Horse racing betting: Mokarris all set to bounce back after Royal Ascot flop July 14, 2016 Every now and then a horse comes along that leaves a lasting impression on its racecourse debut. Simon Crisford’s MOKARRIS did just that on his first start at Haydock back in May when bolting up having travelled powerfully through the race. He was then somewhat thrown in the deep end at Royal Ascot when taking [...]
Shock, horror? How the City reacted to today’s MPC’s interest rate inaction July 14, 2016 Another month, another deferral of The Big Interest Rate Move. That makes 88 so far. How is the City reacting? Two words: "we're cautious". Read more: Over to you, Carney – our MPC has voted to cut rates 1. "BoE is playing wait and see" Michael Martins, economist at the Institute of Directors: “The Bank [...]
Property companies behind My Local follow the convenience chain into administration July 8, 2016 Two property companies behind My Local, the retail chain which went into administration at the end of June, have also collapsed. ML Convenience Ltd and ML Stores Ltd hold the property leases for My Local's stores, and are subsidiaries of the company. Read more: After Morrisons, Greene must graft to make My Local succeed Neither of the [...]
At the close: Markets enter reverse as Brexit strains stack up July 6, 2016 Sterling has been savaged today, the FTSE 100 has crashed and half of all assets in UK property funds have been frozen in a difficult day on the financial markets. The pound dropped down below $1.28 overnight, recovered briefly, but is now on the slide after a number of analysts published decidedly bearish forecasts. A [...]
Aldi is hungry for a 10 per cent share of the grocery market July 6, 2016 It's a tough time for supermarkets, but as the price war between the Big Four rages on, Aldi's UK chief executive says he is aiming to take a 10 per cent share in the grocery market. Speaking to City A.M., Matthew Barnes, Aldi's chief executive in UK and Ireland Matthew Barnes said: "We will have 10 per cent [...]
Supermarket sell-off: grocers’ share prices fall as HSBC analysts predict Asda will cut prices July 6, 2016 The big grocers' share prices fell today after analysts said Asda may cut its prices, trimming the industry's profits and intensifying the supermarket price war. HSBC analyst David McCarthy said: "We believe there are signs that Asda may be about to fundamentally reposition on price, bringing down sector profits. Read more: Traders betting against troubled supermarkets "Asda has been [...]
City A.M. Unregulated: Has Brexit ruined your pension? July 6, 2016 Brexit has thrown markets into uncertainty, which in turn has brought on a series of warnings about how people's personal finances will be affected – so this week's podcast takes a look at what impact the vote to leave the EU will have on pensions. Joining hosts Caitlin Morrison, City A.M.'s deputy digital editor, and usual [...]
City Moves for 5 July 2016 | Who’s switching jobs July 5, 2016 Bond Dickinson National law firm Bond Dickinson has appointed Charlie Reid as its new banking and finance partner in its London office. He joins the firm from Norton Rose Fulbright where he was a senior associate. Charlie gained experience in the London office of Morrison & Foerster developing its London banking practice for eight years. Prior to joining Morrison & [...]
Supermarkets under attack from the short-sellers July 4, 2016 Traders believe the worst is far from over for the UK's embattled supermarkets, as short-sellers have piled in to bet against the sector in the next few months. More than three times as many shares are held by people hoping to profit from a near-term fall in the share price of the UK's leading supermarkets as [...]
My Local formally collapses into administration putting 1,658 jobs at risk June 29, 2016 Convenience chain My Local has formally gone into administration putting 1,658 jobs at risk. The embattled retailer, which is set to shut 90 shops, has appointed KPMG to act as administrators. Formerly owned by Morrisons and called M Local, the supermarket chain was snapped up by Greybull Capital in a deal reportedly worth £25m last year. Morrisons has confirmed [...]