From smartphones to smart homes: O2 launches subscription connected home service September 1, 2016 O2 is going from smartphones to smart homes with the launch of a new service that will let users operate their heating and lighting from their mobile. O2 Home will also offer connected plugs to control any device, cameras, intruder alarms and more all controlled via an app from whereever you are and which can react to your return home [...]
Addison Lee is buying rival Tristar as part of its US expansion strategy June 28, 2016 Addison Lee, the UK private car hire company owned by private equity giant Carlyle, is buying rival Tristar. The financial details of the deal were not disclosed, but City sources put the valuation at around £30m. Tristar, which operates the largest luxury car fleet in the UK, has revenues of £50m per year. Read more: Addison Lee is taking the [...]
West End gets Brexit boost from overseas shoppers as sales to tip over £9bn for the first time September 21, 2016 Overseas shoppers are flocking to the West End to spend their cash since the fall in the value of the pound – and the Brexit boost is set to tip sales for the district over £9bn this year. Jace Tyrrell, chief executive of the West End lobby group New West End Company, says London's premiere shopping district [...]
No emergency Budget: George Osborne moves to calm markets – but pound stays lower June 27, 2016 The pound edged up against the dollar as George Osborne sought to calm markets first thing this morning, saying there will be no emergency Budget at least until a new Prime Minister is in place. Earlier this month, Osborne had said a Brexit vote could lead to an emergency Budget "within weeks" – but this morning Osborne [...]
UK stocks in a post-Brexit world – industrials, healthcare and biotech can still do well, despite the weakening pound July 15, 2016 The UK’s decision to vote Leave sent share prices tumbling, and the more domestically-focused FTSE 250 has been left worst off. Mark Martin, manager of the Neptune UK Mid Cap fund, explains the areas he’s still finding attractive – and the ones he’s avoiding On the Friday after Brexit, the FTSE 250 mid-cap index had [...]
Steel crisis: Excalibur Steel expected to endorse Liberty House in Tata bidding process May 23, 2016 The management buy-out group Excalibur Steel, which is expected to bid for Tata Steel’s UK assets today, has effectively endorsed another bidder, Liberty House, for the sale. Mostly comprised of former Tata executives, Excalibur will voice its support for the group in its bid, City A.M. understands. This puts commodities investor Liberty House in a favourable [...]
Property companies’ share prices climb again after a difficult three days July 7, 2016 After a difficult three days of trading for companies in the property market, things are looking slightly sunnier this morning. The increases today follow the news that house prices rose in June – but analysts are predicting house prices will fall in the second half of this year. Housebuilders Persimmon's share price climbed 6.9 per cent, Berkeley [...]
City pro Edi Truell says Brexit encouraged him to put together £1 bid for Tata Steel’s UK assets June 29, 2016 Leading City financier, Edi Truell, was encouraged to put together a £1 bid to save Tata Steel's UK assets by Britain's vote to leave the European Union. "Brexit has made the business a lot more attractive to potential buyers… that has certainly enhanced my thinking," he told City A.M. He said Britain would be better able to impose import [...]
The non-Brexit bits from the Bank of England and the International Monetary Fund May 13, 2016 You may have noticed, there have been some pretty stark warnings about what Brexit could do to the UK economy this week. Both the International Monetary Fund (IMF) and the Bank of England waded into the debate arguing that a vote to leave the EU could trigger a recession. Cue outrage from Leave campaigners. But [...]
Housebuilders suffer second day of share price falls in a row July 5, 2016 Housebuilders are off to a bad start again today as share prices in the UK's biggest property companies are falling for a second day in a row. Despite announcing a six per cent rise in sales, Persimmon's share price slipped by 3.9 per cent in early morning trading. Read more: UK property funds could be in [...]