The fortune of billionaire hedge fund manager Crispin Odey dwindled to mere millions last year April 22, 2016 The wealth of one of the UK's best-known hedge fund managers dwindled from billions to mere millions last year, new data has shown. The heart bleeds… According to figures from the Sunday Times Rich List, the fortune of Crispin Odey – the outspoken founder of Odey Asset Management – fell £200m in 2015, from £1.1bn to £900m. But [...]
City A.M. Unregulated podcast: Episode three – Multi-millionaire entrepreneur Jim Mellon on how he got rich – and his investment strategy April 22, 2016 Unlicensed and off-the-leash, this is City A.M. Unregulated. A no-holds-barred, uncensored look at the stories breaking the news and the markets across the globe. In the third episode of our podcast, multi-millionaire entrepreneur Jim Mellon joins presenters Emma Haslett and Zak Mir from his home in Berlin to explain how he made his money. From [...]
Competition warnings over OnTheMarket were pretty much inevitable April 22, 2016 Anyone with even a passing interest in technology and its history could have predicted this one: just as the Luddites were eventually overwhelmed by power looms, online property portal OnTheMarket was destined to stumble. And lo, yesterday it came to pass: the Competition and Markets Authority (CMA) effectively took a sledgehammer to the site’s business [...]
Silver prices are massively outshining gold, after it reached an 11-month high overnight April 21, 2016 It seems all that glitters definitely isn't gold at the moment – investors are increasingly going berserk for silver. After a none-too-impressive end to 2016, the metal has become increasingly sought-after – and last night, it reached an 11-month high. This morning silver was up 1.6 per cent at $17.41 per troy ounce, according to Bloomberg. [...]
Now Cadbury is shaking up the recipes and wrappers of some sweets in its Roses boxes April 21, 2016 First they changed the recipe of our Fruit and Nut Bars, then they changed the recipe of our Creme Eggs: now Cadbury owner Mondelez is coming for our Roses. This morning the company said it is not only planning on changing the shape of two of the chocolates, but it's also (gasp) altering the wrappers of the [...]
Another day, another challenger bank win, as TSB profits leap April 21, 2016 Following yesterday's suggestion that challenger banks are steaming ahead, this morning TSB bolstered that, as profits jumped 53 per cent. The figures Pre-tax profits rose 53 per cent from last year to £52.6m in the three months to the end of March, the bank said this morning, while total customer deposits rose 8.4 per cent to £26.8bn. Meanwhile, lending rose 28.3 per cent to £27..4bn, which [...]
Rents are rising faster in London skyscrapers than in any other global city April 20, 2016 We already knew rental prices for London office space was pretty high – but it turns out that the higher up your office is, the faster your rents are rising. Figures from Knight Frank suggest rents in London's skyscrapers – including the Shard, the Cheesegrater and the Walkie Talkie – rose 9.7 per cent in the [...]
Buckingham Palace wants to pay someone £50k to manage the Queen’s Twitter account April 20, 2016 If you're a Twitter fiend who knows their Snapchat from their Instagram, Her Majesty needs you. Buckingham Palace is advertising a role for a head of digital engagement – and with a salary of up to £50,000 a year, it doesn't really matter if you're a monarchist or not… The role, which includes managing the Queen's [...]
March of the challenger banks: Metro Bank share price edges up as its loss narrows April 20, 2016 First quarter figures from Metro, one of the UK's best-known challenger banks, suggest the march of the challengers isn't just hype. The figures Revenues at Metro Bank rose 11 per cent to £37.7m in the quarter to the end of March, from £34.1m in the previous quarter. That pushed its post-tax loss down to £7.9m, 23 per cent lower than last quarter's £10.2m. At this stage [...]
Port Talbot steelworks set to be bought by management according to reports – while unions agree pay cut ahead of sale of Tata’s Scunthorpe steel plant to Greybull Capital April 19, 2016 The troubled Port Talbot steelworks may be saved as management step up with an offer. Stuart Wilkie, managing director of Tata Strip Products UK, is reported to be leading a management buyout of the plant. Tata's decision to sell its UK operations put 4,000 jobs at Port Talbot alone at risk, and some put the total [...]
