Tesco faces legal action from shareholders over accounting scandal October 3, 2016 Tesco faces fresh legal action over its accounting scandal in 2014. A group of investors are bringing a £150m lawsuit against the retailer, saying they have suffered financially due to the £328m black hole that was discovered in Tesco's accounts two years ago. After it emerged that Tesco had overstated its profits, its share price plunged [...]
A one-day walkout on Virgin Trains East Coast started this morning October 3, 2016 A 24-hour strike on Virgin Trains East Coast kicked-off in the early hours of this morning as part of a long-running dispute over jobs. The rail franchise said that it plans to run a normal service despite the Rail, Maritime and Transport (RMT) union saying that around 1,800 of its members would be taking action. Read [...]
“Encouragingly solid”: Eurozone manufacturing ticks up in September October 3, 2016 The Eurozone's manufacturing sector ticked up to hit a three-month high in September, new figures have shown. Yep, fresh from the news prices in the bloc rose at their fastest pace in two years in September, Markit's purchasing managers' index for the industry showed similarly encouraging signs, hitting 52.6, up from 51.7 in August. Any figure above 50 denotes [...]
Janus Capital is merging with Henderson Global Investors to create a $320bn giant October 3, 2016 Shares in Henderson Global Investors shot up more than 18 per cent to 274p in early trading after it unveiled plans to merge with Janus Capital, the asset manager bond king Bill Gross famously ditched Pimco for. In a statement today Janus said it was merging with Henderson Global Investors to create a giant asset manager with [...]
Chancellor Philip Hammond to reset George Osborne’s fiscal policies October 3, 2016 Chancellor Philip Hammond will say today that he is building a "new plan" for the "new circumstances" Britain is in, promising to break away from his predecessor's policies. Hammond is expected to say Osborne's approach was right "at that time", but that things are set to change because "when times change, we must change with [...]
Philip Hammond unveils £5bn housebuilding stimulus package October 3, 2016 Chancellor Philip Hammond has announced a £5bn stimulus package for housebuilders, including a £3bn fund to help build 25,000 homes during this parliament. The fund will give loans to small and medium sized housebuilders and those using innovative building methods such as offsite construction. It will also provide funding for infrastructure. Read more: London has fallen out [...]
Darktrace is now worth $500m and has IPO ambitions October 3, 2016 One of the UK's hottest tech startups is now worth half a billion dollars and has ambitions to go public, City A.M can exclusively reveal. Darktrace, the cyber security startup which boasts backing from top Silicon Valley venture capitalists, Wall Street investors and former Autonomy entrepreneur Mike Lynch, was valued at $450m after a major round [...]
Data bargaining chips: Consumers know more about their personal data than you think October 3, 2016 We are in the midst of a personal data gold rush, driven by the dominance of advertising as the primary source of revenue for most online publishers. Whether purchasing something or simply browsing, every action we make creates a digital footprint, and every step we takes creates a plethora of valuable information about how we live. [...]
Sterling falls to seven-week low as May commits to triggering Article 50 by end of March October 3, 2016 Sterling approached a new post-referendum low today after Prime Minister Theresa May said negotiations to leave the EU will start by the end of March next year and signalled she will not prioritise Single Market access. The pound drifted lower throughout the day, falling 1.1 per cent through Monday's session to stand at $1.2827 crashed to $1.2827 in the minutes [...]
The man who will run accountants BDO for the next four years is revealed October 3, 2016 Paul Eagland was unveiled today as the new managing partner of accountants BDO and he promised to champion the cause of clients and support a new the generation of business advisers. In contrast with larger competitors, BDO has a client base that is skewed towards medium-sized enterprises and Eagland was keen to make sure that their voices were going to be heard by policymakers. Read [...]