BAE Systems to buy Collins GPS business for $2bn January 20, 2020 Leading aerospace and defence company BAE Systems has this morning announced that it will purchase Collins Aerospace’s military GPS system for almost $2bn (£1.5). BAE say that the GPS business, which is considered a market leader, should generate revenues of $359m a year in 2020, with potential for growth of 10 per cent a year. [...]
British pound soars after Boris Johnson suffers Brexit blow September 4, 2019 The pound soared against the dollar in early trading today after MPs left Boris Johnson’s Brexit strategy in tatters last night. Sterling climbed 0.62 per cent against the USD dollar to hit $1.2163 after 21 Tory MPs rebelled against the Prime Minister in a vote that could force him to seek a Brexit extension. Read [...]
Rishi Sunak Summer Statement: All the Chancellor’s spending pledges July 8, 2020 Chancellor Rishi Sunak today announced a raft of measures in his Summer Statement in a bid to help the UK economy recover from the worst effects of coronavirus. The Treasury boss revealed massive public spending to bolster the UK economy in what people are calling his mini-Budget. While he did not extend the government’s furlough [...]
Government and Bank of England urge banks to keep lending despite coronavirus uncertainty March 25, 2020 British banks must continue to provide loans during the coronavirus pandemic to ensure that previously viable companies do not fail due to the crisis, the government and Bank of England said. In a joint letter to the chief executives of major banks, Chancellor Rishi Sunak, Bank of England governor Andrew Bailey and the interim chief [...]
Ocado joins FTSE 100 as Marks & Spencer narrowly escapes being kicked off May 30, 2018 Online retailer Ocado officially joined the FTSE 100 today, while embattled department store Marks & Spencer narrowly avoided dropping off the blue chip index. Ocado was promoted from the FTSE 250 in a quarterly reshuffle by index provider FTSE Russell that also saw bookmaker GVC promoted. Ocado’s FTSE jump comes after the retailer’s shares soared [...]
MRP poll explainer: What is the mega-poll and can it predict the election? November 27, 2019 At 10pm tonight, market research firm Yougov will release the most eagerly-anticipated poll of the upcoming General Election. The so-called MRP poll is expected to be a key indicator of the outcome of the 12 December vote, and will deliver a sweeping seat-by-seat analysis. But what is the MRP and why is it so significant? [...]
Physical? Hybrid? Virtual? Companies re-imagine AGMs for 2021 and beyond July 20, 2020 Could the annual general meetings (AGMs) of 2021 and beyond look and feel very different? As companies start to consider the future format of corporate set-piece events, so the possibility arises these often sparsely attended gatherings could begin to evolve into significantly more enlightening and engaging occasions. This year’s AGM season largely coincided with lockdown, [...]
Unilever misses estimates amid slowdown in emerging markets October 17, 2019 Consumer goods giant Unilever missed City estimates this morning as tough weather comparatives and a slowdown in several emerging markets dented sales. The Ben and Jerry’s ice cream maker has posted underlying sales growth of €13.3bn (£11.5bn) for the third quarter, marking a 2.9 per cent rise that narrowly came below consensus expectations. Read more: [...]
US stocks plunge again despite Fed coronavirus stimulus March 16, 2020 US stock markets have plunged despite the US Federal Reserve last night again slashing interest rates as investors anticipate a global recession caused by the coronavirus outbreak. The S&P 500 dropped more than eight per cent when Wall Street opened, causing a so-called circuit breaker designed to stop panic selling to kick in. Stocks continued [...]
City A.M. TV: Daily Market Snapshot (video) April 26, 2021 Since early April, US equity markets have been in a persistent uptrend. That’s been is aided and abetted by (i) notable US dollar weakness; (ii) lower bond yields (resulting in tech outperformance); and (iii) a strong Q1 earnings season, with most US companies surprising markets to the upside. In that respect, and while US equity indices [...]