Brexit Live: Theresa May survives vote of no confidence December 12, 2018 Prime Minister Theresa May faces a challenge to her leadership after the threshold for triggering a vote of no confidence was reached this morning. Welcome to today’s City A.M. Brexit live blog. This post is being updated. Please refresh for the latest version. A vote will be held tonight between 6pm and 8pm after Sir Graham [...]
Digital bank Monzo ‘to allow customers to go overdrawn’ to buy shares in £20m crowdfunding round November 30, 2018 Challenger bank Monzo will reportedly allow customers to borrow money to buy shares in its most recent fundraising round. The prospectus for the digital bank’s anticipated £20m crowdfunding lets account holders use their £1,000 overdraft to buy shares, but as shares are not openly traded they cannot then be sold to pay off overdrafts, according [...]
The Restaurant Group prepares to raise £315m for Wagamama deal despite criticism November 12, 2018 The Restaurant Group (TRG) pushed ahead with a rights issue to raise £315m to finance its acquisition of Wagamama today, despite concerns from analysts and investors. The rights issue to raise cash for the takeover will be underwritten by JP Morgan Securities, TRG said this morning, in a deal valuing the chain at £559m. “This a transformative deal [...]
Pepsico’s Pipers deal adds to record year for US acquisitions of UK firms November 6, 2018 Pepsico swooped on premium British crisp brand Pipers today adding to a bumper year for US acquisitions of UK firms, with deals already hitting a record $87bn (£66.4bn). The value of acquisitions has surged by a whopping $57bn since last year, according to figures compiled by Dealogic. The record figure does not include the undisclosed value [...]
Asset manager Janus Henderson revenue loss driven by performance fee drop November 1, 2018 A decline in UK and European fund performance drove a revenue drop at asset management firm Janus Henderson in the third quarter. Revenue fell from $477.7m (£369.7m) in the second quarter to $468.9 between July and September this year following a dip fees after several large European equity strategies, absolute return products and mutual funds performed [...]
Chairman Luke Johnson reveals Patisserie Valerie was three hours away from collapse as frustrated investors vote on rescue deal November 1, 2018 Investors approved a rescue deal to save Patisserie Valerie today but were left frustrated over unanswered questions as chairman Luke Johnson warned that the company could face administration within a week if the proposals were voted down. The cake shop was just three hours away from collapse before a rescue deal was arranged last month, Johnson revealed, as shareholders [...]
Boris Johnson accepts £14000 Saudi Arabia trip weeks before journalist’s murder October 31, 2018 Former foreign minister Boris Johnson accepted a free trip worth £14,000 from the government of Saudi Arabia two weeks before the murder of dissident journalist Jamal Khashoggi. The cost of the three day trip to Jeddah, including travel, food and accommodation, was covered by the Saudi government according to a register of MP’s income. The [...]
Turkish lira falls on finance minister Berat Albayrak’s tax cut announcement October 31, 2018 The Turkish lira fell this afternoon as the country's finance minister announced a range of tax cuts. The currency dipped by more than one per cent this afternoon as finance minister Berat Albayrak announced plans to cut tax in sectors including automotives, white good and furniture. Albayrak, who is the son-in-law of Turkey’s president Recep [...]
TP Icap in advanced talks to buy US broker Axiom Commodity Group October 31, 2018 TP Icap is in talks to buy US energy broker Axiom Commodities Group, with a multi-million pound deal expected to be signed as soon as this week. The news that TP Icap is to acquire its smaller rival comes as the world’s largest energy broker prepares to publish its third quarter statement on Friday – the [...]
It’s easier to strike a business deal in Georgia and Norway than in the UK, says World Bank October 31, 2018 The UK has dropped two places on a global ranking of the ease of doing business to be overtaken by Georgia and Norway, the World Bank revealed today. The UK is now the ninth easiest country in the world to conduct business, down from seventh place in last year's report, as it's score for trading across [...]
