Rivals PwC Deloitte and EY circle KPMG’s position as Bank of England auditor November 4, 2017 The Bank of England is reportedly seeking a new auditor, in a move which could see it part company with KPMG. Rivals are gearing up to take the role from KPMG according to Sky News. The firm has been the auditor for the central bank for a decade, having been brought in just before the [...]
Fintech startup CommuterClub raises £2.3m to grow online season ticket financing from WGC and early-stage investors including tennis star Andy Murray October 30, 2017 A startup which provides financing for commuters to buy rail travel cards has landed a fresh injection of cash, City A.M. can exclusively reveal. The £2.3m for CommuterClub was led by Indian financial services firm Wadhawan Global Capital (WGC), an investor in Zopa and Goldman Sachs-backed fintech startup Neyber, with previous investors also participating. Read [...]
British manufacturing order growth wobbles despite continued export strength October 23, 2017 Orders for the British manufacturing sector softened in the three months to October, with growing signs of nerves for the coming quarter, according to a survey published today. A negative balance of two per cent of firms reported order books were above normal, representing a sharp drop from the 10 per cent balance found in [...]
Pendragon profit warning: Share price in reverse after the car dealership warns on profits October 23, 2017 Shares in the UK’s largest car dealership Pendragon dropped as much as 23 per cent this morning after it became the latest UK firm to warn on profits. Pendragon said it expects pre-tax profit to be around £60m in 2017 compared with expectations of £75.2m, according to Reuters data. The firm blamed the downturn on [...]
UK GDP growth to edge higher as economists forecast a lacklustre end to 2017 as Brexit jitters curb investment October 23, 2017 GDP growth is set to come in at 0.3 per cent for the third quarter when figures are published on Wednesday. That would mark the third consecutive quarter at that rate, after the first and second quarters marked the weakest six-month performance since the first half of 2012. And economists are forecasting a lacklustre end [...]
Chancellor Philip Hammond gets good news as lowest borrowing since 2007 boosts Treasury ahead of squeezed Budget October 20, 2017 Government borrowing has fallen to its lowest level year-to-date since before the financial crisis, delivering some welcome relief to chancellor Philip Hammond, who is otherwise expected to have limited room for manoeuvre in the upcoming Budget. Public sector net borrowing (excluding state-owned banks) decreased by £2.5bn to £32.5bn in the financial year from April to [...]
UK M&A deals tail off as post-Brexit vote reality causes sentiment to weaken according to EY October 9, 2017 After a post-Brexit spike, the number of mergers and acquisitions (M&A) in the UK has begun to tail off as deal sentiment weakens. According to EY, the volume of M&A deals completed in the first nine months of this year slipped by 11 per cent compared to 2016 to 2,316. On the flip side, the [...]
Carillion Middle East suitor plots takeover attempt and prized London listing September 26, 2017 At least one Middle Eastern construction firm is eyeing Carillion’s update this Friday ahead of a potential takeover bid for the struggling builder. Final touches are being put to an offer from a new suitor to buy up Carillion’s shares and give the operator access to the firm’s London listing, City A.M. understands. The bidder [...]
EY, Maersk, Microsoft, startup Guardtime and insurers are putting boats on the blockchain with marine insurance tech platform | City A.M. September 6, 2017 EY, shipping giant mersk and Microsoft are among the companies planning to get boats on the blockchain, or their insurance, at least. The professional services firm is building a blockchain-based platform that can streamline marine insurance for the shipping industry. It is working with Estonian enterprise blockchain startup Guardtime and Microsoft to build the technology [...]
Bell Pottinger faces client exodus: Top firms seek to distance themselves from disgraced PR firm | City A.M. September 5, 2017 Bell Pottinger is facing an exodus of clients as companies seek to distance themselves from the disgraced PR firm. The iconic company, which was kicked out of the Public Relations and Communications Association (PRCA) on Monday, is now scrambling to regroup. City A.M. understands Bell Pottinger wants to name a new boss this week, following [...]