US regulator threatens retaliation over EU’s Brexit derivatives plans October 18, 2018 A US regulator yesterday warned it will retaliate if the EU pushes ahead with “irresponsible” regulations to let European authorities supervise US clearing houses. The proposals, which would also limit the City of London’s function as a clearing hub, were put into motion after the UK voted for Brexit. Christopher Giancarlo, chair of the US [...]
Labour: Liam Fox is ‘vacillating on the sidelines’ over suspected murder of Saudi journalist October 17, 2018 Labour has hit out at international trade secretary Liam Fox for not picking sides in an escalating conflict over the disappearance of Saudi journalist Jamal Khashoggi. Shadow international trade secretary Barry Gardiner told City A.M. the UK must show it acts ethically. He criticised Fox, who has so far not said whether he will join [...]
Hamleys replaces finance chief with House of Fraser executive after disappointing results October 17, 2018 Hamleys’ finance chief will be replaced by a former House of Fraser executive after the toymaker posted a massive drop in profits last week. Alex Jablonowski will step down with immediate effect according to an internal memo seen by City A.M. He will be replaced by a former House of Fraser executive, Yong Shen, who [...]
Facebook shareholders call on Zuckerberg to step down as chairman October 17, 2018 Facebook chief executive Mark Zuckerberg is facing pressure to resign his post as chairman following a series of scandals. Several US public funds who own shares in the company have called for Zuckerberg to step down from the role after the social media giant “mishandled” a series of controversies. Facebook was at the centre of [...]
Fujifilm scores big win against US activist investors blocking Xerox merger October 17, 2018 Fujifilm has won a court battle in its doomed bid for Xerox after an investor blocked a merger between the two companies. A New York court overturned preliminary injunctions requested by Darwin Deason, an investor who sold his Affiliated Computer Services to Xerox for $6.4bn in 2010. Deason and activist investor Carl Icahn, who between [...]
Wembley Stadium sale called off as billionaire bidder backs out of £600m deal October 17, 2018 American billionaire Shahid Khan has withdrawn his £600m offer for Wembley Stadium, saying the bid does not have enough support within the Football Association. Khan, who owns Premier-League side Fulham and American football team Jacksonville Jaguars, said he believes the FA would not vote to accept his offer. Read more: Trevor Steven: England win in Spain [...]
Netflix can chill: Shares surge as site smashes new users predictions, after disappointing second quarter October 16, 2018 The house of cards stood firm last night as Netflix shares soared 18 per cent on the news it had smashed its own predictions on new subscribers, reversing its second-quarter fortunes. The streaming service, known for shows like House of Cards and Orange is the New Black, added nearly 7m new customers, 2m more than [...]
Four Seasons adviser quits amid corporate governance row October 16, 2018 A city firm advising under-pressure Four Seasons Health Care has left its role because it is unable perform after the care company made a string of governance changes. PJT Partners believes it cannot do the job due to series of changes on the boards of Four Season’s operating companies, sources told Sky News. Read more: [...]
Walmart lowers earnings projections after online push hits profits October 16, 2018 Asda-ower Walmart lowered its earnings forecast for the financial year, after it warned online retail acquisitions would hit profits. The supermarket said its takeover of Indian e-commerce company Flipkart, the largest in the company’s history, would reduce earnings per share by 60 cents in the next financial year, and between 25 and 30 cents this [...]
Two city chiefs become latest to pull out of Saudi conference over death of journalist October 16, 2018 Two City bosses have become the latest high-profile names to withdraw from an investor conference in Saudi Arabia following the death of journalist Jamal Khashoggi London Stock Exchange chief executive David Schwimmer and Catherine McGuinness, the City of London Corporation's policy chair, join the likes of HSBC, Credit Suisse and Standard Chartered in pulling out of the [...]
