Defence and aerospace group Meggitt returns to growth and appoints former Rolls-Royce executive as COO November 15, 2016 Shares in aerospace and defence giant Meggitt rose almost five per cent today after the firm appointed a former Rolls-Royce executive as its new chief operating officer and reported a return to organic growth. Tony Wood, a former head of aerospace at Rolls-Royce, will join Meggitt on 1 December. Chief executive Stephen Young said Wood's "extensive industry [...]
Mark Carney just confirmed when he will step down from the Bank of England November 15, 2016 Bank of England governor Mark Carney has confirmed he will step down from his post as governor of the Bank of England at the end of June 2019. In an appearance in front of the Treasury Select Committee today, Carney confirmed he will step down on 30 June even if Article 50 is delayed, adding [...]
Public borrowing could overrun by £100bn over the next five years November 15, 2016 Philip Hammond could be on track to overshoot previous public borrowing forecasts by £100bn in total by 2021, a report out today has warned. PwC also found that, if the new chancellor opts to keep the status quo on spending despite June's referendum result, this year's public sector net borrowing will come in at £67bn, around £10bn [...]
Donald Trump’s $1 trillion spending plan spurs global bonds sell-off as Dow reaches record highs November 14, 2016 The global bond market is undergoing a massive sell-off as investors weigh the implications of US President-elect Donald Trump’s unorthodox policy proposals. Today the yield on 30-year US Treasury bonds rose above three per cent for the first time since the start of January, owing to fears that inflation will rise once Trump’s policies take effect. [...]
Marsh chief exec reveals details of its £295m purchase of Bluefin from Axa November 14, 2016 US insurance broking giant Marsh said that the Brexit vote had no bearing on its £295m purchase of UK small business specialist Bluefin. The deal, announced earlier today, means that Bluefin’s 1,500 staff across 45 offices will move from the Axa umbrella to the subsidiary of Marsh & McLennan Companies. Speaking to City A.M., Marsh chief exec Mark [...]
Watch out Uber? Addison Lee’s investing £17m in 550 new Ford Galaxys November 14, 2016 Addison Lee is striking while the iron's hot. It has just announced some hefty investment, plugging £17m into new cars, purchasing 550 Ford Galaxy people carriers, as it renews 12 per cent of its 5,000 strong fleet. Earlier this year profits were down as it battled the rise of mobile challengers, like Uber. But with the [...]
Iran is open for business with a post-Brexit UK November 14, 2016 Iran is officially open for business after four years in the global wilderness. Following the imposition of financial sanctions in 2012 by the US for its burgeoning nuclear weapons programme, it was almost impossible for the west to do any business with Iran. Those sanctions were lifted earlier this year after France, Germany, UK, Russia and [...]
Theresa May is to promise an “unashamedly pro-business” government November 14, 2016 Prime minister Theresa May will today vow to lead an “unashamedly pro-business” government, while also vowing to crackdown on bosses that “game the system”. Speaking at the Lord Mayor's Banquet at the Guildhall tonight, May is expected to stress her desire to make the UK an attractive destination for businesses to invest after Brexit. Citing the [...]
Hotly-tipped London startup Yubl has collapsed into administration November 11, 2016 One of London's most hotly-tipped startups, Yubl, has collapsed into administration with the loss of more than 50 jobs, City A.M. understands. In August City A.M. reported the social messaging app was aiming to raise up to £20m in venture capital as it eyed a move into Europe. The company, which has been tipped as the "UK's answer [...]
American Pastoral review: The American Dream dissolves into a bleak nightmare in this all too relevant film November 10, 2016 A film exploring the frailties of the American Dream couldn’t be more relevant, yet there’s little that rings true in this adaptation of Philip Roth’s Pulitzer Prize-winning novel about the generational shifts in post-war American politics. The novel occupies a profound place in the US literary canon, so it seems an odd vehicle for Ewan [...]