Bookies from Ladbrokes escorted away from City Hall for hustling odds on Zac Goldsmith and Sadiq Khan ahead of tomorrow’s vote May 4, 2016 As London prepares to welcome a new mayor on Friday, tensions are running high at City Hall. Bookies at Ladbrokes found this out the hard way when they were kicked out of the mayor's offices for hustling odds on mayoral hopefuls Sadiq Khan and Zac Goldsmith. Political gambling expert Alex Donohue told The Capitalist the betmakers took [...]
Report commissioned by Channel 4 argues privatising broadcaster would be “overwhelmingly negative” May 4, 2016 Privatising Channel 4 would be “overwhelmingly negative” and could attract a maximum £500m, according to a new report commissioned by the broadcaster. The government is currently considering whether to sell off the channel, which is publicly owned but privately funded. Culture secretary John Whittingdale recently talked up the prospect of selling Channel 4, saying it [...]
Signs of life in London’s flotation market as firms consider IPO options May 3, 2016 There are signs of life in London's flotation market after a slow start to the year. Furniture retailer The Range and store card maker NewDay are both considering initial public offerings (IPOs), which could value each company at more than £1bn. Today, audio visual and document solutions distributor Midwich announced it had raised £75m through a [...]
City Moves for 3 May 2016 | Who’s switching jobs May 3, 2016 TP Bennett TP Bennett has added to its architectural team with a new senior director appointment. Neil Sterling joins as director to further strengthen the architectural team’s position in the commercial office, residential and retail markets. With over 16 years’ experience of front-end design and hands-on delivery, Neil’s previous role was at 3DReid, where he [...]
More proof business had a terrible start to 2016 as profit warnings remain “remarkably high”, EY research finds April 24, 2016 The year did not get off to a great start and now their's more proof that for business 2016 is hardly a vintage year. Global economic worries and weak oil prices are among the reasons why the number of profit warnings issued by the UK's listed companies remains "remarkably high" according to the latest research from [...]
Economic think tank EY Item Club warns over UK’s single engine consumer spending economy April 18, 2016 Consumer spending will continue to be the main driver of the economy this year, though if business investment fails to return in 2017 growth could falter, the EY Item Club think tank has warned. Consumer spending is expected to grow by 2.5 per cent in 2016, but slow to 2.1 per cent in 2017 as [...]
EY has now banked over $500m from the 2009 Nortel bankruptcy as legal fees continue to balloon April 12, 2016 EY, previously known as Ernst and Young, has now raked in over $500m (£354m) in fees from the collapse of Canadian tech giant Nortel over the last seven years, the London based accounting giant has confirmed. The total fees to all legal parties in the long-running case over how to divvy up the $7.3bn remnants of the [...]
Steel crisis: Sajid Javid announces that government would consider going in on the purchase of Port Talbot with a commercial buyer April 11, 2016 Business secretary Sajid Javid announced in parliament today that government would consider co-investing in Port Talbot. Government would consider going in with another buyer on commercial deal, and that they had appointed accounting giant EY as a commercial adviser. "I've been in contact with potential buyers, making clear that the government stands ready to help," said [...]
EU referendum: One way Brexit could actually be good for UK fintech April 11, 2016 The UK's prospering fintech sector has been urged to speak up in favour of remaining in Europe ahead of June's referendum and largely backs staying. But, there could be one serious advantage to leaving the union, some experts suggest If Britain were to leave, there would be a greater opportunity for innovative technology startups to disrupt the world of [...]
Commercial rents rocket across capital – with prices in Shoreditch tripling and Clerkenwell, Farringdon and St James’s property rates doubling April 11, 2016 London's commercial rents have surged by an average of 70 per cent over the last five years, according to new research. Figures from EY show that areas including Clerkenwell, Farringdon, and St James’ have seen prices charged to rent out commercial property double. Rents in Shoreditch have almost tripled, from an average of £17 per [...]