Prudential share price tumbles nine per cent on Jackson demerger plan January 28, 2021 The share price of insurer Prudential fell eight per cent today following news it would split off its US business through a demerger. Following pressure from activist investor Third Point, Prudential agreed to split off its US business Jackson through a demerger that could raise between $2.5 and $3bn in new equity. In response Prudential’s [...]
Exclusive: Friendship app Yubo to expand workforce 10-fold this year, says CEO January 28, 2021 In a year that saw UK schools close their doors and social gatherings move to video platforms, Gen Z ‘friendship’ platform Yubo saw live streams increase by 550 per cent, with streamers spending an average of two hours per day on the app. Since its launch in 2015, the platform that connects people based on shared interests has [...]
City firms and entrepreneurs back Mail’s laptops for kids scheme January 28, 2021 A number of City of London firms have backed a Daily Mail campaign to provide laptops to underprivileged children during the Covid-19 lockdown. Leading entrepreneurs, including Sir Tom Hunter, have also donated significant amounts. The Mail’s campaign aims to put laptops in the hands of all children who would otherwise be without the technology needed [...]
Four charts which show what happened to the car industry in 2020 January 28, 2021 Months of shuttered factories and enforced social distancing due to Covid-19 saw the fewest cars manufactured in the UK since 1984 last year. Just 920,928 models rolled off production lines in 2020, the Society for Motor Manufacturers and Traders (SMMT) said today. That’s 29.3 per cent down on last year, when over 1.3m cars were [...]
GardaWorld extends G4S offer for fifth time despite deal elsewhere January 27, 2021 Canadian firm GardaWorld has extended its takeover bid for G4S, even as the British company has already accepted US-based Allied Universal’s takeover offer. Yesterday Allied Universal extended the time for G4S shareholders to accept the deal, which has been agreed upon by the two companies, to 9 February. G4S said GardaWorld’s announcement does not change [...]
Planet Pandemic: Vaccination numbers and Covid policies around the world January 27, 2021 With many countries being at different phases of their response to the ongoing pandemic, City A.M. looked at Covid-19 policies and vaccination numbers around the world, based on data provided by the Blavatnik School of Government at the University of Oxford. The interactive map below offers a visual representation of practically every country’s Covid-19 response, [...]
EU opens up to US clearing houses in blow to City of London January 27, 2021 Brussels will allow US clearing houses operate throughout the EU in what could be a blow to the City of London’s largest clearing agencies. The European Commission announced today that it had decided that the US’ financial regulator’s rules was equivalent to the EU’s around clearing houses. This means the EU will now allow Wall [...]
City Moves for 27 January: Who is switching jobs in the Square Mile this week? January 27, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Lombard Odier IM bolsters institutional sales team Lombard Odier Investment Managers (LOIM) has bolstered its UK and Ireland institutional sales team with two new hires. Chris Vogtherr and Claudia Ziebart joined the investment [...]
Before the Bell: Investors look to the Fed and zoom in on Apple and Facebook January 27, 2021 Markets in Europe look set to continue to be driven by the prospect of further restrictions being imposed by governments concerned about seeing further increases in coronavirus cases, from speculation about a third lockdown in France, which could come by the weekend, to the prospect of further restrictions here in the UK in the form [...]
Post-Brexit Special: Business leaders on the challenges of trading with the EU January 26, 2021 Since the start of the year, a raft of new requirements are making life increasingly difficult for UK businesses that trade with the EU. On the surface, frictionless trade should have continued, but as the UK is no longer part of the EU Single Market and Customs Union, companies have been faced with an increased [...]