‘Calling BS’: Libra co-founder hits out at secrecy claims October 2, 2019 The co-creator of Facebook’s new cryptocurrency has hit out at claims that the organisation did not share detailed information on how to tackle crime with its members. David Marcus, a Facebook executive who is overseeing the Libra project, said he was “calling BS” [bullshit] on claims in the Wall Street Journal that Libra kept information [...]
Ofgem replaces boss who stuck around to bring in price caps October 2, 2019 The chief executive of Ofgem who extended his contract to help push through a cap on energy prices, designed to save Brits money, will finally step down in February, it was revealed today. Dermot Nolan, who has been in the post since 2014, will be replaced by the company’s head of systems and networks, Jonathan [...]
From big hitters to big quitters: Three FTSE resignations surprise the City October 2, 2019 A trio of City big-hitters shocked the Square Mile this morning after revealing plans to resign from their companies. Tesco boss Dave Lewis, Standard Life Aberdeen fund veteran Martin Gilbert and Metro Bank chairman Vernon Hill all said today that they will be leaving their posts. The triple-whammy of surprise announcements was met with mixed [...]
UK’s ‘Two borders, four years’ Brexit offer gets mixed backing October 2, 2019 Boris Johnson’s “final offer” on Brexit has already been rejected by some of the key players, hours before being officially unveiled. As reported by City AM last night, the Prime Minister is set to submit the UK’s legal text to Brussels later today, coinciding with a keynote speech at the Conservative party conference in Manchester. [...]
UK construction activity suffers ‘devastating’ drop as Brexit kills demand October 2, 2019 UK construction activity fell at the second-fastest rate since the financial crisis in September, a closely-followed survey of the industry showed today. Read more: Job losses mount as Brexit fears hit UK manufacturing A historically steep drop in new orders led to firms trimming employment at their fastest pace since the end of 2010, according [...]
Tesco CEO Dave Lewis quits as supermarket declares turnaround ‘is complete’ October 2, 2019 Tesco chief executive Dave Lewis is stepping down from the Big Four supermarket, it revealed today as it declared its turnaround is complete. The CEO will leave the business next summer after chairman John Allan said he had accepted his resignation letter “with regret”. Read more: Tesco sells mortgage arm for £3.8bn Lewis called the [...]
Topps Tiles shares sink on fourth quarter sales dip October 2, 2019 Shares in Topps Tiles dipped this morning as the company revealed political uncertainty hurt fourth quarter trading. The tile retailer said like-for-like sales fell 1.9 per cent in the fourth quarter as uncertainty impacted consumer confidence. Shares fell 6.5 per cent this morning. Read more: Brokers urge investors to buy Topps Tiles shares as sales [...]
Flutter shares jump 14 per cent on £11bn merger with Stars Group to create one of the world’s largest gambling firms October 2, 2019 Flutter Entertainment and Nasdaq- and Toronto-listed Stars Group said today they were merging in a deal that will create one of the world’s largest gambling businesses. Shareholders in Flutter, formerly known as Paddy Power Betfair, will own approximately 54.6 per cent of the new company with Stars shareholders owning approximately 45.3 per cent of the [...]
Martin Gilbert to leave Standard Life Aberdeen and join fintech Revolut October 2, 2019 Veteran investor Martin Gilbert is stepping down from Standard Life Aberdeen next year, calling time on a high-flying career as one of the City’s most prominent asset managers. Poised to take on a new role as chair of fintech giant Revolut, Gilbert said this morning that he will not seek re-election as vice-chairman of the [...]
Strength in numbers: The value of business associations October 2, 2019 In these uncertain times, adopting a united front can be a powerful way to overcome challenges. We only have to look at the political, social, and economic turmoil of the last decade to observe how making big decisions in a fractured fashion has negative long-term consequences. Understandably, the current news landscape has made UK business [...]