Playtech’s share price has dropped dramatically, after its second profit warning this year July 2, 2018 Playtech the maker of gambling software for clients like News UK, Ladbrokes and Paddy Power, issued a second profit warning yesterday for this year, causing its share price to drop dramatically as markets opened. Blaming an “increasingly competitive backdrop” for the continued hit on its revenues in Asia, the company’s share price fell by 23 [...]
Deliver Brexit as promised or risk revolt, Eurosceptic backbencher Jacob Rees-Mogg warns July 2, 2018 Eurosceptic backbencher Jacob Rees-Mogg has delivered another ultimatum to Theresa May, warning of outright rebellion among his colleagues unless the Prime Minister delivers the Brexit she promised from the outset. The arch Brexiter and leader of the European Research Group has warned that Conservative MPs would vote against the final withdrawal agreement if the UK [...]
Philip Morris boss: The UK could be smoke-free in 10 years July 2, 2018 The UK could be cigarette-free in 10 years if regulators work together with industry, the UK boss of Philip Morris International has said. Speaking to City A.M., Peter Nixon said that PMI would be willing to work with Public Health England and the government to work towards a smoke-free Britain in just 10 years. But [...]
Westminster City Council sets out next steps for Oxford Street pedestrianisation alternative to tackle Elizabeth Line crowding July 2, 2018 After the controversial decision to put the brakes on Oxford Street pedestrianisation plans indefinitely, Westminster City Council will meet to discuss its alternative plans for the London shopping hotspot next week. The council's cabinet will meet on Monday 9 July to consider a report setting out the next steps for transforming the Oxford Street district. [...]
Banks could be forced to fork out billions over undisclosed PPI commission following mis-selling ruling July 2, 2018 British banks may have to dole out billions more on mis-sold payment protection insurance (PPI) claims following a landmark legal ruling. Many of the UK's leading banks have ringfenced sums to compensate those who were mis-sold PPI, which was designed to cover repayments in circumstances such as redundancy, illness or death. The mis-selling scandal has [...]
City firms increase hiring and technology investment plans in spite of Brexit uncertainty July 2, 2018 Financial services firms increased hiring and investment in the second quarter in spite of continued nerves over the Brexit process, new figures show. Employment across financial services rose at the fastest pace in a year, with a balance of 24 per cent saying they had increased hiring in the second quarter, according to the survey [...]
There’s a new Chinese tech venture in town, and it’s backed by the London investors that supported Softbank’s Vision Fund July 2, 2018 London-based global investment firm Centricus has announced it will be launching a Chinese tech venture fund in partnership with China Merchants Group (CMG) and SPF Group, for a total of 100bn yuan (£11.41bn). Labelled the 'China New Era Technology Fund', the partnership will see the state-owned CMG deploy 40bn yuan in capital alongside additional Chinese-based [...]
Freedom of movement not on table at divided Cabinet’s crunch Brexit meeting says Brokenshire July 1, 2018 Extending freedom of movement is not up for negotiation ahead of a crunch meeting of a divided Cabinet to thrash out its Brexit position, housing minister James Brokenshire said today. Freedom of movement between EU nations is a key point of tension within government, with official policy still that total annual immigration will be reduced [...]
Sir Martin Sorrell gets £100m funding from City investors for new venture S4 Capital July 1, 2018 Adman Sir Martin Sorrell has raised around £100m for his new marketing venture S4 Capital, City A.M. understands. Sorrell has been scoping out City investors to back the advertising enterprise, which is looking to capitalise on opportunities in tech, data and content marketing. A spokesperson for Sorrell declined to comment. The former WPP boss returned [...]
Billionaire hedgie Crispin Odey looks to boot out bosses at struggling Tungsten July 1, 2018 Billionaire hedgie Crispin Odey is leading a charge to overhaul the board of beleaguered digital invoicing firm Tungsten. A notice from Tungsten confirmed that Odey Asset Management had demanded a shareholder vote to remove the company's chair Nicholas Parker, as well as chief exec Richard Hurwitz and two non-executive directors. The requisition aims to appoint [...]