Serious Fraud Office suspends lawyer in charge of Unaoil criminal investigation | City A.M. August 12, 2018 The senior lawyer in charge of an ongoing criminal investigation into Monaco-based oil firm Unaoil has been suspended. Tom Martin, the lawyer managing the Serious Fraud Office’s (SFO) probe into the oil consultancy, has been suspended within the last few weeks for gross misconduct, according to Sky News. It comes just weeks before the agency’s [...]
Derwent developments bring major boost to London August 10, 2018 Major property developer Derwent London gave a huge boost to confidence in the capital yesterday by committing to £700m worth of new high-end development projects. The FTSE 250 giant will start work next year on a £500 million redevelopment of the historic Astoria music venue on the corner of Oxford Street and Charing Cross Road, [...]
It’s time for a grown-up conversation about immigration August 9, 2018 Business has been well served by immigration, but even before the word Brexit had worked its way into daily use, it was clear the wider public has a less rosy view of untrammelled free movement. As negotiations have progressed, sectors as varied as healthcare, fruit-picking, hospitality and banking have pressed their own special cases, to [...]
Saudi Arabian prince snaps up a $250m stake in Snap for 2.3 per cent | City A.M. August 8, 2018 Snap caught a second-wind after posting its results last night, when Saudi Arabia’s Prince Alwaleed bin Talal tweeted that he has invested $250m (£193.2m) into the company in exchange for a 2.3 per cent stake. The stake is valued at $10.8bn, despite Snap’s overall market capitalisation sitting at just $17bn. Shares in Snap jumped by [...]
DIY SOS: Travis Perkins warns Wickes profits will be lower as consumers spend less on home improvement July 31, 2018 Wickes parent Travis Perkins warned this morning that the home improvement retailer’s profits will be lower than expected due to a weaker consumer backdrop in the UK’s DIY market. Shares dropped more than eight per cent in early trading. The figures The business, which also has several trade-facing units, reported like-for-like revenue growth of 4.2 [...]
Carney says Brexit planning takes up 50 per cent of his time July 30, 2018 Bank of England (BoE) governor Mark Carney said that Brexit takes up “50 per cent of my time now” according to an interview published today. Carney made clear that while Brexit planning means now less time for other things, the Bank has a responsibility to “manage through the downside if there is a disorderly outcome”, [...]
Bank of England: Economists split as monetary policymakers set out into the unknown | City A.M. July 30, 2018 The Bank of England is widely expected to raise interest rates on Thursday, but the decision by the monetary policy committee (MPC) is likely to be one of the most controversial in recent memory. While most City observers now think rates will rise, economists are split as to whether hiking borrowing costs amid a weak [...]
Austria’s Chancellor tells Theresa May to avoid a ‘hard Brexit’ | City A.M. July 28, 2018 Austria’s chancellor Sebastian Kurz has told Theresa May it is important the UK avoids a hard and disorderly Brexit as the prime minister continued her charm offensive on EU member states. In a trip to Salzbug, May held talks with both Kurz and the Czech prime minister Andrei Babis to sell the appeal of trading [...]
UK adtech startup Mirriad signs deal with Chinese behemoth Tencent | City A.M. July 26, 2018 London-based video-advertising technology startup Mirriad has today signed a deal with Chinese media giant Tencent. The deal will utilise Mirriad’s in-video tech to place ads in online video content, even once its in post-production. City A.M. understands that staff from Mirriad will join and pitch with Tencent’s advertising teams as part of the deal, from [...]
YouGov challenger GlobalWebIndex raises $40m from Refinery29’s growth fund backer | City A.M. July 25, 2018 London-based market research firm GlobalWebIndex has raised $40m (£30.4m) series A first round from Stripes Group, a New York growth fund that has previously backed the likes of Refinery29, Grubhub and Udemy. Founded in 2009, GlobalWebIndex has consistently doubled its revenue and headcount year after year without seeking any outside funding, and includes the likes [...]