John Menzies dubs offer from Kuwait suitor as ‘fundamentally undervaluing’ firm February 15, 2022 Aviation services firm John Menzies has dubbed a rejected offer from NAS Holding as “opportunistic”. In an update on the London Stock Exchange on Tuesday, the firm said the offer made by NAS Holding, a subsidiary of Agility, was “opportunistic [and] conditional” with terms that “fundamentally undervalue Menzies and its future prospects.” A cash proposal [...]
Glencore hails ‘extraordinary’ year as earnings top $21bn February 15, 2022 Glencore boss Gary Nagle hailed 2021 an “extraordinary” year for the miner today as the group reported an 84 per cent surge in earnings driven by record surges in global commodity prices.
Plus500 launches share buyback as profits fall by a third February 15, 2022 Plus500 has launched a share buyback programme despite profits slipping by more than a third in the 2021 financial year.
Miner BHP hits near record iron ore production despite ‘Covid related labour constraints’ February 15, 2022 Mining giant BHP has achieved near record production in iron ore, despite being impacted by poor weather and labour restrictions on operations. In half-year results ended 31 December 2021, the metals and petroleum firm reported it remained “fatality free” at its operated assets for the third consecutive year. It has also reported rebounding profits from [...]
Editorial: Can buy now pay later firms be blamed for consumers’ poor decisions? February 15, 2022 It is tempting to think of buy now, pay later as financial innovation. In truth it is not; it’s merely a new adaptation of an unsecured credit agreement. For all the adverts and branding, buy now pay later operators offer you the chance to pay in three instalments, rather than one. Firms make money from [...]
City Moves: Who’s switching jobs in the Square Mile this week? February 15, 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. Tate & Lyle Tate & Lyle appointed a food industry veteran as its new chief financial officer, who will also be posted to the board. Stepping into the role in mid-May, Dawn Allen joins from US food manufacturer Mars, Incorporated where she has been [...]
The tumultuous tale of LV= has given us a masterclass in how not to negotiate February 15, 2022 For those of us who teach modern negotiation theory, the stalled sale of mutual insurer London Victoria (LV) to Bain Capital, then to Royal London, has been a wonderful case study on how not to conduct deal talks. The journey started well for LV’s board. Their competitive process flushed out bids not only from Bain [...]
If London is the heart of our economy, more TfL fare rises will cut off the blood supply February 15, 2022 From March, every bus or train journey within Zone 1 will go up 10p, after Sadiq Khan announced yesterday that Transport for London fares would rise by almost 5 per cent. For Londoners, this means the average 3-day-a-week commute will go up by £30 a year, on top of rising food and energy prices. It [...]
Britain’s productivity has been battered by the scarcity of affordable homes in cities February 15, 2022 Londoners are feeling the squeeze. The Bank of England has forecast the biggest annual fall in living standards for at least three decades: energy costs are surging, and rents are going up by 5.5 per cent. The high cost of housing leads to a worse quality of life in familiar ways, through lower disposable incomes, [...]
Virgin Media O2 commits £10bn investment in UK as London boasts largest 5G footprint February 15, 2022 Virgin Media O2 has revealed that its 5G network has now hit two thirds of the capital, giving London the largest 5G footprint within the group. The telecoms giant has committed to investing at least £10bn in the UK, and has delivered 5G to more than 2,000 sites across the country last year. It has [...]
