Government launches review into Britain’s financial rules ahead of Brexit July 19, 2019 The City’s financial rules are set to be reviewed by the government ahead of Britain’s departure from the EU. While there are no plans to change the format of the current financial watchdogs, the government has launched a review into how regulation within the financial sector could be changed post-Brexit. Read more: Jeremy Hunt misses [...]
Blackrock profit drop misses expectations July 19, 2019 Blackrock disappointed Wall Street expectations this afternoon after posting a worse-than-expected fall in quarterly profits. The world’s largest asset manager reported net income of $6.41 per share, or $1bn (£800m), falling from $6.62 per share in the same quarter last year and missing Refinitiv estimates of $6.50 per share. Read more: Outgoing RBS boss Ross [...]
CMA warns train passengers face higher prices if Abellio takes on East Midlands franchise July 19, 2019 The UK’s competition watchdog raised concerns today about higher ticket fares on two routes it is probing as part of an investigation into Abellio’s acquisition of the East Midlands franchise. Abellio’s ownership of Greater Anglia means it would operate a monopoly on the Norwich to Ely and Thetford to Ely routes as it would then [...]
Internet reacts in horror to ‘terrifying’ and ‘demented’ Cats movie trailer July 19, 2019 The first trailer for upcoming movie ‘Cats’ based on the musical by Andrew Lloyd Webber has caused a stir on social media. The star-studded line-up unveiled its official taster last night ahead of its December release date. Read more: E3 2019: The biggest games, trailers and announcments But instead of excitement, the CGI human-cat hybrids [...]
AB InBev toasts $16bn sale of Australian beer business to Japanese group Asahi July 19, 2019 The world’s largest brewer AB InBev has offloaded its Australian business to Japanese group Asahi as it looks to pay down its debt. In a deal worth $16bn (£9bn), the owner of Budweiser, Corona and Stella Artois is calling time on its Australian subsidiary, Carlton & United Breweries. Read more: New tube map shows you [...]
Arriva seeks £200m from government over East Midlands franchise snub July 18, 2019 Rail giant Arriva is claiming £200m from the government over its controversial decision to disqualify it from the East Midlands franchise, City A.M. can reveal. Court documents seen by this newspaper show that Arriva Rail, which is owned by German parent Deutsche Bahn, is seeking to recover the amount following the Department for Transport’s (DfT) [...]
Gatwick to use standby runway to increase passenger capacity July 18, 2019 Gatwick airport has jettisoned plans to build an extra runway, instead opting to bring the standby runway into “routine use” by 2020. The airport said it is readying a planning application to use the second runway alongside the main tarmac. This would increase capacity at the airport so as to serve around 70m passengers by [...]
City of London Corporation secures £450m in external funding for major projects July 18, 2019 The City of London Corporation has secured £450m in external funding for its major projects, after it revealed that its squeezed finances meant it would have to borrow for the first time in 30 years. Catherine McGuinness, chair of the policy and resources committee, admitted the organisation was facing “significant financial pressures” and highlighted the [...]
Waitrose offloads stores risking hundreds of jobs July 18, 2019 Waitrose is set to close three stores and sell a further four, putting hundreds of jobs at risk, the supermarket announced this afternoon. Budget grocery chain Lidl has snapped up stores in Bromley, Oadby in Leicestershire and Wollaton in Nottinghamshire. Read more: Waitrose sets out £1bn online shopping plan A fourth store in Sandhurst, Berkshire, has [...]
Wealth management arm helps Morgan Stanley to beat profit estimates July 18, 2019 Morgan Stanley reported a dip in profits during the last three months, but followed several of its big banking peers this week by trumping Wall Street estimates. Read more: Danske Bank misses profit estimate after troubled 12 months The US multinational group posted earnings of $2.2bn (£1.76bn), or $1.23 a share, falling from $1.30 per [...]