Trinity Mirror reports revenue decline as it vows to take action to protect against Brexit uncertainty July 1, 2016 Publishing group Trinity Mirror today reported falling revenues across most of its divisions, as it vowed to take action to deal with uncertainty following the UK's vote last week to leave the European Union. The company's share price jumped by 7.43 per cent in early trading, as the group issued a trading update showing struggling [...]
City Moves for 1 July 2016 | Who’s switching jobs July 1, 2016 UniCredit UniCredit, Italy's biggest bank by assets, has appointed Jean Pierre Mustier as CEO. Jean Pierre began his career at Societe Generale where he held various positions from 1987 to 2009. In 2003, he was appointed head of Societe Generale’s corporate and investment banking division and member of the bank’s executive committee. From 2011 to [...]
Conservative leadership race must speak to the City July 1, 2016 As Michael Gove’s former head of communications, James Frayne, argued in City A.M. on Tuesday, nobody should be surprised that politicians lacked a ready-made vision of what Brexit will look like immediately after last week’s shock vote. UK politicians have abdicated responsibility over issues like trade policy to EU fonctionnaires for over 40 years, so [...]
Airport expansion: This is politics for grown-ups – a decision must be made soon July 1, 2016 Amid all the schoolyard bickering which took place yesterday between those in the running (and those deciding not to be in the running) for both Tory and Labour leadership came a rather sombre statement by transport secretary Patrick McLoughlin. During parliamentary questions, he confessed that a decision over increasing London’s airport capacity will not take [...]
London tech heavyweights call for European talent to remain in the capital following Brexit vote June 30, 2016 The London tech community has called for non-UK Europeans working in the sector to stay following the country’s vote to quit the European Union. Russ Shaw, founder of lobby group Tech London Advocates (TLA), has gathered around 150 signatures, including the Mayor of London and the likes of entrepreneur and angel investor Sherry Coutu and co-chief executive of digital literacy [...]
AmazonFresh opens up to new London postcodes June 30, 2016 US online retailer Amazon has expanded its recently launched fresh food delivery service, Amazon Fresh, across London. Its footprint has grown from 69 to 128 London postcodes less than a month after it began the service in London. Amazon Fresh’s arrival sent shockwaves through the grocery industry. Online supermarket Ocado’s shares fell to a three-year [...]
Studio Lionsgate shoots for the Starz with $4.4bn deal June 30, 2016 Movie studio Lionsgate, the home of smash hits The Hunger Games and Twilight franchises, has agreed to a deal for US premium cable channel Starz for $4.4bn (£3.3bn). The stock and cash deal will value Starz at a 15 per cent premium to the company’s closing price on Wednesday. Starz is 49 per cent owned [...]
Last week’s UK referendum result boosted fine wine sales to Asia June 30, 2016 The fall in sterling after last week’s Brexit vote led to a spike in fine wine sales to Asian buyers. As the pound dropped to a 31-year low, a global fine wine and spirits merchant BI generated a week’s revenue in six hours on its online trading platform. Sales to Asian buyers jumped eight times [...]
Brexit and Donald Trump expected to hit already falling M&A activity levels June 30, 2016 Deal values fell significantly in the UK and, to a lesser extent, globally in the first half of 2016. And mergers and acquisitions (M&A) activity is expected to fall further in the next six months, with Brexit and the prospect of Donald Trump causing uncertainty. Read more: What Brexit means for UK M&A: Experts expect further [...]
EU gives thumbs up to government guarantees for Italian bank support scheme June 30, 2016 The European Commission has extended a lifeline to Italy's struggling banks, by granting a guarantee scheme. The scheme will allow Italy to use government guarantees to create a precautionary liquidity support programme for banks in need, although it only applies to institutions which are solvent and will only be valid until the end of the year. According [...]