Softbank-backed Oneconnect slashes IPO and lowers valuation December 12, 2019 Chinese fintech Oneconnect has slashed its target valuation and downsized its planned initial public offering (IPO) in the US, in yet another blow for Softbank. The fintech, which is a subsidiary of Chinese insurance giant Ping An, downsized its planned stock market debut in New York by 28 per cent. Read more: Another dog for Softbank [...]
Federal Reserve ends cycle of cutting interest rates December 11, 2019 The US Federal Reserve left interest rates on hold today, bringing to an end the cutting cycle instigated in July. The decision came after a booming US jobs report on Friday showed that employment rose by its most in ten months in November. The Fed’s target interest rate will stay at between 1.5 and 1.75 [...]
AA shares leap as firm plans bond buyback December 11, 2019 Shares in motoring association the AA jumped 15 per cent today after the company announced a possible share buyback after a positive first half. The company, which provides insurance, driving lessons and breakdown cover also said it intends to pursue a range of debt tenders, redemptions and issuances over the coming months. Read more: Supercuts [...]
Revealed: The five most expensive rail routes into London December 11, 2019 Overpriced tickets? Frequent delays? Nowhere to sit? For the millions of people who take the train into London every day, this probably sounds familiar. And to add insult to injury, the five most-expensive rail commutes are for journeys into London – with some passengers paying more than £500 a month just to get into work. [...]
DWF pays €50m for Spanish law firm Rousaud Costas Duran December 11, 2019 Listed London law firm DWF is set to pay €50.5m (£42.5m) for Spanish law firm Rousaud Costas Duran (RCD) in a move designed to expand its presence in the country. The acquisition will bring 40 new partners and 400 staff to DWF and will give it offices in Madrid, Barcelona and Valencia. Read more: These [...]
Saga appoints ex-Superdry boss Euan Sutherland to CEO role December 11, 2019 Over-50s insurer Saga has found a new chief executive in the former boss of Superdry, Euan Sutherland. Sutherland will start at Saga on 6 January, replacing retiring boss Lance Batchelor, who will leave the business at the end of January. Read more: Saga could sell care operations under Elliott break-up threat Sutherland recently quit the [...]
Ranked: The best 10 companies to work for in the UK December 11, 2019 Google has been named the UK’s best place to work by employees, according to company review website Glassdoor. The US tech giant rose 12 places in Glassdoor’s annual Best Places to Work in 2020 list, with 19 firms making this year’s list for the first time. Read more: These are the top 25 best paying [...]
Chinese property firms in plans to upgrade eastern end of City December 10, 2019 Chinese firms that own swathes of the City are leading a drive to transform the area into a 24/7 leisure destination while maintaining its status as a leading global financial centre. The owners of the skyscrapers known commonly as the Cheesegrater and the Walkie Talkie are working with other landlords in an initiative to create [...]
Thomas Cook: Regulator ‘very sorry’ for refund delay as customers wait more than two months December 10, 2019 Britain’s aviation regulator has apologised to thousands of Thomas Cook customers facing delays to refunds owed to them after the travel firm collapsed. Paul Smith, director of the Civil Aviation Authority, said the organisation was “very sorry,” adding that the CAA was “working tirelessly” to put the payments through. Read more: Gatwick airport to lose [...]
Election 2019: BBC licence could be scrapped, Boris Johnson hints December 9, 2019 Boris Johnson has hinted he may scrap the licence fee that funds the BBC, during an unscripted question and answer session while visiting the North East of England. Asked if he would consider scrapping the licence fee as a whole, Johnson said he was “under pressure not to extemporise policy on the hoof” but admitted [...]