Man Group hit by soaring dollar as assets slide 2 per cent October 19, 2022 Man Group revealed investors had been scrambling to withdraw their cash in the past quarter as its assets under management slid to $138.4bn amid a crash in sterling and market volatility. The investment management group said that the value of its assets under management tumbled 2.7 per from $142.3bn in June in what was a [...]
Asos new CEO vows to rebuild ‘inefficient’ model as fashion seller posts £32m loss October 19, 2022 The new CEO of Asos has said he will refresh the fashion marketplace’s commercial model after the online retailer swung to a loss. In results for the year to 31 August 2022, Asos said gross margins had been impacted by a supply chain “inefficient in the face of supply chain disruption and macroeconomic challenges”. After [...]
Just Eat Takeaway returns to profit despite warning of ‘challenging’ consumer backdrop October 19, 2022 Just Eat Takeaway has returned to profitability earlier than expected, although the food delivery platform warned of a “challenging” consumer backdrop in the months to come. The London-based firm said it processed 235m orders in the third quarter of 2022, an 11 per cent dip on the year previously, with bosses pointing to the end [...]
City Moves: Who’s switching jobs in the Square Mile? October 19, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Merkle Customer experience management firm Merkle has posted a new chief operating officer to lead its business across Europe, the Middle East and Africa (EMEA) Christiane Georg, who brings more than 25 years worth of experience to [...]
Small business confidence tumbles on swelling costs and weaker demand October 19, 2022 Intensifying cost pressures and a slowdown in consumer spending as a result of cost of living crunch squeezing Brits has led to a collapse in confidence among small firms, a new survey out today shows. Net confidence plummeted to minus 35.9 in the three months to October, down by 11.2 points over the last quarter, [...]
Hunt mini-budget overhaul right for now but investment relief needed, Thatcherites urge October 19, 2022 New chancellor Jeremy Hunt’s decision to junk pretty much all of prime minister Liz Truss’s botched mini-budget has damaged the UK’s tax competitiveness, a new report out today says. Britain has dropped to 33rd out of the 38 nations part of the Organisation for Economic Cooperation and Development (OECD) as a result of Hunt’s tax [...]
Sadiq Khan: Tax “confusion” could hit London’s investment appeal October 19, 2022 SADIQ KHAN has warned that instability at the top of British politics could hit London’s status as a desirable investment destination. Investors are “not sure that the stability and certainty that existed in London will be there going forward,” the Mayor of London told City A.M. yesterday. “Instability is good for no-one,” he added. A [...]
OneWeb and Panasonic to rival Viasat-Inmarsat tie-up with in-flight wifi deal October 18, 2022 British satellite darling OneWeb has teamed up with in-flight entertainment giant Panasonic, in a partnership which could rival the looming Viasat-Inmarsat tie-up. The deal will see Panasonic Avionics, which serves over 70 airlines, sell OneWeb’s in-flight broadband services to commercial airlines worldwide by the second half of next year, cementing aviation as the latest cash [...]
Microsoft cuts more staff as Big Tech slowdown continues October 18, 2022 Microsoft continued to cull its workforce this week as the software giant feels the sting of stagnating growth, with sources telling the Business Insider that 1,000 people lost their jobs in a fresh wave of cuts. Impacted teams within the software giant included the Xbox division, the Strategic Missions team, and the office of the Chief [...]
Next 15 clears regulatory hurdles in M&C Saatchi takeover October 18, 2022 NEXT 15 cleared its final regulatory hurdle this morning as the London media firm hopes to finalise a deal to takeover M&C Saatchi after months of turbulence. The media firm said it had received confirmation from the Committee on Foreign Investment in the United States (CFIUS), paving the way for a successful takeover. It follows [...]