New: Derby County head for Gulf ownership November 6, 2020 Derby County are set to be the latest club to move into Gulf ownership, it emerged today. Bin Zayed International LLC, owned by Sheikh Khaled bin Zayed Al Nehayan, has agreed a deal in principle with current owner Mel Morris. Sheikh Khaled is a cousin of Manchester City owner Sheikh Mansour, who has poured millions [...]
The City A.M. Punter Podcast EP:25 Doncaster, Wincanton, Breeders’ Cup & Hong Kong November 6, 2020 Today trainer Harry Fry is our special guest, discussing a handful of his weekend runners at Wincanton, Aintree & Sandown, plus an update on his exciting newcomer Metier. Racing editor Bill Esdaile looks at the best of the weekend action in the UK and at Keeneland in the USA where it’s Breeders’ Cup weekend, plus [...]
Deloitte fined for pension scheme audit failures November 6, 2020 Big Four firm Deloitte has been fined £362,500 for failures relating to the audit of a former client’s defined benefit (DB) pension scheme and the carrying value of the company’s intangible assets. The Financial Reporting Council (FRC) described the former client as one of the largest local and regional multimedia organisations in the UK responsible [...]
Bentley gently goes green: Electric-only by 2030 November 6, 2020 Luxury carmaker Bentley has committed to switching to a fully electric vehicle line by 2030 with the aim of being an “end-to-end carbon neutral organisation”. Following the introduction of the first electric model in 2024, the carmaker has said it will only offer plug-in hybrid and electric models within its 2026 range. By 2030 this [...]
City Hall moves People’s Question Time online for first time November 6, 2020 City Hall said today that the first ever virtual People’s Question Time will be held on 12 November. The Mayor of London, Sadiq Khan, and London Assembly Members will answer questions from Londoners on key issues facing the capital between 7pm and 9pm. People’s Question Time is held twice a year and gives Londoners a [...]
‘Putin is not dying,’ Kremlin says November 6, 2020 The Kremlin has dismissed “nonsense” claims Putin will quit the presidency amid fears for his health. This morning The Sun reported the Russian president, 68, is ill and poised to quit amid fears he has possible symptoms of Parkinson’s disease. The Sun cited Professor Valery Solovei, a Russian political pundit, who suggested earlier this week [...]
Co-op Bank narrows losses but remains deep in the red November 6, 2020 The Co-operative Bank narrowed its losses in the third quarter, putting the lender on course for a better year than in 2019, despite the coronavirus pandemic. The bank’s statutory loss before tax in the third quarter was £23.5m, it said in a trading update today. That was down sharply from a loss of £80.1m in [...]
Screenshot: Ant Group, Jack Ma and China’s power paradox November 6, 2020 A weekly column from City A.M. bringing you all the biggest stories and trends in technology, media and telecoms This week: **Media Moment of the Week: Margaret Thatcher takes to Twitter **Ant Group, Jack Ma and China’s power paradox **Three’s a crowd: Why a telecoms mast deal could spark more mergers Media Moment of the [...]
New boss at Pizza Express as slice taken out of debt pile November 6, 2020 Pizza Express has appointed a new chairman and chief executive, Allan Leighton and David Campbell respectively, and reduced its debt pile by £400m after completing its recapitalisation. The new capital structure has reduced debt by more than £400million, from £735million to £319million, and includes the immediate injection of £40million of new capital. The business also [...]
DEBATE: Did Chinese regulators have a legitimate reason for halting the IPO of Jack Ma’s Ant Group? November 6, 2020 Did Chinese regulators have a legitimate reason for halting the IPO of Jack Ma’s Ant Group? Tim Focas, head of capital markets at Aspectus Group, says YES. For any public listing, but in particular one of this magnitude, smart and sound regulation is of paramount importance. It can’t be one rule for one firm looking [...]
