Vegan burger startup Beyond Meat hits triple its IPO price as it eyes up European expansion May 28, 2019 Vegan burger startup Beyond Meat’s share price jumped today as it said it's mulling a move to cater directly to European customers with a new production site opening in the Netherlands. However, concerns that this expansion might be too much too soon have left investors divided. Read more: DEBATE: At $1.5bn, is plant burger firm Beyond Meat [...]
Cobra Beer founder Lord Bilimoria set to be appointed next CBI president May 26, 2019 Cobra Beer founder and second referendum backer Lord Bilimoria is the leading candidate to become the next president of the Confederation of British Industry (CBI). The entrepreneur has been lined up to replace Tesco chairman John Allan at the helm of the influential business lobbying group, Sky News reported. Read more: Cobra's Lord Karan Bilimoria [...]
Major multi-national fraud probe into Airbus could settle this year May 23, 2019 Airbus could reach a settlement with British, French and US authorities in a long-running fraud investigation as soon as this year, sources with knowledge of the case told City A.M. The UK’s Serious Fraud Office (SFO) opened an investigation into Airbus’ use of third party consultants to win international aircraft orders in August 2016. French [...]
BT’s brand value drops as new boss prepares image overhaul May 21, 2019 The value of telecoms giant BT’s brand slumped this year as new chief executive Philip Jansen prepares to overhaul the company’s image. BT dropped two rankings to 10th place this year as its brand value, which is calculated as the net economic benefit its owner would receive if it licensed the brand in the open [...]
Tesco Bank quits ‘challenging’ mortgage market May 21, 2019 Tesco Bank has thrown in the towel on mortgages, ceasing all new lending as it attempts to sell of its existing ledger book. Read more: How London house prices in every borough have performed in 2019 Currently the bank has 23,000 mortgage customers who it has lent £3.7bn, a portfolio it is now exploring the [...]
City Moves for 21 May – Who’s switching jobs at Cazoo, Invesco and Headland? May 21, 2019 Today's City Moves includes Cazoo, Invesco and Headland. Cazoo Cazoo has announced Alex Gersh, formerly chief financial officer (CFO) of Paddy Power Betfair, has joined as its first CFO. Having raised over £30m late last year, Cazoo is seeking to transform the used car market in the UK. Alex joins Cazoo after spending 6 years [...]
DEBATE: Is the Tesco boss right to call for slashed business rates and an online tax to save the high street? May 15, 2019 Is the Tesco boss right to call for slashed business rates and an online tax to save the high street? Robert Palmer, executive director of Tax Justice UK, says YES. Tesco’s Dave Lewis is right: the way we tax high street shops and online firms isn’t working. The tax system benefits companies like Amazon and Google, [...]
City Moves for 14 May – Who’s switching jobs at Aviva Investors, Freedom Finance and Amundi? May 14, 2019 Today's City Moves includes Aviva Investors, Freedom Finance and Amundi. Aviva Investors Aviva Investors, the global asset management business of Aviva, has announced the addition of Stephanie Niven as a named manager to the Global Equity Endurance Fund. She will work alongside Giles Parkinson, who has been manager of the fund since its launch in [...]
Morrisons records 14th quarter of growth despite hit from political uncertainty May 9, 2019 Morrisons took a hit from British political uncertainty in the first quarter of the financial year, it revealed today, as its sales growth slowed to put it behind major rival Tesco. Excluding fuel, like-for-like sales grew 2.3 per cent in the quarter, Morrisons said, a slowdown from 3.6 per cent in the first three months of [...]
Morrisons in City spotlight for first-quarter results May 6, 2019 Investors will be hoping Morrisons can replicate recently-improved trading results from its supermarket rivals later this week when it looks set to extend a long spell of like-for-like sales growth. Read more: Morrisons granted permission for Supreme Court appeal over data ruling Following a largely better-than-expected financial performance from both Sainsbury’s and Tesco in recent [...]