Easyjet working with restructuring heavyweights Alix Partners to reduce debt pile November 30, 2020 Low-cost carrier Easyjet is working with restructuring heavyweights Alix Partners in an attempt to refinance its hefty debt pile. The Telegraph first reported that the FTSE 250 carrier had asked the US firm for help as it is faced with paying back £1.4bn in debt to various lenders. The airline must repay a £600m loan [...]
Liz Truss names new chief negotiator for UK-US trade talks November 30, 2020 International trade secretary Liz Truss has today named a new lead negotiator for UK-US trade talks in preparation for an incoming Joe Biden administration. Amanda Brooks OBE will now lead talks, after her predecessor Oliver Griffiths moved to become the chief of the newly formed Trade Remedies Authority – an independent trade watchdog. Brooks was [...]
To qualify or not to qualify? Auditors move to ditch risky clients November 30, 2020 Qualifying an audit could lead to unhappy clients and litigation risks, so it is safer to ditch clients instead, an expert has told City A.M., after several auditors dropped clients in October. Last month three separate auditors terminated contracts with clients in compromising circumstances. At the time the reputational risk of being associated with the [...]
Gold miner Petropavlovsk appoints new chief exec November 30, 2020 Russian gold miner Petropavlovsk has today appointed Denis Alexandrov as its new chief executive, months after clearing out its former top team. Alexandrov, who will join the firm on 1 December, will take over from Maxim Meshcheryakov, who has been the FTSE 250 firm’s acting chief exec since August. From January 2016 to this year, [...]
Global Britain: should the dramatic shift in ownership of the UK stock market be feared or cheered? November 30, 2020 How global will Britain be in future? This is a question that polarises opinion. But while the UK still needs to define its place in a post-Brexit world, its financial markets have never been more populated with foreigners. According to data from the Office for National Statistics, more than half of the UK stock market is [...]
Sir Philip Green’s Arcadia facing collapse within hours November 30, 2020 Sir Philip Green’s retail empire Arcadia, which owns high street brands Topshop and Dorothy Perkins, is reportedly on the brink of collapse this morning. The retail group could become the latest casualty of the coronavirus pandemic and appoint administrators as soon as this afternoon, City A.M. understands, which would put 13,000 jobs at risk. Mike [...]
FTSE 100 remains on track for best month in 30 years November 30, 2020 The FTSE 100 reversed early losses this morning to remain well on track for one of the best months in its history in November. London’s premier index gained 0.4 per cent this morning, meaning it is is set for a monthly gain of over 13 per cent – its best in 31 years. JD Sports [...]
G4S board calls for no shareholder action as Gardaworld extends offer until 16 December November 30, 2020 Gardaworld has pushed back the deadline for its 190p per share offer to buy outsourcer G4S by a month, it confirmed this morning. Shareholders in the FTSE 250 company will now have until 16 December to accept the offer, which was first made on 17 October. Responding to the announcement, G4S released a statement reiterating [...]
Foreign direct investment in UK to slow as investor priorities shift November 30, 2020 Foreign direct investment (FDI) is set to slow over the next 12 months, as Covid-19 impacts financial services firms’ investment plans in the UK. Last year investor sentiments placed financial services as the driving force of UK growth – the sector attracted 99 projects, equating to more than a quarter of all FDI in Europe, [...]
Govt may have to rely on Labour to implement new tiered system, says minister November 30, 2020 The government may have to rely on the Labour party to push the new tiered lockdown system through parliament after rebellion in the Conservative party, a minister has said. Up to 100 backbenchers in the Conservative party are unhappy about the upcoming Covid-19 tiered lockdown, environment minister George Eustice told Sky News this morning. As [...]
