Grant Thornton quits as Sports Direct auditor August 14, 2019 Sports Direct faces being left without an auditor after Grant Thornton told the retailer it would not apply for reappointment. The decision threatens to leave Sports Direct high and dry as all of the Big Four firms have indicated they are reluctant to take on the role. The Financial Times reported that Sports Direct has [...]
London house prices continue to slide under Brexit pressure August 14, 2019 London house prices have continued their slide with a year-on-year fall of 2.7 per cent in June, figures from the Office for National Statistics (ONS) showed today. Read more: London house prices suffer worst plunge in 10 years The figure marked a slowdown from the 3.1 per cent drop seen in May, however, which was [...]
British Steel receives late bid from unnamed industrial consortium August 9, 2019 An unnamed industrial consortium, which includes a leading UK civil engineering company operating in West Africa, has made a last-minute bid to acquire the British Steel plant in Scunthorpe. The British-West African consortium submitted a late offer to the government to re-establish the international trade credentials of the site. Read more: British Steel’s preferred buyer [...]
Investec shareholders protest reappointment of auditors KPMG and EY August 9, 2019 Shareholders at Investec have protested against the reappointment of the group’s auditors at its annual general meeting, which also saw protest votes about directors’ remuneration Just over a fifth (20.1 per cent) of votes cast by shareholders opposed the reappointment of KPMG as joint auditor of Johannesburg-listed Investec Ltd, while 16.6 per cent voted against [...]
City Moves for 9 August – Who’s switching jobs at Assurant, OSTC and Media Chain? August 9, 2019 Today’s City Moves includes Assurant, OSTC and Media Chain. Assurant Global provider of housing and lifestyle solutions Assurant has announced the appointment of Christian Formby as its new president, Europe, subject to receipt of regulatory approval. Formby will have responsibility for developing and executing strategic priorities for Assurant’s European operations to drive profitable growth in [...]
British Steel preferred buyer will be decided in coming days August 8, 2019 Business secretary Andrea Leadsom is poised to announce the government’s entrance into exclusive talks with its preferred buyer of stricken industrial firm British Steel. Leadsom held a conference call with the three potential buyers still in the race earlier today, telling them one would be chosen in the coming days. Read more: British Steel’s collapse [...]
Burford left reeling as shortseller takes aim at business August 8, 2019 Shares in London-listed litigation funder Burford Capital crashed 45 per cent yesterday following a scathing report from shortseller Muddy Waters. The incendiary document confirmed that Muddy Waters now holds a short position on Burford, which it described as “a poor business masquerading as a great one”. Read more: Shares crash as short seller Muddy Waters savages [...]
Shares crash as short seller Muddy Waters savages Burford Capital August 7, 2019 Litigation finance firm Burford Capital has come under attack from short seller Muddy Waters, which has accused Burford of “egregiously misrepresenting” returns. In a report out this morning, Muddy Waters confirmed that it now holds a short position on Burford, which it describes as “a poor business masquerading as a great one”. Shares in the [...]
UK M&A deal values more than halve as global tensions take their toll August 6, 2019 The value of merger and acquisition (M&A) deals in Europe slumped during the first six months of 2019, as geopolitical concerns took their toll on the continent’s financial services industry. In the UK investors completed 97 deals totalling £6.3bn over the first half of 2019, plunging by more than half from £13.5bn when 103 deals [...]
Car sales stagnate again in July but electric vehicle market share surges August 5, 2019 New car sales were hampered last month by confusion over Brexit uncertainty and the government’s future policies over plug-in hybrid electric cars. The British new car market shrunk 4.1 per cent in July, its fifth straight month of decline, according to the Society of Motor Manufacturers and Traders (SMMT). Read more: Car industry investment grinds [...]