Government ferry contracts to cost millions more if Brexit is delayed March 16, 2019 The government will have to spend tens of millions of pounds more than it already has to maintain the ferry contracts it has in place for a no-deal Brexit, if as expected the UK's exit from the EU is delayed. The Department for Transport (DfT) agreed deals with three separate suppliers for additional freight capacity on ferries [...]
The Brexit unknown: how the votes moved markets – and what next March 15, 2019 British politics has faced a turbulent week: three nights of Brexit votes, a Spring Statement and a downgrade to economic growth. Market prices have swung on each twist as investors attempt to digest a constantly shifting set of possible outcomes. The single constant factor is uncertainty. With the scheduled exit date of 29 March looming, [...]
Facebook loses two top technology execs after Zuckerberg adopts privacy shift March 14, 2019 Two senior Facebook technology executives have left the social media giant, days after its chief executive Mark Zuckerberg said the company would be moving towards a “privacy-focused future”. Zuckerberg said in a blog post that chief product officer Chris Cox, one of the firm’s earliest employees, and Whatsapp vice president Chris Daniels had resigned. “As Mark has [...]
Brexit vote live: MPs vote to delay Brexit by extending Article 50 beyond 29 March March 14, 2019 Hello and welcome to City A.M.’s Brexit live blog for the second of potentially three huge votes on the UK’s departure from the EU. Prime Minister Theresa May was defeated in the House of Commons in a second vote on her Brexit deal on Tuesday, losing by 391 votes to 242. Last night, MPs voted [...]
One Savings Bank and Charter Court announce terms of £1.6bn merger March 14, 2019 Challenger banks One Savings Bank and Charter Court have confirmed the terms of a £1.6bn merger. Following the completion of the deal One Savings Bank shareholders will own around 55 per cent of the combined company, the firm announced as it posted its full-year results for 2018. Read more: One Savings Bank and Charter Court [...]
Savills profits slide as it warns of tough year ahead amid Brexit uncertainty March 14, 2019 Property firm Savills has posted a three per cent slip in profit before tax in 2018 as it warned of a decline in transaction volumes over the year ahead. Read more: Savills to hit 2018 targets but warns of uncertainty in the year ahead The figures Group revenue rose 10 per cent to £1.76bn. Profit before [...]
Money laundering is a dirty business that we need to clean up together March 14, 2019 Flag it up, clean it up, flush it out, whatever the call to action, anti-money laundering (AML) legislation is worthy of laser focus. It also requires hyper-vigilance from the accountancy profession. Last week, parliament’s Treasury select committee warned that the UK’s current efforts to counter money laundering are “fragmented”, and that its supervision requires greater [...]
City Moves for 14 March 2019 – Who’s switching jobs at Marex Spectron, Digital Catapult and Clifford Chance? March 14, 2019 Today's City Moves include Marex Spectron, Digital Catapult and Clifford Chance. Marex Spectron Marex Spectron has announced the appointment of Carla Stent as non-executive chair of the group board. Carla, who has sat on the board for the past four years and was until recently chair of the audit and compliance committee, takes over from Simon [...]
ECSC revenues jump as it grows client base amid cyber security concerns March 13, 2019 Cyber security firm ECSC has posted a huge increase in revenues as it cashes in on new regulation and growing concerns about cyber attacks. Read more: Avast secures strong results as chief executive steps down The figures Revenue surged 35 per cent to £5.4m. Gross profit increased 67 per cent to £2.7m. Adjusted earnings before interest, [...]
Avast shares drop as CEO prepares to step down despite cyber fears pushing profits up March 13, 2019 Cyber security firm Avast saw its shares fall more than five per cent this morning after it announced chief executive Vince Steckler will step down later this year. Read more: Avast sets sail on substantial maiden results The figures Avast’s revenue rose 24 per cent from $652.9m (£498m) to $808.3m. Operating profit doubled from $124.3m [...]