Nickie Aiken: The country must move forward as one January 14, 2020 At times during last month’s General Election, City A.M. readers could be forgiven for thinking it was taking place in a different country. For much of the campaign the focus was far from London, with frontbenchers and their battle buses taking them through the midlands and the north as Labour and Tories fought it out [...]
Flybe saved from brink of collapse by government deal January 14, 2020 Flybe has staved off collapse after shareholders and the government struck a controversial deal that will review the regional airline’s air passenger duty contributions. Major shareholders, including Virgin Atlantic and Stobart Group, pledged to inject “additional funding” to keep the airline running. They said this would come “alongside government initiatives”. The deal came a day [...]
Firm at centre of mini-bond scandal ‘overstated’ value of holdings January 14, 2020 A firm at the centre of the London Capital & Finance (LCF) scandal was found to have “overvalued” a major asset on its balance sheet by a court today, meaning it was unlikely it could have paid back the money it owed LCF. London Oil & Gas was the biggest recipient of cash from LCF, [...]
Citigroup profit jumps 15 per cent in strong end to year January 14, 2020 Profit at Wall Street giant Citigroup beat expectations to post a 15 per cent rise in fourth-quarter profit, with solid growth in both its consumer and institutional banking arms. Citigroup shares had risen 2.9 per cent two hours into trading to $82.93 as the lender continued the strong start to US earnings season, which had [...]
Boeing reveals it had more cancellations than orders in 2019 January 14, 2020 Boeing reported its lowest number of net yearly orders in at least 30 years today, as the fallout from last year’s grounding of the 737 Max rolled on. The US aerospace manufacturer had 87 more cancellations than purchases in 2019, thanks mass cancellations of the grounded 737 Max. Read more: Boeing 737 Max ‘designed by [...]
Former Reach boss Simon Fox in the frame to lead Frieze art fairs January 14, 2020 The former chief executive of Daily Mirror publisher Reach has secured a new role as head of the company behind iconic arts fair operator Frieze. Simon Fox, who left Reach in July after seven years at the helm, is set to be announced as the new head of Frieze tomorrow. The appointment is said to [...]
Revolut valued at $5bn ahead of new funding round January 14, 2020 UK-based fintech Revolut is reportedly set to be valued at $5bn (£3.85bn) in an upcoming funding round. Investor Technology Crossover Ventures (TCV) is leading a funding round that is expected to close in January, according to documents seen by Financial News. The documents showed that investors had placed a pre-money valuation of $5bn on the [...]
Huawei hits back at ‘unsubstantiated allegations’ of spying January 14, 2020 Huawei has urged the government to ignore “unsubstantiated allegations” of spying levelled by the US amid fresh speculation over the Chinese firm’s role in the UK’s 5G network. Top US officials have reportedly warned their British counterparts that using Huawei’s equipment would be “nothing short of madness”. During crunch meetings in London yesterday the security [...]
RCEP or CPTPP: Will Asia finally agree a trade deal? January 14, 2020 It is occasionally worth revisiting where Asia is with its expansive and highly complex trade negotiations, given that one can often get lost in the acronyms and fanfare of the latest set of talks. The first major attempt, an agreement with 11 signatories called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) or TPP11 — [...]
JPMorgan Chase kicks off US earnings season with record annual profit January 14, 2020 JPMorgan Chase brought in a record annual profit in 2019, its fourth-quarter results showed today, outstripping analysts’ expectations as it kicked off the US earnings season in fine style. The US’s biggest bank was boosted by a marked increase in bond trading as the global economy was shaken by the trade war between Washington and [...]