London’s biggest banks will struggle to reach sustained profitability due to bad debts and regulatory fines, IMF and KPMG warn April 14, 2016 A toxic mix of bad debts and regulatory fines will see some of London’s biggest banks struggle to reach sustained profitability, according to two major new reports from the International Monetary Fund (IMF) and KPMG. The hard-hitting reports have prompted city analysts to predict looming job cuts in the Square Mile and Canary Wharf, while [...]
London’s fintech bubble hasn’t burst yet as established financial institutions remain desperate to be involved with startups April 13, 2016 Suggestions that London’s fintech investment bubble is about to burst have been largely rebuffed and it would appear banks and other traditional financial institutions are still keen to fund new entrants to the industry. However many are in danger of buying into so-called innovation theatre, collecting a trophy cabinet of proof-of-concept fintech startups that bank customers neither need nor want, [...]
Shops failing to cash in on low inflation as British Retail Consortium sales monitor shows no growth in March April 12, 2016 Retail sales flat-lined in March, according to the latest sales monitor from the British Retail Consortium (BRC), in an early sign that a wobble in the consumer-led recovery could be on the cards. Total retail sales were unchanged on March 2015, compared to a 4.7 per cent annual increase registered in this month last year. [...]
UK is top targeted European country for M&A deals from emerging markets April 11, 2016 The UK was the number one European target for inbound deals from emerging markets in the second half of last year, according to a new report. During the six-month period, UK companies were involved in 45 inbound, completed deals, up nearly 30 per cent on the first half of the year, KPMG's cross border deals tracker [...]
City Moves for 11 April 2016 | Who’s switching jobs April 11, 2016 BBC Worldwide Tom Fussell has been appointed as chief financial officer at BBC Worldwide. He has extensive experience of the TV and wider media industry, having worked in global media organisations for 20 years. Most recently, Tom was finance chief of Shine from 2013 to 2015, leading a global finance function across 11 markets. He [...]
City Moves for 8 April 2016 | Who’s switching jobs April 8, 2016 Acadian Asset Management Acadian Asset Management (UK) the London based subsidiary of Acadian Asset Management LLC, the specialist quantitative active global equity investor headquartered in Boston, has announced the appointment of Ian Shea as director of Middle East sales and client service. Ian will be based in Acadian’s London office, and joins Acadian from bfinance, [...]
Pfizer-Allergan merger collapse stokes fears M&A bonanza is coming to an end April 6, 2016 The biggest pharmaceuticals deal in history, a planned $160bn (£113bn) merger of US company Pfizer and Ireland’s Allergan, was abandoned today as a result of a US government crackdown on so-called tax inversions. The collapse of the blockbuster deal has stoked fears that last year’s M&A bonanza is coming to an end. Read more: More [...]
The EU is adding fuel to the Brexit fire through new burdens on technology startups April 6, 2016 You might think, given Europe’s anaemic rate of growth and enduringly high levels of unemployment, that Brussels would be doing all it can to encourage small tech businesses to grow. After all, the evidence shows that SMEs are the motors of job creation and technology companies provide the best chance of new high-value, high-wage employment. [...]
UK construction industry growing at slowest rate for three years, according to purchasing managers’ index April 4, 2016 The construction industry is expanding at its slowest pace since 2013, according to the closely-watched Markit/CIPS purchasing managers' index (PMI) out this morning. The survey, which measures business activity across the construction sector, came in at 54.2 for March – on an index where a score above 50 indicates expansion – though Markit said this was sluggish compared to the last few years. "The [...]
Watch out, London: Brexit could mean fewer new homes as investors eye up Paris and Berlin April 4, 2016 Houses, hotels and office blocks may start sprouting up across London at a slightly slower pace this summer, as a survey of top property investors revealed investment in real estate will take a temporary knock in the event of Brexit. KPMG asked 25 global property investors, with combined portfolios of more than $400bn (£281bn), about [...]