City Moves: Who’s switching jobs in the Square Mile? December 13, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Silbury Finance Oaktree Capital-backed lender Silbury Finance has appointed a founding director of property site Rightmove to lead its board. Board veteran Grenville Turner brings over 40 years of experience in the residential real estate and finance [...]
Microsoft becomes shareholder in the London Stock Exchange Group December 12, 2022 Microsoft snapped up a stake in the London Stock Exchange Group this morning, as big tech continues to disrupt the world of trading. As part of the deal, Microsoft will buy a four per cent stake in the exchange worth about £1.5bn from Blackstone, Thomson Reuters, Canada Pension Plan Investment Board and Singapore’s sovereign wealth [...]
UK economic bounce back a false dawn as recession still looms December 12, 2022 The UK economy is bouncing back, latest figures show, but economists still expect the country to tip into a record long recession. Gross domestic product (GDP) climbed 0.5 per cent in October, swinging back from a contraction over the summer, the Office for National Statistics (ONS) said today. The figures beat the City’s expectations. London’s [...]
Heathrow assures Border Force strikes won’t impact travellers as activity falls December 12, 2022 Heathrow has assured travellers that their journeys will be unaffected by Border Force strikes, as the number of people using the airport falls. Last week, Border Force staff working at several UK airports agreed to strike over the Christmas period in a long-standing dispute over jobs and pay. Members of the union PCS will walk [...]
Berkeley profits dip as housebuilding hey-day slips away December 9, 2022 Berkeley, one of the biggest housebuilders in the country, has been hit hard by the housing market dip and scaling inflation, as its pre-tax profit sinks. It is the latest sign the hey-day for housebuilders is over, with rising mortgage rates combined with inflation squashing demand for house buying in recent months – as well [...]
Twinings owner Associated British Foods boosted amid cost of living crunch December 9, 2022 Primark owner Associated British Foods (ABF) has said its food business will fair better this year than the last, as it faces the UK’s economic downturn with low-cost offerings. At its annual general meeting today, chairman, Michael McLintock is expected to keep the group’s full year outlook unchanged, as many businesses in the country nudge [...]
City Moves: Who’s switching jobs in the Square Mile? December 9, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. WilmerHale Law firm WilmerHale has built out its London-based white-collar defence and investigations practice with a new partner. Richard Burger, a former enforcement lawyer and prosecutor at the Financial Conduct Authority’s predecessor the FSA, brings experience co-heading [...]
Purplebricks’ shareholder seeks to oust chairman yet again as losses widen December 8, 2022 Online-only estate agency Purplebricks’ losses have widened in the past six months, despite the CEO’s turnaround plans. Revenue dropped 16 per cent to £34.5m in the six months to the end of October, while gross profit plunged more than a third to £16.2m. Operating losses also grew by five per cent to £11.7m. But CEO [...]
Former Theranos COO sentenced to nearly 13 years for defrauding investors December 8, 2022 The former president of Theranos was sentenced to nearly 13 years in prison last night for defrauding investors and patients before the defunct health-tech firm’s collapse. Ramesh “Sunny” Balwani, the former chief operating officer of the blood testing group, faces a longer jail term than founder and former girlfriend Elizabeth Holmes. The 155-month prison sentence [...]
British American Tobacco doubles down on vaping as smoking industry shrinks December 8, 2022 British American Tobacco (BAT), one of the world’s largest cigarette suppliers, has doubled down on its new categories such as vaping as the tobacco industry shrinks. The London-listed company’s revenue has grown in the past few months, despite the public in both Europe and the US leaning away from smoking. The shift away from smoking [...]
