FTSE 100 close: Shock US debt downgrade sparks market sell-off in London and Europe August 2, 2023 London’s FTSE 100 plummeted during opening exchanges today after a top credit ratings agency slashed their outlook on the US’s finances. The capital’s premier index slumped 1.36 per cent to 7,561.64 points, while the domestically-focused mid-cap FTSE 250 index, which is a better reflection of the health of the UK economy, fell 1.33 per cent [...]
‘Fanciful’ – EE’s legal claim against Virgin Mobile given brutal rebuff by High Court August 2, 2023 The High Court has dismissed EE’s legal claim against Virgin Mobile, describing it as “fanciful” with “no real prospect of succeeding”. British telecoms company EE attempted to sue Virgin Mobile for a reported £24.6m over a contract dispute back in August 2022. In a decision ruling in favour of the applicant, the court proclaimed EE’s [...]
Ferrari boosted by ultra-luxury consumers – but update falls flat with investors August 2, 2023 Ferrari upped its forecasts for the year ahead on Wednesday, as the luxury carmaker benefitted from cash-rich consumers’ ambivalence to challenging economic conditions. The luxury carmaker reported revenues of 1.47bn (£1.26bn), up 14.1 per cent year-on-year and an adjusted Ebitda of €589m (£507.2m), up 31.9 per cent. For the year ahead, it is anticipating modest [...]
IP Group boss: There have never been more stakeholders calling for Mansion House reforms August 2, 2023 Reforms to boost investment in the UK’s high-growth companies have support from across the sector, the boss of a FTSE 250 IP Group told City A.M. “There have never been more stakeholders across the sector – be it regulators, capital providers, the stock exchange and companies – saying that this is something which is important,” [...]
HumanForest strips out the ‘human’ with Forest rebrand August 2, 2023 Popular e-bike firm HumanForest has undertaken a brand refresh, dropping the human and opting for just ‘Forest’ as it doubles the size of its dark green e-bike fleet in London. Forest said the rebrand came as the company saw bumper growth in 2023, doubling its operational zone and bike numbers in the capital amid rising [...]
Final Gatwick strikes cancelled after Unite members accept pay offer August 2, 2023 Industrial action due to take place at Gatwick this weekend has been cancelled after the last group of union workers set to strike accepted an improved pay offer. Unite members employed by Gatwick Ground Services (GGS) today accepted an improved pay offer of 10.3 per cent. As a result, disruption that was due to hit [...]
UK energy sector M&A activity rises to £10bn this year despite economic gloom August 2, 2023 A flurry of business activity saw nearly £10bn of M&A deals powered by the energy sector in the first six months of 2023, according to PWC.
Natwest forced to pay £90,000 after sacking exec days after cancer surgery August 2, 2023 A former Natwest executive was awarded £90,000 yesterday after she brought a case against her old employer for dismissing her days after she underwent surgery for cancer. Adeline Willis, a senior risk and compliance officer, was let go by Natwest in April 2020, eight months after a bowel cancer diagnosis and just days after she [...]
Arm aims for £55bn IPO valuation as potential anchor investors line up August 2, 2023 British chip innovator Arm has set its sights on a valuation target of $60bn (£47bn) to $70bn (£55bn) when it goes public, which could be as soon as this September. Arm is gearing up to float on New York’s Nasdaq in the first week of September with pricing for the IPO to arrive in the [...]
Asda facing £1.2bn bill to 44,000 staff as leaked email piles pressure on pay dispute August 2, 2023 Asda is at risk of losing £1.2bn in historic compensation payouts according to the union representing staff, after a leaked email appeared to strengthen their case today. The email, which was obtained by ITV news, from lawyers Leigh Day compared the knowledge and responsibility of female workers – who traditionally work on shop floors – [...]
