advisors as it fends off an unwanted US takeover approach. A Netherlands court ruled that Akzo, which makes Dulux paint, was not required to hold an extraordinary shareholder meeting requested by investors including Elliott. The hedge fund is leading an investor charge [...]
Former world No1 Tiger Woods arrested on suspicion of drink driving May 29, 2017 The career of former world No1 Tiger Woods has taken another twist after the 14-time Major winner was arrested on suspicion of driving under the influence of alcohol in Florida on Monday. Police have confirmed that Woods, who has not played professionally since February, was taken into custody close to his home on Jupiter Island [...]
Home secretary Amber Rudd denies she wanted an encryption ban and says progress is being made with tech giants May 28, 2017 Home secretary Amber Rudd has denied she suggested an encryption ban, and said the government was making “good progress” with firms using end-to-end encryption. In March, Rudd came in for criticism after saying end-to-end encryption on messaging apps like WhatsApp and iMessage was “completely unacceptable”. Read more: WhatsApp encryption is “completely unacceptable” warns home secretary [...]
Epiris proves its strength as a standalone private equity manager as split with Electra approaches May 25, 2017 Private equity manager Epiris has cemented its position as a strong standalone player, as its final split with listed investment trust Electra Private Equity (EPE) approaches. EPE, which used to count Epiris as its exclusive manager before effectively sacking it last year, has released its results for the first half of 2017 – a period [...]