Activist investor Chris Hohn launches bid to block €8.5bn aerospace deal, potentially pitting TCI against the French government February 14, 2017 Sir Chris Hohn’s activist hedge fund has launched a bid to block an €8.5bn (£7.2bn) aerospace deal. The Children’s Investment (TCI) Fund, which owns a 4.1 per cent stake in Safran, wants to block the aircraft-engine maker’s takeover deal for plane-seat supplier Zodiac. Read more: Safran's €8.5bn takeover of aircraft seat maker Zodiac takes off [...]
Ministers are mulling the creation of a new generation of free ports once the UK’s customs arrangements are clarified February 14, 2017 Ministers are considering proposals to create a new generation of free ports after the UK's customs status is resolved. Prime Minister Theresa May said last month the UK would seek a new customs agreement with the European Union, with current terms effectively precluding new free ports. However, City A.M understands the creation of ports outside of [...]
City watchdog seeks to improve capital markets for companies and investors February 14, 2017 The City watchdog today laid out a discussion paper seeking advice on how the UK primary capital markets could be improved for companies seeking funds and investors. The Financial Conduct Authority (FCA) is canvassing views on whether primary equity markets provide enough capital for company growth, particular in the early-stage science and technology sector. Read [...]
RMT and Southern Rail talks break down February 14, 2017 Talks between Southern Rail and the Rail, Maritime and Transport (RMT) union have broken down. The two groups have been in disagreement about the role of the guard on Southern Rail services, and the dispute has led to days of strike action, over several months. Southern had come to an agreement with Aslef, the union [...]
Parkdean and NewDay deals helped European private equity stage late comeback in 2016 February 14, 2017 European private equity activity began to recover in the last quarter of 2016 after a difficult first nine months to the year, according to a report published today. Although the number of European private equity deals tracked by the Private Equity Barometer fell, the total value of the transactions came in at its highest level, €39.1bn, [...]
Nine out of 10 MPs say the UK’s air links are more important than ever before February 14, 2017 Almost nine out of 10 MPs say the UK's air connectivity is more important than ever before, and a large majority say the issue should be a top negotiating priority for the government after Brexit. A survey commissioned by the Airport Operators Association found that 86 per cent of MPs agreed on the increased significance of [...]
Protectionism is raising risks to companies’ global supply chains February 14, 2017 Protectionism and macroeconomic uncertainty have increased the risks to the world’s supply chains to the highest level in 24 years, according to an index tracking world trade. The index grew to a record high as Western Europe saw risks to the world economy’s globalised structure increase markedly, according to economists at Dun & Bradstreet. Companies [...]
Broken-hearted: sales drop at John Lewis on the week before Valentine’s Day February 14, 2017 Sales at retail bellweather John Lewis fell in the second week of February, signalling that the sector may be heading for another poor performance this month after retail sales dropped in January. Total sales at John Lewis for the week to 11 February were £73m, down two per cent on the same week last year. [...]
As the mining sector’s demand for tyres increases, Michelin’s earnings are set to get a boost February 14, 2017 Demand for outsize earthmover tyres stemming from the mining sector is set to boost France's Michelin this year. The French tyre maker said it made a 4.5 per cent gain in operating profit for 2016. The full-year operating margin lifted to 12.9 per cent from 12.2 per cent as operating income increased to €2.69bn (£2.28bn). Despite [...]
More than 200 MPs would back John Bercow “no confidence” motion says the MP trying to unseat the speaker February 14, 2017 More than 200 MPs support a motion of no confidence on House of Commons speaker John Bercow, according to the Tory MP trying to unseat him. Southend MP James Duddridge tabled a motion decrying the speaker last week, and has today told City A.M. he is confident of widespread support. A vote has yet to [...]