BT to review overseas operations in wake of Italian scandal January 29, 2017 BT is considering the future of its overseas operations in the wake of a £530m accounting black hole in its Italian arm that wiped billions off the value of the telecoms company. Chief executive Gavin Patterson told City A.M. that as a result of the scandal, he would be reviewing Global Services, the international arm [...]
Tom Hayes expected to launch next stage of Libor appeal this week, as convicted Barclays pair due in front of Court of Appeal January 29, 2017 Tom Hayes, the first person in the UK to be found guilty of playing a role in the Libor-rigging scandal, is due to kick off the next stage of his appeal against his conviction in the coming days. City A.M. understands the former UBS and Citigroup trader will likely file his appeal to the Criminal Cases [...]
Analysts expect disappointing results from AstraZeneca as competition hits sales January 29, 2017 AstraZeneca is forecast to report disappointing results this week as competition continues to drag on sales. Revenue will slip six per cent while pre-tax profits fall seven per cent to $6bn, the drugs giant is expected to say in its annual results according to reports. The decline in revenue is due to increased competition in its core business as cheaper versions of drugs like [...]
American brand Under Armour in talks to buy French Connection Oxford Street store January 29, 2017 American sportswear brand Under Armour is reportedly in talks to take over French Connection's flagship London store on Oxford Street. British retailer French Connection has been seeking a sale of the building as part of a turnaround plan, according to The Sunday Telegraph. The troubled retailer has been under pressure from activist investors to change [...]
Biotech giant backed by Sir Chris Evans set to float in London for up to £100m this year January 29, 2017 UK healthcare giant Arix Bioscience, backed by bitoech entrepreneur Sir Chris Evans and City high fliers, is gearing up to float on the London Stock Exchange over the next couple of months, industry insiders have told City A.M. The company, which is headquartered in London, could raise up to £100m in its initial public offering this year. [...]
Competition watchdog could stop Tesco-Booker mega deal, claims retail body January 29, 2017 The Competition and Markets Authority (CMA) could stop Tesco's proposed £3.7bn takeover of Budgens and Londis owner Booker, according to a retail body that represents 33,500 local shops. "The CMA could either stop or put conditions on the deal," James Lowman, chief executive of the Association of Convenience Stores told City A.M. "The deal was a [...]
A group of 111 former BHS staff are suing administrators over redundancy procedures January 29, 2017 Over 100 former BHS employees have launched a claim against the retailer's administrators over their alleged failure to consult staff before they were made redundant. Lancashire-based JWK Solicitors are representing the 111 staff that worked at BHS' headquarters in London. They allege administrators did not consult staff for at least 45 days before making them redundant. Due in April, [...]
Shell is expected to report huge annual profit gains as oil prices recover January 29, 2017 Royal Dutch Shell's annual profits are expected shoot up following last year's dramatic 80 per cent decline as oil prices continue to inch up. The oil giant is forecasted to post a profit of $8.17bn (£6.51bn), more than double its profit of $3.8bn the previous year, the Telegraph reported. The Anglo-Dutch business is also expected to announce the latest development in its drive to [...]
Amanda Staveley’s legal row with Barclays to reach crunch point this week January 29, 2017 It's a critical week for Amanda Staveley's legal battle with Barclays, with a judge due to decide whether the City financier can have access to documents key to her case. PCP Capital Partners, the investment vehicle Staveley founded, is suing the banking giant for almost £1bn over the way it handled a 2008 emergency fundraising. PCP [...]