Alphabet slides as it breaks out Youtube and Cloud revenue for the first time February 3, 2020 Google parent Alphabet’s shares fell in extended trading after it missed fourth-quarter revenue estimates, and gave an unexpected deep-dive into its sales breakdown for the first time. Alphabet reported overall revenue of $46.08bn for the three months to the end of December, versus analyst estimates of $46.9bn according to Refinitiv. Meanwhile it posted a profit [...]
Combined Just Eat and Takeaway.com shares start trading February 3, 2020 The combined shares of Just Eat and Takeaway.com began trading this morning, despite a competition watchdog probe into the merger. Just Eat’s shares were suspended this morning and the merged company Just Eat Takeaway.com began trading on the London Stock Exchange under the ticker Jet. However, a full integration of the two takeaway platforms is [...]
Lending to customers by challenger banks reached record high last year, study finds February 3, 2020 Lending to customers by UK challenger banks has more than doubled in the last five years to a record high of £115bn. A number of challenger banks were set up in the wake of the credit crunch to fill the gap left in the market by high street banks. However research by advisory firm BDO [...]
Wizz Air investors to sell shares worth £500m February 3, 2020 A major shareholder in Wizz Air today revealed plans to sell up to £500m worth of shares in the budget airline. The sell-off has been initiated by investment funds managed by US private equity firm Indigo Partners, which currently holds a stake of almost 21 per cent in Wizz Air. The airline, which mainly flies [...]
Mike Ashley’s Sports Direct bags stake in designer brand Mulberry February 3, 2020 Sports Direct owner Mike Ashley has snapped up a stake in British luxury handbag company Mulberry, as the billionaire businessman seeks to rebrand his company as a premium retailer. Sports Direct, which has recently been rebranded as Frasers Group, has taken a 12.5 per cent stake in the designer brand. The deal signals a further [...]
Advent International teams up with rival private equity firms to plot takeover of Pepco February 3, 2020 Private equity firm Advent International is reported to be working with Hellman & Friedman and Mid Europa Partners on a bid for Pepco Group. A takeover could value Pepco at more than €4.5bn (£3.8bn), Sky News reported. Steinhoff International is looking to sell Pepco, which includes retailer Poundland. Advent offloaded Poundland to Warburg Pincus for [...]
BBC licence fee to increase by £3 from April February 3, 2020 The annual cost of the TV licence fee increase from £154.50 to £157.50 from 1 April, the BBC confirmed today. The fee is set by the government, which announced in 2016 that it would rise in line with inflation for five years from April 2017. The new charge equates to £3.02 per week or £13.13 [...]
Searchlight Capital acquires majority stake in GRP February 3, 2020 Searchlight Capital Partners has announced it will take a majority stake in Global Risk Partners (GRP). GRP founders Peter Cullum CBE and David Margrett, as well as founding investor Penta Capital, will all retain minority stakes. Searchlight paid an undisclosed fee for a majority stake but it is understand that the deal values GRP at [...]
Boris Johnson says Brexit deal must be ‘predictable’ for the City February 3, 2020 Prime Minister Boris Johnson has sought to reassure the City about a post-Brexit trade deal with the European Union, saying it should provide a “predictable, transparent and business-friendly” environment for financial services firms. In a written statement to parliament, the PM also said there should be “obligations on market access and fair competition”. The statement [...]
Women problem looms as PM’s reshuffle set for next week February 3, 2020 Boris Johnson has earmarked 13th February for his reshuffle, City A.M. has learned. The Prime Minister is hoping to make his move just before MPs go into recess, to allow sacked ministers time to lick their wounds, according to one senior parliamentary source who has been put on standby for next Thursday. What had initially [...]