Rolls-Royce picks former Deloitte partner Kakoullis as finance chief February 15, 2021 Engineering giant Rolls-Royce has named Panos Kakoullis as its new chief financial officer, as the FTSE 100 group steers through a pandemic-driven restructuring. Kakoullis, who spent 30 years at accountancy firm Deloitte, will join the company in May. Restructuring Rolls-Royce said in January that its restructuring efforts were continuing apace, with 7,000 roles removed last [...]
High street redundancies: Which retailers have cut jobs in the pandemic so far? February 13, 2021 Thousands of high street jobs have evaporated during the coronavirus pandemic, as retail chains have fallen under the pressure of lockdown restrictions on trading. The UK high street, which was already struggling before the pandemic, is set to look very different when shoppers return after lockdown following high profile collapses that have cost many retail [...]
Corona Impact Series: How a creative workspace was dragged into a work-from-home experiment February 12, 2021 In this series, City A.M. looks at the financial and economic impact of the ongoing pandemic on a range of small and medium-sized businesses across London. This week: How a workspace provider with spaces across the UK, including in Soho and Westminster, gradually changed the work mindset of its office clients. No one could have [...]
ONS: Pandemic impact cuts through all major sectors February 12, 2021 The ONS published sector figures for services, trade, construction and production output this morning. Services The Index of Services grew by 1.7 per cent between November and December last year. The largest contribution to monthly growth was accommodation and food service activities, rising by more than 25 per cent. In December, the Index of Services [...]
Government support brings scale-up investment to record high February 11, 2021 The government’s Future Fund scheme helped British scale-ups secure a record number of investments, according to new research. There were 2,928 announced deals for high-growth companies last year according to Beauhurst research. While deal volume grew 48 per cent year-on-year the total investment volume dropped eight per cent to £10.8bn. Venture capital activity remained fairly [...]
Exclusive: Hong Kong refugee activists on the UK’s new visa scheme February 11, 2021 The UK’s visa program for British national overseas passport holders is generally seen in Hong Kong as a “last resort” for those who wish to flee Beijing’s new National Security Law, but the program should be extended to youngsters, multiple activists in exile have told City A.M. Baggio Leung, a former Hong Kong legislator and [...]
Mike Lynch: Live updates as British tech entrepreneur fights extradition to US February 10, 2021 British tech entrepreneur Mike Lynch, the founder of software firm Autonomy, today begins the second day of his fight against his extradition to the US. Yesterday, the court heard opening arguments from Lynch’s defence team and lawyers representing the US. Lynch is facing charges of securities fraud, wire fraud and conspiracy in the US related [...]
Amundi CEO steps down on a high as fund manager reports record profit February 10, 2021 Yves Perrier is stepping down after more than a decade running Amundi, Europe’s largest asset manager. He will be succeeded by his deputy Valérie Baudson, the group said on Friday. Perrier, who has led the French firm since its creation in 2010, announced his departure as the group reported a record fourth-quarter profit. He will [...]
Redrow profit jumps as sales boosted by demand for regional properties during pandemic February 10, 2021 UK housebuilder Redrow reported a jump in revenue and profit in the first half of the year, as shifting customer demand for bigger homes outside of London during the pandemic buoyed its regional business. Redrow this morning posted profit after tax of £141m, up from £128m in the first half of last year. The development [...]
The City and Zurich can set a positive tone for free market competition February 10, 2021 The decision that trading firms, regardless of where they are situated, will be able to trade Swiss shares on UK exchanges should not just be seen as a political football, On the contrary, this agreement should be a symbol of a return to a more competitive market. Whilst rules such as MiFID II have sought [...]