Analysts express doubt over The Restaurant Group’s takeover of Wagamama’s November 11, 2018 Analysts have expressed doubt over Frankie and Benny’s owner The Restaurant Group’s (TRG) £600m acquisition of Asian fusion chain Wagamama’s. TRG is the preferred bidder in the sales process which was sparked in June by Goldman Sachs on behalf of private equity backers Duke Street and Hutton Collins, it was announced last month. However analysts [...]
New Goldman Sachs boss: Accusations our employees broke the law in 1MDB are ‘horrible’ November 7, 2018 The chief executive of Goldman Sachs has said he feels “horrible” about accusations that the bank’s former employees broke the law when handling Malaysian state investment fund 1MDB. The scandal over 1Malaysia Development Berhard (1MDB) has already claimed the scalp of long-serving prime minister Najib Razak, who was rejected at the polls earlier this year. [...]
Made in Britain: The entrepreneur helping UK firms realise their exporting ambitions in Asia November 5, 2018 I am at the National Liberal Club in London. Everything about this place – from the smoking room to the 1915 portrait of Winston Churchill – screams old-world British at me. And there’s nothing coincidental about Siddharth Shankar’s choice of meeting place. Surrounded by empty chesterfield sofas, Shankar seems to be in his element – [...]
Former Goldman Sachs bankers charged for Malaysian state fund embezzlement November 1, 2018 Two former Goldman Sachs bankers and Malaysian financier Jho Low have been hit with criminal charges in the US for the alleged embezzlement of billions of dollars from Malaysian sovereign development fund 1MDB. The US Department of Justice said former Goldman partner Tim Leissner had pleaded guilty to conspiracy to launder money, and agreed to [...]
For a rainy day: Monzo customers can now earn interest on their savings November 1, 2018 Fintech challenger bank Monzo is launching its first interest-earning savings pot. Customers will be able to create so-called savings pots within their Monzo account that will earn interest at one per cent per year, paid monthly, on savings of £1,000 and above. Customers can open up to 10 savings pots and can take money out [...]
Goldman Sachs-backed flexible working startup Coople raises $21m October 25, 2018 On-demand staffing startup Coople has today announced the close of its latest funding round at $21m (£16.3m), backed by One Peak Partners, Goldman Sachs Private Capital and Harbert European Growth Capital. Based in Zurich and in London, Coople's platform matches workers looking for flexible jobs based on their experience, star rating, location and availability with registered companies [...]
There’s nothing to fear from the latest easing back of Dodd-Frank’s reach October 17, 2018 Shortly after his inauguration as President, Donald Trump pledged to do “a big number” on Dodd-Frank regulations, labelling the post-crisis measures “a disaster” and promising to “kill” parts of the legislation. While the rhetoric was typically Trumpian, the reality has proven to be somewhat more modest. Nonetheless, a change in the White House's direction of [...]
Canary Wharf’s Citigroup skyscraper goes up for £1.2bn sale October 16, 2018 London's iconic Citigroup tower is being put up for sale for roughly £1.2bn, in a sign that the capital’s buoyant commercial property market shows no sign of slowing down. Sources confirmed to City A.M. tonight that AGC Equity Partners is putting the skyscraper at 25 Canada Square on the market five years after it bought [...]
Goldman Sachs profits beat expectations as investment banking revenues jump October 16, 2018 Goldman Sachs beat expectations in the third quarter as revenues at its investment banking units surged in Lloyd Blankfein's final quarter as chief executive. The US investment banking giant beat expectations across the board, with net income of $2.45bn (£1.86bn) almost 20 per cent higher than the analyst consensus. Revenues came in at $8.65bn for [...]
Talk of a US recession in 2020 is a little premature October 16, 2018 Several analysts have come out of the woodwork in the past few weeks predicting not just a US growth slowdown, but the start of a recession in 2020. These calls were amplified after a week of stock market volatility. Bond vigilantes are pointing to rising real yields (that have been adjusted for inflation), while bear [...]