• LVMH is set to buy hotel group Belmond for $3.2bn Link
    City A.M. Sat 15 Dec 2018 19:02

    LVMH already owns Cheval Blanc hotels in Courchevel, the Maldives, Saint-Barthélemy and Paris as well as owning Bulgari Hotel and Resorts and will now add Belmond's hotels across 24 different countries to its ranks.

    It is now also set to own the Copacabana Palace in Rio de Janeiro and Hotel Splendido in Portofino as well as train services like the Venice Simplon-Orient-Express and Belmond Royal Scotsman, and cruises such as Belmond Afloat in France and Belmond Road to Mandalay.

    LVMH saw off competition for the purchase of Belmond, including from private equity firms, while the total value of the deal will also cover the acquisition of the company's debt.

    It comes as companies seek to tap into the experience side of luxury, rather than possession based, following an increasing demand for luxury hotels, travel and food.

  • Michael Cohen says Trump told him to pay hush money Link
    City A.M. Sat 15 Dec 2018 18:02

    Cohen, who has been sentenced to three years in prison, claims he followed "a bad path" in being loyal to Trump but would "not be the villain" in the story, in an interview with US broadcaster ABC.

    "He directed me to make the payments. He directed me to become involved in these matters,” Cohen said.

    In response to Trump’s denials and claims his former lawyer was set on embarrassing him, Cohen said: “It is absolutely not true. I don’t think there’s anybody who believes that."

    He also added that Trump knew the payments were wrong and was very concerned about how news of the affairs would affect the 2016 election campaign.

  • How the world’s biggest sports broadcaster lost $1bn to piracy Link
    City A.M. Sat 15 Dec 2018 17:12

    But this isn’t a conventional theft: you know who did it, how they did it, where they are – and you can prove it.

    It isn’t a one-off theft, but rather a never-ending succession of offences which the perpetrator does nothing to hide. Instead they taunt you frequently by flouting the stolen goods for all to see.

    And yet despite all the evidence you are not in a position to bring them to justice. Other factors at play mean you are forced to bide your time, document the incidents and pursue glacially-slow legal action while your opponent grows ever more flagrant in their actions.

    That’s the situation global broadcaster beIN Sports, the world’s largest sports rights holder, has found itself in for the past 17 months.

  • Why Liverpool should beat Man Utd tomorrow Link
    City A.M. Sat 15 Dec 2018 17:02

    Liverpool have added an armour-pleated rearguard to their quicksilver front line, are enjoying their best ever start to a Premier League season and sit top of the table as the campaign approaches its halfway point.

    United, by stark contrast, have regressed in all areas of the pitch and fallen even further off the pace. They average a full point fewer per game than Liverpool, who they trail by 16 points already.

    In this most keenly fought of local feuds, even the most one-eyed Old Trafford fan would concede that the men from Anfield hold the upper hand.

    Jurgen Klopp’s team ought to be approaching United’s trip down the M62 to Merseyside on Sunday with glee, then, relishing a chance to ram home their obvious superiority at the expense of their hated foes.

  • Advertising watchdog bans 'harmful' gender stereotypes Link
    City A.M. Sat 15 Dec 2018 16:02

    The Committee of Advertising Practice (CAP), the body that writes and maintains the UK's advertising code, has said that gender stereotypes in adverts can be harmful and influence the way some people see themselves or hold them back.

    The new ban comes after a review from the Advertising Standards Authority (ASA), which found that adverts can play a role in unequal gender outcomes.

    The CAP has published guidelines to demonstrate problematic scenarios for advertisers.

    Under the new rules, adverts will not be able to depict men as unable to do house chores or change nappies, while women cannot be insinuated as unable to park a car, for example.

  • Hunt believes a version of May's Brexit deal can get through parliament Link
    City A.M. Sat 15 Dec 2018 15:02

    Foreign secretary Jeremy Hunt believes that parliament could still back Theresa May's deal if the European Union provide assurances on it, but warned a no deal was still on the table.

  • Johnson & Johnson shares plunge in wake of asbestos report Link
    City A.M. Sat 15 Dec 2018 14:02

    Johnson & Johnson saw its share price plummeted by more than 10 per cent on Friday following a report from Reuters that claimed the US pharmaceutical company had known about asbestos tainting in its talcum powder products for decades.

  • Wherever Brexit takes us, let’s hope it’s not Norway Link
    City A.M. Sat 15 Dec 2018 12:47

    By surviving Wednesday night’s vote, she has secured a grace period of 12 months during which time she cannot be challenged again.

    However, Labour MPs are determined to call a parliamentary vote of no confidence in the government, which could destroy the Tory-DUP alliance once and for all – leaving the government with no majority.

