UK’s largest private firm Ineos agrees $1.1bn deal for boatbuilding supply business November 15, 2018 The UK’s largest privately owned firm Ineos has signed a $1.1bn (£850m) deal to buy the composite business of Ashland Global Holdings, which produces composite resins for use in boat building. Ineos, which was founded by the UK’s richest man Jim Ratcliffe, has acquired Ashland’s 20 manufacturing sites in Europe, North and South America and the [...]
Government shale gas commissioner slams ’emotional’ narrative around fracking November 14, 2018 The government's commissioner for shale gas yesterday condemned the “narrative of fear around fracking” as she called for a more rational debate on the nascent industry. In a letter to editors, former Labour MP Natascha Engel argued that the current media coverage of earthquakes near the site of Cuadrilla's horizontal shale exploration well in Preston New [...]
City reacts as UK and EU agree withdrawal agreement text November 14, 2018 The UK and European Union have tonight published the Brexit withdrawal agreement and an outline of the political declaration on the future relationship between the UK and the European Union. Here is how the City reacted Catherine McGuiness, policy chairman at the City of London Corporation “The announcement that a draft Brexit agreement has been [...]
Flexible offer provider Workspace hit by London property market slowdown November 14, 2018 Flexible office provider Workspace announced a nearly 20 per cent drop in profit before tax as a weakening London property market took its toll. The London-based firm said its profit before tax was £101.6m in the six months ended 30 September, down 18 per cent from £123.7m in the same period last year. The company [...]
New Bond Street named the third-most expensive shopping street in the world November 14, 2018 West End thoroughfare New Bond Street has been named as the world’s third-most expensive shopping street today in a new global survey. Rent on New Bond Street came in at $1,744 (£1,344) per sq ft per year, behind the main street of Hong Kong’s Causeway Bay on $2,671 per sq ft and Upper 5th Avenue [...]
Italy rejects EU calls to amend budget ahead of deadline November 13, 2018 Italy defied a European Commission deadline to submit a revised budget tonight, telling the EU it will not change its expansive fiscal plans. Ahead of a midnight deadline, the Italian government said it was sticking to its guns. In a statement released after a cabinet meeting, deputy prime minister Matteo Salvini said its deficit target [...]
Fifty-year-old wedding dress chain Berketex Bride crashes into administration November 13, 2018 Wedding dress chain Berketex Bride announced today it had ceased trading and gone into administration. The chain, which had been trading for more than 50 years, said all of its stores had closed and will not re-open. Berketex had 11 branches in the UK, including one in the West End and one in Croydon, and [...]
JP Morgan makes senior hire from Deutsche Bank November 13, 2018 JP Morgan has hired a senior banker from Deutsche Bank amid the German lender’s restructuring of its investment bank. Claire Brooksby has joined JP Morgan’s UK financial institutions coverage team in London as a managing director. She spent eight years at Deutsche, most recently leading the bank’s financial institutions group in the UK. Prior to [...]
UK debt to soar to financial crisis levels over next five years November 13, 2018 UK debt could rise to £6.7 trillion by 2023, from £5.1 trillion in 2017, according to new research. The UK’s debt as a percentage of gross domestic product (GDP) is predicted to rise to nearly 260 per cent of GDP, a level not seen since the financial crisis. The debt increase is expected to largely [...]
Apple loses $50bn in market valuation as fears grow of slowing iPhone sales November 12, 2018 Apple's shares fell five percent tonight after a major supplier cut its financial outlook, leading to fears demand for the iPhone has plateaued. The fall slashed $50bn (£38.9bn) from Apple’s market valuation with shares falling $20.30 to $194.17. The losses mean Apple’s market capitalisation has fallen $190bn since October, more than the entire market value [...]
