The City tells Deutsche Bank: Hard work on costs is not over yet June 8, 2015 Shares in Deutsche Bank climbed sharply yesterday after its co-chief executives agreed to stand down over the weekend, to be replaced with a turnaround veteran. But analysts and investors said that the hard work still lies ahead of the bank, which will have to prove to investors that it can cut costs and grow [...]
Morrisons back on the offensive: Has the retailer put its darkest days behind it? June 8, 2015 David Potts wasted no time in stamping his mark on Morrisons when he took the helm of the retailer in March. After years of haemorrhaging sales, the ailing supermarket was in urgent need of a turnaround. And for the 58 year-old retail evangelist, that meant not only making sweeping changes at the top – including [...]
Phoenix IT rises from the ashes as profits return after difficult spell June 8, 2015 Phoenix IT yesterday released its annual results, which showed the beginnings of the IT firm again taking flight, after a difficult time. Chief executive Steve Vaughan told City A.M. “the results demonstrate we’ve got stability”. Referring to the firm’s previous problems, he commented: “A whole year without screw ups, hand grenades and ‘oh good griefs’ [...]
WPP gets stake in Turkish digital media firm Wanda as lira takes a fall June 8, 2015 Advertising giant WPP’s subsidiary firm J Walter Thompson has acquired a minority stake in Turkish digital agency Wanda Digital. The move comes at a fraught time in the Turkish domestic market. Yesterday the Turkish lira fell five per cent to an all time low against the US dollar, on the back of the country’s [...]
Nat Rothschild lays down Arms in battle with Asia Coal Energy Ventures June 8, 2015 The bitter dispute over the future of Asia Resource Minerals (Arms) was finally resolved yesterday after Nat Rothschild backed out of the firm he co-founded five years ago. Rothschild, through the fund NR Holdings, announced his intention to sell his 17.2 per cent stake in the struggling miner after attempts to wrest back control [...]
UK’s skills shortage will get worse if we leave EU, says Manpower boss James Hick June 8, 2015 Britain must stay in the EU to avert a skills crisis in sectors from finance to the NHS, the boss of recruitment firm Manpower told City A.M. yesterday. James Hick said firms are already seeing a shortage of suitable workers and will rely very heavily on the free movement of people within the EU. “It [...]
Star manager Neil Woodford invests £21m in online brokers AJ Bell June 8, 2015 Neil Woodford, one of the UK’s most successful fund managers has poured £21m into AJ Bell, the online investment platform and stockbroker service provider. Woodford Equity Income Fund is investing £13m while a further £8m is being invested by Woodford Patient Capital. Woodford founded Woodford Equity Income after quitting Invesco Perpetual, AJ Bell’s largest shareholder. [...]
Gateley IPO: Blue chip backing for first ever float of a UK law firm June 8, 2015 City fund managers including Schroders Investment Management and Miton Group have backed the pioneering float of Britain’s first listed corporate law firm. Gateley become only the second law firm in the world to list shares publicly following the introduction of new rules in 2012 allowing non-lawyers to invest in law firms. Shares in [...]
Tritax Big Box to raise £125m as it seals deal on Stoke warehouse June 8, 2015 Property investor Tritax Big Box said yesterday that it plans to raise £125m by issuing new shares at a price of 113p each. Since a placing undertaken by the company in March, which raised £175m, the company has acquired five logistics warehouses for £238.2m, net of acquisition costs. The firm has also completed two additional [...]
Car manufacturer Renault offers RCI Banque bank account for UK savers June 8, 2015 Car manufacturer Renault’s finance arm is launching savings accounts in the UK for the first time, diversifying its funding base. Motor companies often run finance businesses to fund customers’ purchases of their cars, as well as related insurance products. But offering a wider range of services is not as common. RCI Banque, as the unit [...]