    Faced with this scenario, May’s withdrawal agreement looks to be on even weaker ground than it was at the start of the week.

    This political purgatory is further complicated by the fact that no majority exists for any other form of Brexit. A second referendum is a possibility, but it would require the Prime Minister to make it her policy and at present, it absolutely is not.

  • Why the DUP will force the UK into a hard Brexit Link
    City A.M. Sat 15 Dec 2018 11:52

    “So tell me what you want, what you really, really want,” sang the Spice Girls in their debut single in June 1996, the same month that multi-party talks were established to kickstart the Irish peace process.

  • We need to make inquiries fairer for families Link
    City A.M. Fri 14 Dec 2018 16:31

    This is obvious when we look at recent high profile inquests and inquiries: the Hillsborough inquest, the Grenfell Inquiry, the Westminster Bridge inquest and the upcoming inquest into the Manchester terrorist attack.

    The public rightly expect proper scrutiny of our state and a fearless investigation into the facts, but is that system fit for purpose and is it fair for the bereaved families?

    What most people are shocked to discover is that despite victims’ families being at the heart of any inquest or inquiry they are not automatically entitled to state funded legal representation.

    Without this they would be expected to read and understand large amounts of evidence, some of which will be graphic and upsetting and ask difficult questions of senior individuals representing public bodies.

  • Mike Ashley 'considers bid' for struggling toy store Hamleys Link
    City A.M. Fri 14 Dec 2018 15:56

    The world's biggest toy shop has been owned by Chinese fashion conglomerate C.banner since 2015, but Sky News reported this morning that bids are now being considered for an acquisition of the business.

    The Irish toy chain Smyths is also said to be interested in making an offer when bidding formally opens after Christmas.

    Hong Kong-listed C.banner paid about £100m for Hamleys three years ago, but now apparently wants just £90m for the Regent Street store - the same amount Sports Direct paid for struggling retailer House of Fraser in August.

    In October this year, Hamleys reported a £9.2m loss for 2017, claiming sales had been impacted by “Brexit uncertainty, terrorist attacks, macroeconomic pressures and a general erosion in UK consumer confidence”.

  • Former BHS owner Dominic Chappell fined for breaching pensions law Link
    City A.M. Fri 14 Dec 2018 15:31
  • Sponsored post: The race is on to make 3D printed sports shoes Link
    City A.M. Fri 14 Dec 2018 15:16

    The race is on to bring 3D printed footwear to market. Adidas, Nike and Under Armour are some of the big names that have been working on delivering bespoke shoes to their customers.

  • At-large 1MDB financier's superyacht is yours for $130m Link
    City A.M. Fri 14 Dec 2018 14:46

    If you've got a spare $130m (£103.1m) lying around, you could be the next owner of Equanimity: the luxury superyacht belonging to fugitive Malaysian financier and "tabloid party boy" Low Taek Jho.

  • Sir Richard Branson warns against hard Brexit Link
    City A.M. Fri 14 Dec 2018 14:16

    The Virgin Group founder has warned that leaving the EU without a deal would result in the closure of British businesses and that the people would suffer as a result.

    He said May herself has admitted that her vision of Brexit was not as good as staying in the EU.

    "I think Theresa May needs to be 100% honest with the public," Branson told the BBC.

    "She's admitted that a hard Brexit would be an absolute disaster for the British people.

  • May says it's 'crystal clear' EU must provide Brexit assurances Link
    City A.M. Fri 14 Dec 2018 14:01

    Theresa May said this afternoon that she had a “robust” conversation with EU leader Jean-Claude Juncker over claims he called her “nebulous”, as she defended her Brexit deal despite a renegotiation looking unlikely.

  • Musk interrupted Tesla meetings to play Monty Python clips Link
    City A.M. Fri 14 Dec 2018 13:46

    Tesla billionaire Elon Musk has said he stopped meetings to watch clips from British favourite Monty Python, in order to explain how he wanted the sound to work in the Model 3.

  • 'Harmful' gender stereotypes banned from adverts Link
    City A.M. Fri 14 Dec 2018 13:16

    The Committee of Advertising Practice (CAP), the body that writes and maintains the UK's advertising code, has said that gender stereotypes in adverts can be harmful and influence the way some people see themselves or hold them back.

    The new ban comes after a review from the Advertising Standards Authority (ASA), which found that adverts can play a role in unequal gender outcomes.

    The CAP has published guidelines to demonstrate problematic scenarios for advertisers.

    Under the new rules, adverts will not be able to depict men as unable to do house chores or change nappies, while women cannot be insinuated as unable to park a car, for example.

