Tories draw up new Brexit battle lines June 30, 2019 The Conservative party’s final two contenders for prime minister bulked up their plans for a showdown with Brussels over the weekend, while the frontrunner – Boris Johnson – also sought to talk up his pro-business credentials. Confronted about an incident last year in which Johnson said “f*** business” during a Brexit debate, the former London [...]
City lookahead: Analysts forecasting drop in sales at Sainsbury’s June 30, 2019 Sainsbury’s is expected to reveal a dip in sales when it posts its quarterly results later this week, as a spell of poor weather and an increasingly competitive retail market weighs on the supermarket giant. The grocery chain is forecasted to post no improvement in its sales on Wednesday, underlining the firm’s current challenges in [...]
Legoland owner Merlin Entertainments secures £4.8bn takeover offer June 28, 2019 Legoland and Madame Tussauds owner Merlin Entertainments today said it has secured a £4.8bn takeover offer led by the owners of Lego. Merlin said it has reached an agreement on an offer of 455 pence per share tabled by Kirkbi, the investment vehicle of the Danish billionaire family behind Lego, and private equity firm Blackstone. [...]
Debate: Is there any merit to Labour’s ‘financial totalitarianism’ plans to tackle climate change? June 27, 2019 Q: Is there any merit to Labour’s ‘financial totalitarianism’ plans to tackle climate change? Yes – Angus Satow is co-founder of Labour for a Green New Deal. The free market is failing us. Despite enjoying free rein following Margaret Thatcher’s deregulation programme, the UK’s financial system has been completely unable to tackle the climate crisis. [...]
Wood Group boosts first-half profit as it looks to cut debt pile June 26, 2019 Energy services firm Wood Group has reported profit growth in the first half of the year, thanks to an improvement in its margins. The FTSE 250 firm said revenue for the six months to the end of June was in line with the previous year. Read more: Wood Group wins $1bn nuclear contract at Sellafield [...]
Lloyds freezes 8,000 offshore bank accounts June 24, 2019 Lloyds Banking Group has frozen about 8,000 bank accounts registered offshore after asking the customers for three years to prove their identities. The banking giant, which has its international business in Jersey, was forced to take action in order to meet regulatory requirements. Read more: Deutsche Bank faces US money laundering investigation The move to [...]
Global stock markets on track for best first half in 20 years June 23, 2019 Global stock markets are on track for their best first-half performance in over 20 years, with US shares hitting record highs last week. Read more: Global stock markets jump as Trump announces Xi Jinping meeting The stock market expansion comes thanks to central banks around the world signalling they will cut interest rates or launch [...]
Ex-Barclays boss John Varley cleared of Qatar fraud charges June 21, 2019 Former Barclays chief executive John Varley has been cleared of fraud charges related to Qatari cash injections that helped the bank avoid a state bailout in 2008. Judges at the Court of Appeal ruled that the Serious Fraud Office’s case against Varley was insufficient to proceed. Read more: Ex-Barclays boss says £322m Qatar payment ‘not [...]
Trainline IPO: Ticket app shares surge in £1.7bn debut June 21, 2019 Trainline’s shares soared on their first day of trading today after the tech giant made its £1.7bn stock market debut. Read more: Trainline chases £1.5bn IPO The train travel booking app priced its shares at 350p each in its initial public offering (IPO) today, to value the firm at £1.68bn. And Trainline’s share price jumped [...]
Cold weather dampens May retail sales June 20, 2019 Retail sales suffered a setback last month as volumes dropped 0.5 per cent month-on-month driven by unseasonably cold weather. Sales were up 2.3 per cent compared to May last year, representing the smallest annual rise since October 2018. Read more: Mullberry swings to a loss on tough UK retail market In April the year-on-year increase [...]