Wood Group hit by sliding revenue as it wrestles with ongoing pandemic impacts April 20, 2022 Wood Group’s revenue has slipped over the past year, as its wrestled with the ongoing impacts of the pandemic, as well as geopolitical and inflationary headwinds. The industrials group, which specialises in engineering and consulting, had its revenue slide 15.4 per cent to $6.4bn, down from $7.5bn in 2020. Though the Aberdeen-headquartered group swung from [...]
Scandal-hit Rio Tinto suffers heavy drop in iron ore shipments April 20, 2022 Rio Tinto has hiked its production guidance on all fronts for this year, after wrestling with Covid-19 and its lingering controversy.
City Moves: Who’s switching jobs in the Square Mile? April 20, 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. Boies Schiller Flexner Law firm Boies Schiller Flexner has hired a new partner, who has worked on both sides of the Atlantic, as it rebuilds its London office. Magic Circle veteran Timothy L. Foden, who previously helped [...]
Demand for offices in the Square Mile hits new record, says Savills April 19, 2022 The demand for offices in central London has hit a new record, according to Savills, dismissing concerns that working from home has taken over the Square Mile. With an eyewatering £3.3bn having changed hands in the City over the past three months, the record figure is nearly a third higher than the previous record in [...]
J&J halts Covid-19 vaccine sales forecasts as rivals dominate the market April 19, 2022 Johnson & Johnson (J&J) has halted the sales forecast for its Covid-19 vaccine due to faltering demand, and has trimmed its adjusted profit expectations. The vaccine, which was approved by the UK’s medicines regulator in the UK in May last year, has fared poorly compared to rivals. The US pharmaceutical giant had estimated its jab [...]
BMO Commercial Property Trust doubles down on industrial pivot as London portfolio shrinks April 19, 2022 BMO Commercial Property Trust has been successful in its pivot towards logistics real estate after demand for offices faltered as a result of the pandemic. The British fund kicked off the year on “a much brighter note” with fewer Covid-19 restrictions, having sold off nearly £200m worth of property in the year to 31 December, [...]
Standard Chartered London HQ and global offices targeted by fossil fuel protests April 19, 2022 Standard Chartered has become the latest London-headquartered bank subject to climate change protests, as activists seek to stop investments in oil and gas. The nearly 170-year-old bank is the only bank in the UK facing a shareholder-proposed resolution on climate change at its annual this year. Despite protests erupting outside the British bank’s office in [...]
Spectris sells off Omega Engineering for £400m, paving the way for a larger investor April 19, 2022 British electrical engineering firm Spectris has confirmed it will sell off Omega Engineering for $525m (£403m), to make way for a larger investor. The London-listed group has sold the engineering business to Arcline Investment Management, for around 20 times Omega’s adjusted earnings before interest, depreciation and amortisation, Spectris said in a regulatory filing this morning. [...]
Chinese economy to spiral south amid battle with Covid-19 April 19, 2022 China’s economic growth is forecast to slow, according to top analysts, as the country continues its battle with Covid-19. The country’s GDP growth for the first quarter of this year was “moderate”, economists at ING have said, “but more pain will come” in the months ahead. More Chinese cities are facing tighter controls, it was [...]
Jacob Rees-Mogg: Civil servants must ‘rapidly return’ to offices April 19, 2022 Ministers are reportedly being told to send a “clear message” to civil servants for a “rapid return” to offices. Up to three quarters of staff are still working from home, according to The Telegraph, as Whitehall sources accuse a “silent majority” of officials of not “pulling their weight. Jacob Rees-Mogg, the minister for government efficiency, [...]