Twinings owner Associated British Foods boosted amid cost of living crunch December 9, 2022 Primark owner Associated British Foods (ABF) has said its food business will fair better this year than the last, as it faces the UK’s economic downturn with low-cost offerings. At its annual general meeting today, chairman, Michael McLintock is expected to keep the group’s full year outlook unchanged, as many businesses in the country nudge [...]
Big Four’s legal ventures could see surge in law firm IPOs, DWF chief says December 8, 2022 The Big Four’s efforts to bolster their legal businesses could lead to a surge in the number of UK law firms listing on the stock exchange, DWF chief Sir Nigel Knowles told City A.M. EY’s global split could see the firm become an “aggressive” legal services behemoth, as it is freed from the conflict-of-interest rules [...]
British American Tobacco doubles down on vaping as smoking industry shrinks December 8, 2022 British American Tobacco (BAT), one of the world’s largest cigarette suppliers, has doubled down on its new categories such as vaping as the tobacco industry shrinks. The London-listed company’s revenue has grown in the past few months, despite the public in both Europe and the US leaning away from smoking. The shift away from smoking [...]
Investors flee UK funds amid recession, pulling over £1bn from market December 8, 2022 Investors have fled UK-focused funds in recent weeks, pulling more than £1bn from the market as the country plunges into a recession, according to a study. Fears that the economic downturn will last longer in the UK than elsewhere have plagued the investor community, according to fund flows data provider Calastone yesterday. Most European funds [...]
Frasers reaps rewards of e-tailer takeovers as sales swell December 8, 2022 Sports Direct owner Frasers has seen profit leap up after a slew of high street and e-commerce acquisitions, backing its full-year expectations. The House of Fraser owner said it was confident in existing guidance for adjusted profit before tax of between £450m to £500m for this financial year. The retail titan posted a 53 per [...]
UK jobs market wobbles after months of defying economic reality December 8, 2022 The UK jobs market is looking increasingly fragile after months of defying economic gravity, a new survey out today reveals. KPMG and the Recruitment and Employment Confederation’s (REC) permanent hiring index came in at 46.4 points last month, below the 50 point mark that separates growth and contraction. Despite the index indicating businesses are cooling [...]
Letters: A new look at supply chains December 8, 2022 [Re: UK business fear supply chain chaos will ruin Christmas trading, December 5] In the last week, City AM has run several stories on the continuing chaos engulfing global supply chains and the industries this is affecting. The articles rightly identify problems such as key materials shortages, a shrinking labour market, and rising energy costs, [...]
Rachel Reeves: Macron is ‘eating UK’s lunch’ when it comes to global investment December 7, 2022 French President Emmanuel Macron is “eating the UK’s lunch” when it comes to attracting global investment, shadow chancellor Rachel Reeves has said. Reeves today told City A.M. that France was stealing investment away from British start-ups post-Brexit, with the shadow chancellor promising to help pension funds unleash billions of pounds of long-term capital into the [...]
Exclusive: Treasury tax raid to drag 200,000 Londoners into higher rate December 7, 2022 NEW analysis suggests that almost a quarter of a million Londoners will be dragged into the higher rate tax band as a result of Jeremy Hunt’s decision to freeze income tax thresholds in the Autumn Statement. Some 213,165 workers in London, and 122,543 more across the wider south-east, will paying the 40 per cent rate [...]
European IPO tech slump: London comes out on top December 7, 2022 The European tech industry has lost more than $400bn (£327bn) in value as dealmaking ground to a halt this year amid ongoing economic uncertainty. According to a report by London-based Atomico, tech startups across Europe are on track to raise $85bn (£70bn) in funding this year, down $15bn (£12bn) on 2021 levels. The report said [...]