EU referendum: Nick Clegg says Remain has “comprehensively” won the economic argument June 3, 2016 The economic argument has been "comprehensively" won by the Remain side, former deputy prime minister Nick Clegg has said. Speaking ahead of an EU intervention later today, Clegg said: "I think the economic argument, it's fair to say objectively, has been pretty comprehensively won by those who say there will be huge economic damage and [...]
David Cameron forecasts a decade of uncertainty, but denies allegations of scaremongering June 2, 2016 PRIME Minister David Cameron has warned that a Brexit would lead to a decade of uncertainty, while defending an EU referendum campaign branded by some as “Project Fear”. Speaking on Sky News last night, the Prime Minister said he would trigger exit procedures immediately after a Brexit vote but claimed it would take 10 years [...]
Ryanair will reportedly email more than 5m customers to encourage them to vote Remain June 2, 2016 Ryanair is to urge more than 5m customers to vote Remain in the EU referendum with an email barrage reportedly to be launched tomorrow. According to Sky News, the airline will tell customers that both the UK economy and its future prospects are stronger as part of the EU. The email, which also includes a broader [...]
End of the road in sight for BHS sale June 2, 2016 The futures of BHS and thousands of its staff are hanging in the balance as administrators and the only known remaining bidder struggle to agree terms. BHS administrator Duff & Phelps held further discussions with a buyer backed by Richess Group yesterday, with some executives hopeful that a deal could be announced to salvage BHS today. [...]
Private equity giants storm into MBNA credit card auction June 1, 2016 The auction of credit card giant MBNA is getting crowded as three of the world's biggest private equity firms prepare bids. Cerberus, Cinven, and TPG are considering bidding for MBNA, potentially putting them up against high street banks Lloyds Banking Group and Virgin Money who emerged as likely suitors last week. MBNA has a 11 per cent [...]
For sale: 10pc of the UK’s consumer credit card market, as BAML seeks to offload MBNA May 27, 2016 Just over 10 per cent of the UK's consumer credit card market could be about to go up for sale, after it emerged Bank of America (BAML) is finally planning offload its European credit card arm. City A.M. understands BAML has begun courting interest for MBNA, the credit card provider best known for its partnerships with football clubs [...]
Rents are up 2.6 per cent in the year to April – and the market could be heating up a lot more this summer May 27, 2016 Private rents in Great Britain were up 2.6 per cent in the year to April, according to data released today by the Office of National Statistics (ONS) – and the rental market could get a lot more heating over the summer months. Unsurprisingly, London was burdened with the largest rent inflation, with rents rising at a [...]
Sajid Javid to launch proposals that could slash billions of pounds from British Steel pension fund liabilities May 25, 2016 In a bid to make Tata Steel more attractive to buyers, the government is set to reveal proposals this week that would potentially cut billions of pounds from the liabilities of British Steel's £15bn pension scheme. Sajid Javid, UK business secretary, is reportedly launching a consultation on Thursday that will discuss proposals including altering the annual uplift in [...]
HSBC to appoint new boardroom pay chief as current chair Sam Laidlaw set to quit May 25, 2016 HSBC is set to appoint a new boss for its boardroom pay committee as current chair Sam Laidlaw is set to step down from the bank's board as early as next year. Laidlaw, the former boss of Centrica, took over as chair of the bank's remuneration committee from former Rolls Royce chairman Sir Simon Robertson last [...]
Controversial former Comet owner plans bid for Fitness First, along with second private equity raising May 25, 2016 Opcapita, the buyout vehicle behind the failed turnaround of electrical retailer Comet, is in early stage talks to buy the UK operations of global gym chain Fitness First. Opcapita, headed by former banker Henry Jackson, plans to grow the gym's number of locations around the UK if the bid is successful, City A.M. understands. The acquisition vehicle is also [...]