Sports Direct takes profit hit from ‘challenging’ House of Fraser acquisition December 13, 2018 Sports Direct has posted a 27 per cent drop in half-year profits today, as costs from the acquisition of beleaguered department store chain House of Fraser weighed on the group’s balance books. Shares in Sports Direct slumped 12.7 per cent this afternoon, with the retailer rushing out an urgent clarification this afternoon after Mike Ashley said [...]
Mike Ashley’s high street gamble raises more questions than it answers December 13, 2018 Ten years ago in a Mayfair casino Mike Ashley made £1.3m on a single spin of the roulette wheel. His betting exploits, like those of fellow retail mogul Sir Philip Green, have highlighted the brash billionaire’s propensity to take risks. But over the course of 2018 Ashley has been making another type of gamble, not [...]
Theresa May warns not to expect a quick Brexit breakthrough as she arrives in Brussels December 13, 2018 Theresa May played down the chances of a Brexit breakthrough as she arrived in Brussels for the latest EU summit. Speaking the day after surviving a vote of no confidence from disgruntled Tory MPs, the Prime Minister said she heard “loud and clear” why the 117 who voted against her are unhappy with her leadership. [...]
Trump denies asking former lawyer Michael Cohen to break the law December 13, 2018 Donald Trump has denied directing his former lawyer Michael Cohen to break the law following Cohen’s sentencing for making hush-money payments to aid Trump’s election campaign. Cohen was sentenced to three years in prison yesterday after pleading guilty to the violation of campaign law and lying to Congress about a proposed Trump Tower project in [...]
Mike Ashley slams Debenhams for rejecting his £40m loan December 13, 2018 Retail tycoon Mike Ashley has launched a scathing attack on Debenhams today, claiming that the beleaguered department store giant has rejected a £40m interest-free emergency loan. In a letter addressed to Debenhams boss Sergio Bucher, the billionaire Sports Direct owner suggests that without the money the company "has zero chance of survival". Ashley, who controls [...]
Richard Branson’s Virgin Galactic tourist spaceship successfully touches the edge of the world in today’s test flight December 13, 2018 Rocket man and Virgin billionaire Richard Branson's commercial space programme successfully reached the edge of the world's atmosphere for the first time in its fourth test flight across the US today. The Virgin Galactic Spaceship Two rocket, which was carried up to a height of above 12,000 metres by a specially-designed plane before igniting its motors, reached [...]
Sterling recovers as Theresa May heads to Brussels after surviving no confidence vote December 13, 2018 Theresa May is set to head to Brussels today in an attempt to renegotiate a Brexit deal that EU leaders have said is final, after surviving yesterday’s vote of confidence. The Prime Minister won the vote with a majority of 83 votes, with 200 Tory Mps voting in support and 117 voting to oust the [...]
Housebuilder shares jump as market backs Prime Minister Theresa May in leadership challenge December 12, 2018 Shares in Brexit sensitive housebuilders have jumped today as the market backs Theresa May's ability to survive an impending no confidence vote. Persimmon, Taylor Wimpey, Berkeley Group and Barratt Development all saw shares increase by between 3.4 per cent to 5.5 per cent hours before Conservative MPs cast their votes on the Prime Minister’s leadership. May [...]
Brexit Live: Theresa May survives vote of no confidence December 12, 2018 Prime Minister Theresa May faces a challenge to her leadership after the threshold for triggering a vote of no confidence was reached this morning. Welcome to today’s City A.M. Brexit live blog. This post is being updated. Please refresh for the latest version. A vote will be held tonight between 6pm and 8pm after Sir Graham [...]
Campaign to oust Theresa May being coordinated from Iain Duncan Smith’s office December 12, 2018 The campaign to oust Theresa May is being coordinated from the office of former leader Iain Duncan Smith, it can be revealed by City A.M. A group of Brexiters determined to end May’s leadership gathered in the plush office in Parliament on Wednesday afternoon to discuss tactics ahead of the no confidence vote set to [...]