UK competitions watchdog told to cover pharma firms’ costs after investigation failed May 25, 2022 The Supreme Court today said the UK’s Competition and Markets Authority (CMA) could be forced to cover Pfizer and Flynn Pharma’s legal costs, following the collapse of its case into the two pharmaceutical firms. The landmark ruling could see UK regulators made liable to pay the costs of those subject to failed investigations, after the [...]
Rishi Sunak to outline cost of living help on Thursday May 25, 2022 Rishi Sunak will tomorrow outline a multi-billion pound package to help Brits with the cost of living squeeze, with rumours rife the chancellor will hit UK oil and gas firms with a windfall tax. City A.M. understands that Sunak will deliver an “economy update” to the House of Commons, which will see up to £10bn [...]
The City View: Offshore Energies UK CEO on deleterious effects of a windfall tax May 25, 2022 Today Andy Silvester chats to Deirdre Michie, CEO at Offshore Energies UK. They unpick the windfall tax, the risk it poses for smaller energy firms and the sector in general, the state of the energy industry, and the seemingly lackadaisical speed of the energy transition. In other news: M&S is leaving its Russian franchise business, [...]
European chemical companies could take a hit as valuations decline amid soaring commodity prices May 25, 2022 Investment guidance for European chemicals companies is too optimistic, warned financial services group Morningstar.
Asset managers brace for plunge after global AuM jumps to $112tn May 25, 2022 Asset managers are braced for a plunge in the value of assets this year after notching bumper returns in 2021 that pushed the total value of managed assets to $112tn globally, new data has revealed.
Cineworld, ASOS and Boohoo: The 10 most shorted LSE stocks and the City fund managers that go after them May 25, 2022 Cineworld Group, the world’s second-largest cinema chain, is currently the most shorted UK listed company, according to the most up-to-date London Stock Exchange data. Some 8.2 per cent of its stock was held short by five investment firms, with New Holland Capital LLC holding the largest short position with 2.4 per cent of the company’s [...]
Gorillas to double down on UK as half of Berlin team laid off May 25, 2022 Gorillas has been the latest startup to announce a slew of job cuts, with almost 300 staff in the lurch, after Klarna also revealed layoffs earlier this week. The rapid delivery app is to cut around 320 roles at its Berlin headquarters, according to reports from German news site Manager Magazin. “We thoughtfully and carefully [...]
Crypto markets stable as investor sentiment recovers from recent lows May 25, 2022 The markets appear to have taken a breather so far this week, with Bitcoin stabilising somewhat in the $28,000-30,500 range.
More Brits feel disengaged, demotivated or anxious as rising cost of living feeds stress levels May 25, 2022 Our headlines in recent weeks have been dominated by the latest inflation figures, reaching a 40 year high of 9 per cent, as well as the cost of living crisis, which is raging on. As the nation and the media come to terms with the prospect of a recession, one crucial impact of the UK’s [...]
M&S warns cost of living crunch will slow sales growth May 25, 2022 Despite posting hefty profits this morning, the luxury retailer M&S warned against upcoming inflationary headwinds.