Pfizer’s failed $160bn bid for Allergan is the largest withdrawn deal on record April 6, 2016 The giant pharma deal thwarted by new US tax inversion rules is the biggest transaction that has ever been withdrawn, according to financial software firm Dealogic. Viagra-maker Pfizer's $160bn (£113bn) takeover of Botox manufacturer Allergan was called off yesterday, following the introduction of new rules by the US Treasury. It was thought that US firm Pfizer [...]
EU referendum: JP Morgan chief exec Jamie Dimon tells shareholders a vote to Remain is better for the British economy April 6, 2016 Britain’s economy will suffer if the country votes to leave the EU, JP Morgan shareholders have been warned tonight. Chief executive Jamie Dimon has cautioned investors that “the range of outcomes of a Brexit is large and potentially unknown”, in a letter seen by City A.M. “In a bad scenario, and this is not the worst-case [...]
Uber adds another ex-government adviser to its team April 6, 2016 Ride-hailing app Uber has added another former government adviser to its staff, with a new addition to its policy team. Guy Levin, who was a government adviser between 2010 and 2014, has joined the company's policy research team, based in Amsterdam. Levin, who is moving from his role as executive director at startup policy group [...]
Panama Papers Prime Minister David Cameron and his family will not benefit “in future” from any offshore funds or trusts, No 10 says April 6, 2016 David Cameron and his family will not derive any benefit in future from any offshore funds or trusts, a government spokesperson said today, after the Prime Minster's late father was named in the documents leaked from law firm Mossack Fonseca. The data leak details how the Panamanian company helped thousands of people hide their riches [...]
US Presidental Election: Donald Trump suffers big defeat at the hands of Ted Cruz in Wisconsin as Bernie Sanders takes state ahead of Hillary Clinton April 6, 2016 Controversial Republican hopeful Donald Trump has suffered a heavy blow after rival Ted Cruz won the Wisconsin primary overwhelmingly. While Trump remains the frontrunner, the development means the Republican establishment will be more likely to be able to block his nomination. If Trump does not get half of the required delegates before the Republican national [...]
Recently launched Research Tree raises £450,000 in second funding round from investors including Liberum April 6, 2016 A recently launched investment research firm has today unveiled plans for expansion after raising £450,000 in a second funding round – and is hoping to attract more private investors to use the service. Research Tree, which was established by former equity research analyst Rob Mundy, began operations last month. The company provides investment research from 20 different [...]
Competition works as cabbies up their game in the long-running battle with Uber April 6, 2016 The long-running battle between Uber and black cabs may be drawing to a civilised conclusion, and we can thank the beneficial forces of market competition for calming this mighty feud. Faced with the realisation that Uber isn’t going anywhere, the black cab industry has taken the sensible and welcome step of deciding to compete with [...]
City Moves for 6 April 2016 | Who’s switching jobs April 6, 2016 Matthews & Goodman National commercial property group Matthews & Goodman has appointed three new staff members following its acquisition of niche London firm Sinclair Clark Allegra. Nigel Watson has joined the firm as LLP member, Linton Brander as senior associate property manager, and Sabina Joyeux as property management accountant. Nigel and Sabina have joined Matthews [...]
Cab Wars: Research shows Uber is growing despite negative headlines April 6, 2016 As the London mayoral election approaches, it seems like a good time to consider Uber, a company that has divided opinion in the capital. The black cab industry has suffered since the emergence of Uber and its online app. Rows have arisen over regulation, metres and customer safety. City streets have seen several gridlock-causing protests. [...]
London Stock Exchange boss Xavier Rolet fires warning shot towards US rivals as merger battle heats up April 5, 2016 The head of the London Stock Exchange has fired a warning shot towards American rivals that are threatening to gatecrash its proposed merger with the German company Deutsche Boerse. In an explosive interview with City A.M., Xavier Rolet savages the record of US giants that have bought into the continent in recent years, and insists [...]
