GameStop’s stock slide speeds up as US senator steps in February 4, 2021 The slide in GameStop shares accelerated today as US officials warned they may step in to investigate the trading frenzy that has roiled markets in recent weeks. A surge in buying by amateur traders, fuelled by activity on social media, sparked big moves in shares of companies that were shorted by Wall Street hedge funds. [...]
Exclusive: City law firm boss on the rise of US-style class action suits in Britain February 4, 2021 In a wide-ranging, two-part interview, City A.M. sits down with Natasha Harrison, the Chancery Lane-based managing partner of global law firm Boies Schiller Flexner, which has around 400 staff in 11 offices around the world. Yesterday, Harrison zoomed in on the impact of Brexit on Britain’s legal landscape, while today she discusses the rise of class action [...]
Malcolm & Marie review – Zendaya saves clunky lockdown drama February 4, 2021 Unusual times call for unusual methods. With filming on their TV series Euphoria halted due to the COVID-19 lockdown, creator Sam Levinson and Emmy winning star Zendaya got together and filmed this relationship drama entirely contained within one building, with cast and crew isolating in order to work together safely. Told over the course of [...]
EU unhappy with ‘tone’ of Michael Gove letter over NI-GB border issues February 4, 2021 The EU has rankled at UK suggestions there should be no extra checks on goods at the Northern Ireland-Great Britain border, with Brussels reportedly not happy with the tone of a letter from Cabinet Office Minister Michael Gove. Irish broadcaster RTE reports that the EU saw Gove’s letter as an ultimatum and that officials believe [...]
Petrofac snaps up new deals worth £220m in Oman February 4, 2021 Oil field services firm Petrofac today announced it had won two contracts worth a combined $300m (£220m) from Oman’s petroleum development outfit. Shares in the firm rose 1.5 per cent in early trading today. The first of these, at Marmul in the south of the Gulf state, is a 30 month contract to build and [...]
Almost half of UK exporters hurt by Brexit, says new survey February 4, 2021 Almost half of Britain’s exporters have been negatively affected by the end of the Brexit transition period on 1 January, according to a new survey. The YouGov/HSBC poll found that 42 per cent of exporters said the UK’s exit from the EU’s single market and customs union on 31 December had a “negative impact” on [...]
Exclusive: City law firm chief warns Brexit may damage Square Mile’s ecosystem February 3, 2021 Since the turn of the year, London’s outward-looking legal community has rushed to adapt to the new post-Brexit arrangements. In a wide-ranging, two-part interview, City A.M. sits down with Natasha Harrison, the Chancery Lane-based managing partner of global law firm Boies Schiller Flexner, to discuss the changes that Britain’s departure from the EU has brought [...]
UK urges EU to extend grace period to 2023 in bid to soften Brexit impact February 3, 2021 Britain has asked the EU for a grace period extension until 2023 on checks made on trade moving between Northern Ireland and the rest of the UK. Cabinet Office Minister Michael Gove has written to the European Commission vice president Maros Sefcovic to ask for urgent political solutions on a number of issues at the [...]
City Moves for 3 February: Who is switching jobs in the Square Mile this week? February 3, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. New head of UK business for BNP Paribas REIM French firm BNP Paribas Real Estate Investment Management (BNP Paribas REIM) has appointed a new UK business head to manage its multi-billion-pound real estate [...]
KPMG partners take 11 per cent pay cut as Covid-19 eats into profits February 3, 2021 Partners at KPMG have had their pay cut by an average of 11 per cent, from some £640,000 to £572,000, as Covid-19 hit profits and revenue at the firm. KPMG’s chairman was paid £1.7m for the year, a decrease of 14 per cent on 2019. Partners across Big Four firms saw pay cuts in [...]