WANdisco: Scandal-hit data firm warns cash could run out by mid-July as it launches $30m fundraise May 15, 2023 Scandal-hit data firm WANdisco warned it could run out of cash as soon as mid-July today as it announced an emergency $30m fundraise to bolster its balance sheet following a fraud scandal.
British American Tobacco appoints new chief executive as as analysts predict something’s ‘not right’ at BAT May 15, 2023 British American Tobacco appointed finance director Tadeu Marroco as CEO on Monday, succeeding Jack Bowles who is stepping down after about four years. Marroco started working for the tobacco firm in Brazil in 1992 and was appointed to the board in 2019. Bowles, who also joined the board in 2019, has led the maker of [...]
Currys share price soars as profit guidance lifted after trading ‘better than expected’ May 15, 2023 Currys has lifted its prospects for the rest of the year, saying its profit before tax is expected to be £110-120m, up from previously around £104m. Shares in the retailer jumped almost six per cent to 59.45p following the announcement this morning, to their highest level since early April. Currys, which sells everything from computers [...]
Travelodge hits record profits as staycation breaks continue post-pandemic May 15, 2023 Travelodge, the UK’s largest independent hotel brand, has reported results significantly ahead of its previous record year in 2019, as Brits continued to opt for staycation breaks and business travel. The London-listed hotel company, which offers cheap beds in the UK Spain and Ireland said that revenues were up 25 per cent from 2019 to [...]
Apollo spikes £1.7bn Wood Group takeover bid May 15, 2023 Apollo Global Management has today confirmed that it does not intend to make a £1.7bn takeover offer for the oil and gas engineering giant, John Wood Group. The firm said this morning that it “does not intend to make an offer for Wood.” Shares dropped by 35 per cent this morning, from 219p to 140p. [...]
Morning in the City: Live news and updates May 15, 2023 Good morning and welcome to the City A.M. live blog!
Sunak’s net zero tsar: I’ll vote against my party – but we can’t let the left lead on climate policy May 15, 2023 Net zero tsar Chris Skidmore has said he “will be voting against the government” on amendments to a landmark piece of energy legislation, but warned that climate change policy can not be allowed to become “the home of the left.” Former energy minister Skidmore – who led a key review of the UK’s net zero policy, which criticised [...]
£233bn stuck in zero-interest accounts as pressure grows on banks to improve advice May 15, 2023 As banks come under fire for offering “measly” rates to savers, new figures reveal many are leaving hundreds of billions of pounds lying idle in zero-interest accounts. Some £233bn is being held in zero-interest accounts, according to Bank of England Data analysed by asset management firm Bowmore. This is up from the total held in [...]
Cost of card payments slammed as ‘startling’ after Mastercard exec defends fees May 15, 2023 A lobby group has today warned of the “startling rise in the cost of accepting cards” for small businesses after the European chief of Mastercard defended the fees it levies on merchants over the weekend. Interchange fees, which are charged to merchants and paid to the card issuing bank and payment network, have climbed sharply [...]
Fraud warning as insolvency surge sees more directors investigated for corporate misconduct May 15, 2023 The Insolvency Service last year launched 36 per cent more investigations into the alleged misconduct of directors of insolvent companies than the year before, data from international law firm RPC shows. According to RPC, the number of investigations increased from an average of 142 per month between April 2021 and March 2022 to 193 between [...]
