Aston Martin aims to quadruple profit within five years under new strategy June 27, 2023 Aston Martin outlined plans today to double revenues and quadruple profits within the next five years, as the firm bolsters its electrification strategy and continues to ride the wave of a recent share price surge. At its capital markets day, the marque told shareholders it would aim for revenues of £2.5bn and EBITDA of £800m [...]
London fintech Upp. pockets $10m as it eyes global expansion June 27, 2023 London-based fintech Upp. has secured $10m (£7.8m) in seed funding as its artificial intelligence and machine learning model wins over investors. The startup, which uses AI to automate online retail, has garnered support in a funding round spearheaded by Californian venture capital firm Bonfire Ventures. Mark Mullen, co-founder of Bonfire Ventures, said Upp. is “the [...]
FTSE 100 close: Asia stock surge lifts London index as Wise soars 16 per cent June 27, 2023 London’s FTSE 100 regained ground today, taking its lead from a decent overnight session in Asia that was aided by Chinese lawmakers signalling economic support measures are on the way. The capital’s premier index jumped 0.11 per cent to 7,461.47 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health [...]
‘Recession warnings flashing red’: HSBC Asset Management warns investors to batten down the hatches June 27, 2023 Stock markets are “out of sync” with blaring recession warnings flashing across Western economies and investors should brace for a turbulent period ahead, HSBC Asset Management has warned today.
David Lloyd could be put up for sale as owners eye £2bn price tag June 27, 2023 TDR Capital is reportedly mulling a sale of its health and fitness business David Lloyd Leisure. The private equity firm is understood to have drafted in Morgan Stanley to advise on potential suitors for the business, Sky News reported. A sale will only be considered by if it draws a “sufficiently attractive valuation” for TDR, [...]
Jeremy Hunt to sign ‘milestone’ financial services agreement with EU June 27, 2023 Chancellor Jeremy Hunt will today sign a long-awaited deal with the European Union on improving regulatory cooperation for financial services, in a move that Hunt said will boost the City as a “global financial services hub”. Hunt and EU financial services commissioner Mairead McGuinness will sign a Memorandum of Understanding (MoU) at the European Commission [...]
Payments watchdog wants open banking to ‘inject more competition’ into card market June 27, 2023 The UK’s payments regulator today argued that the card market did not have “sufficient competition”, but suggested progress on open banking could open it up to a wave of innovation. Chris Hemsley, managing director of the Payment Systems Regulator (PSR), said the watchdog was looking to find ways of “injecting more competition into this market [...]
Quintessentially: Firm founded by Queen Camilla’s nephew switches auditor amid accounts delays June 27, 2023 Quintessentially, the members-only concierge service founded by the nephew of Queen Camilla, Ben Elliot, has switched its auditors amid severe delays to the company’s accounts. BDO officially resigned as the auditor for Quintessentially (UK), the parent company, yesterday, according to an update on Companies House. A spokesperson for Quintessentially confirmed the change to City A.M., but [...]
Explainer: Our misconceptions about housing are so ingrained that councils are blocking new flats for fears of floods in 80 years June 27, 2023 In the latest example of how far the tensions in housing can reach, North Devon Council just refused to approve new flats because they might be victims of flooding in 2105. Which is in more than eighty years. The flats wouldn’t even need to be built; we’re talking about empty floors above a former hairdresser’s [...]
Thames Water chief executive Sarah Bentley resigns in shock departure June 27, 2023 Sarah Bentley has stepped down from her role as chief executive of Thames Water with immediate effect after three years in the job. The UK’s largest water supplier confirmed her departure today, including her exit from the board – with the shock departure simply the latest twist at the troubled company. Thames Water has gone [...]
