Ladbrokes owner GVC upgrades earnings forecast October 9, 2019 GVC, the owner of Ladbrokes Coral, upgraded its full-year earnings guidance as the gambling giant reported an increase in over-the-counter trading following a government crack down on betting machines. The company increased its full-year guidance range to between £670m and £680m, from a previous estimate of £650m to £670m. Read more: GVC hit with £5.9m [...]
Why the Bank of England isn’t topping up the punch bowl October 9, 2019 | City Talk Many economists will remember 2019 as the year of the monetary policy U-turn by central bankers around the world. At the end of 2018, the US Federal Reserve, which tends to lead the herd, signaled multiple rate hikes in the year ahead. Just three months on, its forecasts were cut sharply to zero and by [...]
Checkout.com expands to new London headquarters as revenue surges October 9, 2019 Online payments startup Checkout.com is set to hire 100 members of staff and relocate to new Old Street offices as it unveiled a sharp rise in revenue for the year. The British fintech unicorn will triple its office space with a new 63,000 square feet location near the capital’s Silicon Valley roundabout, having outgrown its [...]
Barnier says Brexit deal ‘very difficult’ October 9, 2019 The EU’s chief negotiator has said a Brexit deal is now “very difficult, but possible” following a dramatic day of negative briefing against Brussels. Michel Barnier told reporters this morning that a deal before the 31 October deadline was looking unlikely, echoing comments made by Irish Taoiseach Leo Varadkar and new president of the European [...]
Airbus ‘warns employees on cash flow’ in defence and space business amid Saudi arms ban October 9, 2019 Airbus’ second-most profitable division, its defence and space business, is said to have warned employees it faces serious challenges meeting cashflow for 2019. It comes after the company also urged its 33,000 workers to save more cash in the final quarter of last year. The last quarter is usually a period of more challenging cash [...]
OECD targets tech giants as it shakes up global tax rules October 9, 2019 Multinational tech giants will face a crackdown on their corporate tax bills under new rules outlined by the Organisation for Economic Cooperation and Development (OECD). Tech titans such as Google, Facebook and Amazon have been accused of dodging taxes by booking their profit in low-tax countries such as Ireland, despite serving customers across the world. [...]
Bamford closes in on Boris bus maker Wrightbus October 9, 2019 Boris bus maker Wrightbus could secure a rescue deal as Jo Bamford, a member of the family behind JCB, has entered negotiations to buy the Northern Irish firm. Bamford has entered exclusive talks about a potential deal, a fortnight after the company – which built the Routemaster buses during Boris Johnson’s time as mayor – [...]
Bank of England sets out strict regulatory conditions for Facebook Libra October 9, 2019 The Bank of England (BoE) has set out the rules of engagement that Facebook’s Libra cryptocurrency and other similar digital payment providers would have to satisfy before they can launch in Britain. “Libra has the potential to become a systemically important payment system,” the BoE’s Financial Policy Committee (FPC) said in a policy statement released [...]
Hays Travel to buy 555 Thomas Cook stores, providing lifeline for 2,500 former workers October 9, 2019 Thousands of former Thomas Cook employees could be in for a reprieve, after the collapsed travel giant’s retail estate has been sold to Hays Travel. The agreement will see the Sunderland-based independent travel agent pick up 555 former Thomas Cook stores around the UK. The news offers a lifeline for its 2,500 former retail employees. [...]
Rising Risk (Part II): Tech bubble take two October 9, 2019 | City Talk In this second instalment of a two-part article, Sebastien Canderle says many tech start-ups are deploying a bagful of tricks to massage their numbers I have already laid out my thoughts here on CFA Institute Talk on the topic of the innovative financial engineering for which many buyout experts have become associated – for example, [...]