UK car production plummets 18 per cent in January February 27, 2019 UK car production plummeted 18.2 per cent in January amid fears over a hard Brexit. Read more: Brexit uncertainty sparks public to private takeover trend The figures, released today by the Society of Motor Manufacturers and Traders (SMMT), also revealed that almost a third of automotive companies surveyed had postponed or cancelled investment in the UK [...]
MPs criticise government for ‘lack of transparency’ over £61m Nissan ‘sweetheart’ deal February 27, 2019 An influential group of MPs has today criticised the government for not telling parliament about the £61m offer it made to Nissan in a bid to persuade the car-maker to stay in the UK. Reports that the government was offering “financial assistance” to Nissan emerged in 2016 but were dismissed by Theresa May’s deputy spokesperson [...]
City Moves for 28 February – who’s switching jobs at AT Kearney, JLL and Bee Midtown? February 27, 2019 Who’s on the move today? AT Kearney AT Kearney, the management consulting firm, has appointed Simon Kent as global head of financial services. He joined as a partner in its London headquarters in 2013 from Navigant, where he was head of financial services. With over 25 years’ experience of advising financial services clients, Simon will [...]
Mining giant Rio Tinto rewards investors with $4bn special dividend after better-than-expected results for 2018 February 27, 2019 Rio Tinto announced a $4bn (£3bn) special dividend to shareholders yesterday in the light of positive results for 2018, which were ahead of market expectations. The news brings Rio’s total shareholder payout for 2018 to a record $13.5bn. Underlying profits rose two per cent year on year to $8.8bn. The Anglo-Australian mining giant also announced [...]
Top financial PR firm cuts ties with Sir Philip Green amid conduct allegations February 27, 2019 Sir Philip Green’s financial PR firm is set to jump ship tomorrow in the latest corporate blow to the embattled mogul, just days after Baroness Karren Brady quit as chair of his retail empire. City A.M. understands that Green’s communications consultancy Maitland/AMO is ending its relations with the scandal-hit tycoon tomorrow evening amid mounting public [...]
Ex-Barclays director says controversial deal with Qatar helped it win work in the Middle East February 27, 2019 A former Barclays executive told a court today that the bank’s two controversial £322m services agreements with Qatar at the time of its £12bn financial crisis fundraisings subsequently helped it win work in the Middle East. Former Barclays director Glenn Leighton said projects he had worked on in Bahrain and Kuwait were landed with the [...]
Sadiq Khan asks government for £5bn grant to protect housing from no-deal Brexit February 27, 2019 Sadiq Khan has asked the government to provide a £5.2bn emergency grant to to buffer housing in the capital from the negative effects of a no-deal Brexit. In a letter to the housing secretary, James Brokenshire, the mayor said he remained "deeply concerned" about the impact leaving the EU without a deal would have on London. [...]
Accountant pleads guilty to stealing £280,000 from pension scheme he administered February 27, 2019 An accountant who acted as an administrator and a trustee to pension schemes has admitted to embezzling £280,000 from a pension fund he oversaw. Roger William Bessent, 66, took the money from Focusplay Retirement Benefit Scheme by converting the transfers into loans and making official minutes listing other trustees as present at meetings they did not attend. He [...]
Labour suspend Corbyn-ally caught in antisemitism row after pressure from MPs February 27, 2019 A Labour MP who claimed the party had been “too apologetic” about antisemitism has been suspended after a stand-off between leading figures. Chris Williamson. MP for Derby North, made the comments at a meeting of a branch of the pro-Jeremy Corbyn group Momentum in the wake of nine Labour MPs quitting the party last week. After [...]
Metro Bank boss remains defiant as shares continue to plunge following £350m cash call February 27, 2019 Metro Bank chief executive Craig Donaldson has remained defiant despite shares plunging a further 26 per cent following its emergency £350m cash call. Donaldson implored shareholders to focus on the challenger bank’s growth and look beyond the mounting problems it faced, which now includes regulatory probes into an accounting error. Read more: Metro Bank shares continue [...]