Online gambling firm 888 grows profits after year of strong expansion March 12, 2019 Online gambling firm 888 has posted double-digit growth in profit before tax for the full year, despite a small decline in revenue. The figures Adjusted profit before tax increased 11 per cent to $86.7m (£65.6m). Revenue declined by two per cent to $529.9m. Adjusted earnings before interest, tax, depreciation and amortisation was up six per cent [...]
Sales fall again at fashion retailer French Connection as it signals modest return to profit March 12, 2019 Like-for-like sales fell again at French Connection over 2018 despite posting a modest return to profit in what it called a “tough” retail trading environment. Read more: French Connection shares rocket as it looks for a buyer The figures While the struggling retailer saw a return to underlying profit of £0.1m for the year to the end [...]
Norway has grown rich on oil, so why is its state-owned fund divesting from fossil fuels? March 12, 2019 Last week, one of the largest planned divestments of fossil fuel assets in history was announced. The Norwegian government publicly declared its intention to sell off ownership in oil and gas companies, to the tune of 66bn Norwegian krone (£5.7bn). This massive decision sent ripples through the markets, and the international benchmark Brent Crude was [...]
City Moves for 12 March 2019 – Who’s switching jobs at Mewburn Ellis, Notonthehighstreet and Legal & General Investment Management? March 12, 2019 Today's City Moves includes Mewburn Ellis, Notonthehighstreet and Legal and General Investment Management. Mewburn Ellis Mewburn Ellis has bolstered its European trade mark practice with the high profile hire of partner Kate O’Rourke, senior counsel at Charles Russell Speechlys. A trade mark attorney and solicitor with more than 25 years’ experience, O’Rourke will lead the firm’s [...]
Women should not have to change the City alone March 12, 2019 Last Friday we celebrated International Women’s Day, which provides a terrific opportunity to reflect on how far we’ve come towards an equal and fair society, but also how far we have to go. I appreciate that some may disregard an Oxbridge-educated, white, male Conservative politician talking about gender equality. But it is beholden on all [...]
May prepares to face MPs after last-minute talks with EU March 12, 2019 Prime Minister Theresa May claimed victory in a last-minute round of negotiations with the EU last night, as she set out new legal guarantees over the controversial Irish backstop protocol. Speaking in Strasbourg after a late-night meeting with European Commission president Jean-Claude Juncker, May claimed a new, legally-binding agreement would sit alongside her withdrawal deal [...]
Theresa May secures legally binding changes to Brexit deal after rushing to Strasbourg March 11, 2019 Theresa May has secured “legally binding assurances” over the Irish backstop and urged MPs to vote through her improved Brexit deal. The Prime Minister rushed to Strasbourg to secure last-minute changes to her deal ahead of tomorrow’s vote. In a joint press conference with European Commission president Jean-Claude Juncker, she said the legally binding instrument [...]
Tory mayoral hopeful Shaun Bailey pledges 10 per cent salary cut if he defeats Sadiq Khan in 2020 election March 11, 2019 Tory mayoral hopeful Shaun Bailey has vowed to take a 10 per cent pay cut and cap the salaries of his close political advisers if he defeats Sadiq Khan in the 2020 mayoral election. Bailey, who was selected as the Tory choice for mayor last autumn, has pledged to tackle increasing staff costs at City Hall, which he [...]
Forget Brexit, corporate debt is a bigger issue March 11, 2019 As a few of you might have been told many times already, today is the latest Brexit D-Day for the UK, and for Theresa May in particular. Now, despite the fact that I am – at the moment that you are reading this – down on a chilly College Green in Westminster reporting on the latest [...]
Siemens commits to building Goole factory ‘whatever the Brexit outcome’ March 11, 2019 Industrial giant Siemens has confirmed its commitment to building a factory in Goole, east Yorkshire, despite jitters in the manufacturing sector over Brexit. Siemens' head of rolling stock William Wilson told City A.M. that the firm, which won a £1.5bn contract to build Transport for London's (TfL) new Piccadilly Line trains, is "committed to building our [...]