Ted Baker sees lift in sales as rebounding store revenues are offset by slump in demand September 2, 2022 Fashion brand Ted Baker has revealed that recovering store footfall helped support higher sales over the past quarter as it prepares for its US takeover. Last month, the retail business agreed a £211 million takeover by Authentic Brands Group, the US owner of Reebok and Juicy Couture. Ted Baker shareholders will vote on the move [...]
Shell boss to step down next year after nearly a decade in charge September 2, 2022 Shell's chief executive Ben van Beurden will step down next year after nearly a decade at the helm, according to news agency Reuters.
Asset manager Ashmore suffers due to war, inflation and high rates but looks to improving conditions September 2, 2022 Emerging Markets asset manager the Ashmore Group suffered due war, inflation and higher interest rates, but hopes the next 12 months offers potential for better conditions. The group registered $64bn assets under its management but 13 per cent lower net revenue year-on-year for the year ending 30 June. Its statutory profit before tax declined by [...]
Raft of UK pharmaceutical directors risk being disqualified after CMA ruling September 2, 2022 The UK’s competition watchdog has today issued High Court proceedings to disqualify a raft of pharmaceutical directors, including Alliance Pharma’s CEO, over suspected anti-competitive agreements. The Competition and Markets Authority (CMA) launched the investigation into the UK’s pharmaceutical sector in 2017, and revealed earlier this year that several firms had been impeding competition in the [...]
Phoenix shareholders threaten legal action to block Mercuria’s full takeover September 2, 2022 Upstream oil and gas firm Phoenix Global Resources is being challenged by shareholders over the company’s decision to accept a full takeover offer from majority shareholder Mercuria. J Stern & Co, a London and Swiss based investment house, has threatened legal action against the decision on behalf of a group of minority shareholders. They argue [...]
Trump is ‘obviously thinking about running’ again says Jared Kushner September 2, 2022 Former President Donald Trump is “obviously thinking about running” for the president again according to his son-in-law and ex special adviser Jared Kushner. The comments come after the FBI accused the ex President of taking top-secret documents and storing them in his Florida home without permission. Last night, Joe Biden accused Trump of launching an [...]
UK competition watchdog clears £6bn Avast takeover by NortonLifeLock September 2, 2022 The £6bn acquisition of Avast by NortonLifeLock has been officially cleared by the UK’s competition watchdog. The Competition and Markets Authority had launched an investigated into the merger in March, with concerns the combined cyber security powerhouse would squash competition in the sector. The watchdog said that while it found a “realistic prospect” of weaking [...]
City Exclusive – SFO’s ‘unique skillset’ will be needed to tackle UK’s worsening fraud epidemic, Lisa Osofsky says September 2, 2022 The director of the UK’s Serious Fraud Office (SFO) has said the agency’s skillset will be needed to combat the mounting levels of increasingly complex and high-value frauds facing the UK’s court system. The letter comes in response to reports in this paper showing the number of fraud cases reaching the UK Crown Courts dropped [...]
Westminster push for North Sea fossil fuels slammed by climate groups September 2, 2022 Climate groups have criticised Westminster's latest attempts to boost oil and gas production in the North Sea.
City Moves: Who’s switching jobs in the Square Mile? September 2, 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. Branch Austin McCormick Mayfair-based law firm Branch Austin McCormick has built out its dispute resolution team with a new partner. Eugene Matveichuk, who stepped into the new position yesterday, brings more than 20 years of experience to [...]