FTSE 100 edges up but Admiral share price hit as investors await Budget and interest rate decisions March 14, 2016 The share price of one of the UK's largest insurers was hit in early trading after it emerged over the weekend that the chancellor may drop a tax bombshell on the sector when he delivers his Budget later this week. Admiral Group fell 1.6 per cent to 1,884.5p in early trading, after reports suggested George Osborne will raise the [...]
Want to own a slice of royalty? Prince Philip’s 1954 Aston Martin Lagonda MK1 has been put up for auction March 14, 2016 Fancy owning a slice of motoring history? The car that netted Aston Martin its first Royal Warrant has just been put up for auction – although with an estimate of £350,000 to £450,000, you'll have to be pretty committed. The three-litre Lagonda, in a "bespoke shade" of Ediburgh Green, was one of just 20 MK1 [...]
From the best US barbecue restaurants to the Senior Bankers’ Regime: What got you reading this week March 11, 2016 1. US barbecue restaurants City A.M. readers are clearly experiencing wanderlust: our US roadtrip sampling 32 of the US' most mouth-watering barbecue restaurants stormed to the top of our rankings this week. Find out where was finger-lickin' good here. 2. Another supermarket sweep Asda and Morrisons' share of of the market fell further this week – while sales at [...]
Prime Minister David Cameron’s former Europe adviser, Tom Scholar, appointed as permanent secretary to the Treasury March 11, 2016 Prime Minister David Cameron has appointed his former adviser on European and global issues as permanent secretary to the Treasury, it said today. In a statement it said Tom Scholar, who was also head of the European and global issues secretariat in the Cabinet Office, had been appointed after an "open competition". George Osborne called [...]
General Motors accelerates in driverless car race as it buys Cruise Automation March 11, 2016 General Motors (GM), owner of such marques as Vauxhall, Cadillac and Chevrolet, has just come closer to taking pole position in the race to develop a driverless car, after it bought San Francisco-based startup Cruise Automation. The company, which is developing autonomous vehicle software, was founded in 2013. It has tested its technology "in San Francisco's [...]
EU referendum: Housebuilders, mid-caps, banks and retail will be the sectors worst-hit by a Brexit, says UBS March 11, 2016 The Brexit debate continues apace – and now UBS Wealth Management has waded in on the argument, pointing out some of the sectors most at risk if the UK votes in favour of leaving the European Union. The good news is fears around Brexit have already been priced into the market, said Caroline Simmons, deputy [...]
Old Mutual share price rises as it unveils plans to split into four March 11, 2016 And lo, it came to pass: FTSE 100 insurance group Old Mutual has unveiled plans to consciously uncouple into four separate companies, after speculation over the move sent shares soaring on Monday. In a results statement today, the company said a strategic review by chief executive Bruce Hemphill had concluded it will split into four businesses: Old Mutual Emerging [...]
Run! Hide! These two giant 650-tonne tunnel boring machines are about to start digging the Northern Line extension to Battersea Power Station and Nine Elms March 11, 2016 Two monsters are about to start tunnelling under the capital – and at 650 tonnes each, once they've started going, there won't be much anyone can do to stop them Yep: TfL has unveiled the boring machines which will dig the £1bn Northern Line Extension. The two machines, built by French firm NFM Technologies, are each 100m [...]
Don’t worry, be happy: FTSE 100 shakes off its ECB woes to open higher, pushed up by Aviva March 11, 2016 The FTSE 100 stormed back into positive territory this morning, after a miserable finish to yesterday's trading. The market was up 1.5 per cent at 6,131.6 points, after it edged perilously close to the 6,000 mark yesterday, when comments by European Central Bank chief Mario Draghi hinted rates are unlikely to be cut any further. [...]
Deutsche Bank bonus pool shrinks to €2.4bn in 2015 after losses March 11, 2016 Deutsche Bank employees' bonus pool shrank to €2.4bn in 2015 after the bank was hit by the double whammy of massive losses and market volatility. The bank's annual report, published this morning, showed variable compensation fell from €2.7bn last year. Meanwhile, the number of full-time staff at the lender rose from 98,138 to 101,104 – [...]