  • Reaching higher: Mirror and Express owner raises expectations Link
    City A.M. Fri 14 Dec 2018 13:01

    The publisher of the Mirror and Express newspapers saw its share price climb more than five per cent this morning after saying that trading for the year will finish “marginally ahead of market expectations”.

  • Judge May on her actions, not her gender, writes @KateAndrs Link
    City A.M. Fri 14 Dec 2018 12:31

    So tweeted the Women’s Equality Party (WEP) on Wednesday afternoon, before the confidence vote in Theresa May’s leadership took place.

    It’s not exactly a kind write-up for the Prime Minister – but more importantly, it’s a hopeless message for anyone who ticks the “working woman” box.

    The WEP is not alone in its perspective on the past few weeks of political shenanigans with the implication that eurosceptic MPs are attacking the Prime Minister for more than just her Brexit agenda.

    The act of male politicians – who hold one opinion – pushing back against a female politician – with another opinion – apparently has undertones of sexism. But the only “evidence” I have seen to back up such claims is literally the PM’s gender – which is to say, no evidence at all.

  • Why beating Man Utd would enhance Liverpool's title credentials Link
    City A.M. Fri 14 Dec 2018 12:01

    Liverpool have added an armour-pleated rearguard to their quicksilver front line, are enjoying their best ever start to a Premier League season and sit top of the table as the campaign approaches its halfway point.

    United, by stark contrast, have regressed in all areas of the pitch and fallen even further off the pace. They average a full point fewer per game than Liverpool, who they trail by 16 points already.

    In this most keenly fought of local feuds, even the most one-eyed Old Trafford fan would concede that the men from Anfield hold the upper hand.

    Jurgen Klopp’s team ought to be approaching United’s trip down the M62 to Merseyside on Sunday with glee, then, relishing a chance to ram home their obvious superiority at the expense of their hated foes.

  • CMA likely to propose a market share cap on Big Four auditors, says @MarkKleinmanSky Link
    City A.M. Fri 14 Dec 2018 11:31

    Houston’s is the solitary name on a ballot open to partners at the Big Four accountancy firm’s UK operation as it seeks to elect a successor to David Sproul, its chief executive for the last seven-and-a-half years.

    Sources say that Houston was the unanimous recommendation of Deloitte’s board, with Panos Kakoullis withdrawing his candidacy in the last fortnight. For Kakoullis, a senior audit partner, that was a sensible decision given the current scrutiny on the practice area in which he operates.

    Next week, the Competition and Markets Authority will deliver the preliminary conclusions of its whirlwind study of the audit market. While they won’t represent armageddon for the profession’s leading quartet, they will potentially have profound implications for its future.

    I understand that while the option of a full break-up of the Big Four will be left on the table for ministers to consider as a reserve option, that will not be the preferred course for...

  • Brexit: Arlene Foster asks if May will 'roll over' for EU again Link
    City A.M. Fri 14 Dec 2018 11:26

    DUP leader Arlene Foster has asked Theresa May whether she will “roll over” for the EU over Brexit, piling further pressure onto the Prime Minister as she seeks changes to her withdrawal agreement in Brussels.

  • US Senate blames Saudi Crown Prince for Khashoggi murder Link
    City A.M. Fri 14 Dec 2018 11:06

    In a rare move against the wishes of US President Donald Trump, who has maintained the Crown Prince's innocence to date, seven Republicans joined Democrat lawmakers to back the measure late last night.

    The move was a largely symbolic one, however, as to become law the resolutions must be passed through the House of Representatives whose Republican leaders have largely blocked attempts to rebuke the Saudis to date.

    Senators also voted to end US military support for the Saudi-led coalition involved in Yemen's civil war, in a second blow to the President. It was the first time either chamber has backed a resolution to withdraw US forces from a military engagement under the War Powers Act, which limits the President's ability to act without congressional approval.

    The Senate's unanimous resolution called on Saudi Arabia to hold accountable anyone responsible for the murder of Khashoggi, who was killed upon entering the Saudi consulate in Istanbul in...

  • Time Out to open shop in £200m Waterloo station redevelopment Link
    City A.M. Fri 14 Dec 2018 10:41

    Time Out Market London will have restaurants, bars and “cultural experiences” hand picked by the British media company from across the capital.

    Occupying 32,500 square feet over two floors in the former Eurostar terminal, the market is expected to open in 2021. It will lead part of a major £200m retail and leisure development of London's busiest station from developer LCR.

    With around 500 seats, it plans to host 17 acclaimed London chefs and restaurateurs serving all kinds of cuisines, plus three bars and a space for cultural experiences showcasing the best London talent.

    The first Time Out Market opened in Lisbon in 2014 and there are plans for markets in major cities across the globe. Next year, Time Out Markets are set to open in Miami, New York, Boston, Chicago and Montreal.

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