Never mind the Brexit: Meet JP Morgan’s “glass half-full” European chief August 14, 2016 JP Morgan Chase employees were left in little doubt about how damaging the UK’s Brexit vote could be. In early June, chairman and chief executive Jamie Dimon spoke to staff in Bournemouth alongside now-former chancellor George Osborne and warned that a vote to leave the European Union could lead to as many as 4,000 job losses [...]
Johnston Press boss defends bond buybacks August 14, 2016 Johnston Press defended plans to buy back its own bonds at a healthy discount. The beleaguered publisher, whose share price is a fifth of where it was at the start of the year, said that this was not a new policy. "We have always stated we would use disposals to both strengthen balance sheet and pay [...]
Bank of England considers easing challenger burdens August 14, 2016 The Bank of England is considering easing regulatory burdens on challenger banks, amid increasing pressure from the small lenders. Challengers are concerned about capital requirements imposed on them, which they say disadvantage them to bigger players and stop them from being able to offer loans and credits to small business. There was anger among the [...]
Business and entrepreneurs pile pressure on Sadiq over Uber red tape August 14, 2016 Business groups and entrepreneurs have piled the pressure on the Mayor of London Sadiq Khan, warning that new rules clamping down on Uber will stifle innovation in the capital and its multi-billion pound digital economy as he attempts brand the city "open for business". New rules have drawn the ire of business groups and tech entrepreneurs, who labelled them a backwards step that threatened the [...]
City groups want “the right Brexit deal – not the quickest one” August 14, 2016 City groups are unconcerned by the prospect of a delayed departure from the European Union, urging the government to get the terms of Brexit right for business. “Brexit is permanent, so what difference does a few months’ delay at the beginning of the process make?” an Institute of Directors spokesperson told City A.M. after it [...]
Pressure is on for Rank Group and 888 Holdings to up their bid for bookmaker William Hill before Sunday August 14, 2016 The pressure is mounting for Rank Group and 888 Holdings to submit an increased takeover offer for bookmaker William Hill ahead of a looming final deadline this Sunday. Last week, William Hill swiftly rejected an offer from a consortium formed by Grosvenor Casino operator Rank and online gambling giant 888. The bookie described the proposal, [...]
Lineker joins the ranks of celebrities’ ballsy pledges August 14, 2016 Gary Lineker has taken the Twittersphere by storm after honouring his promise to present Match of the Day in his underpants, and in doing so has joined the ranks of ballsy celebrity pledges. The 55 year-old former footballer took his kit off for the first episode in the new series last night after making a vow last December [...]
No Labour leadership vote for new members after legal challenge dropped August 14, 2016 The Labour Party has ultimately triumphed in its bid to ban thousands of new members from voting in the leadership election after a legal case was dropped The court of appeal on Friday overturned a previous decision giving the go-ahead to 130,000 new members to vote in the upcoming election which will pit leader Jeremy Corbyn against newcomer Owen Smith. [...]
Appetite for expansion outside of London hammers profits at sushi and Asian-inspired food chain Itsu August 14, 2016 Profits at healthy eating chain Itsu dived 73 per cent last year as the company developed a taste for expansion outside of London. The sushi and Asian-inspired food group reported a 22 per cent increase in sales to £82.6m in the year ended 31 December 2015, according to accounts filed at Companies House. However, profits slid [...]
Deliveroo drives into pay row with warning on minimum wage August 14, 2016 Deliveroo has ridden into trouble with changes to the way it pays delivery drivers, prompting a warning from the government over adhering to rules on the minimum wage. Drivers last week took to the London streets to protest the changes, which they argue leaves them being paid less than the £7.20 National Living Wage (NLW), and which the [...]