DAILY BRIEFING: Banks scale back Brexit job cuts estimates
BREXIT HOPE Big banks have scaled back their estimates of jobs that may have to move after Brexit, accountant EY said.
In 2016, 12 firms said 12,500 roles would move abroad. Now, 26 are expecting just 10,500 relocations in total.
PROFITS POUNDED Investment bank Investec has warned it could lose up to 3 per centof its profits due to the crisis at Poundland’s South Africa owner Steinhoff whose shares crashed more than 80 per cent last week when it ordered an investigation into its accounts.
AMAZON ROW Sandal maker Birkenstock has stopped selling through Amazon in the EU, accusing it of breaking the law by selling counterfeit goods.
STRONG SALES Online fashion retailer Sosandar reported strong sales in the three months to the end of November.
LISTINGS SURGE Cash raised in stock market listings has surged 75 per cent this year with 91 floats raising £10.2billion since January, said PwC.
VACANCIES GROW City job vacancies climbed 5 per cent in November as firms increased their offers to try and tempt workers, according to recruiter Morgan McKinley.
BUSINESS BOOST More firms – 218,000 – were set up in Britain than any other major economy last year, accountant UHY Hacker Young said.
JOBS RETURN Finance firms are bringing offshore jobs back to Britain because of rising costs, Robert Half Financial Services found.
CAB APPEAL Taxi app Uber will appeal to keep its London license next year after TfL rejected a bid to renew it in September.
COBALT QUEST Sierra Leone-focused miner Sula Iron & Gold will mine for cobalt – which is used in electric cars – in the Democratic Republic of Congo and is changing its name to African Battery Metals.
BOSS QUITS Neil McCulloch, 47, chief operating officer of oil producer Enquest, is stepping down.
PIPELINE SALE North Sea oil producer Premier Oil is selling its interest in the Esmond Transportation Pipeline for £23.6million to gas transporter Cats Management.
CHIEF ROLE Sausage-casing maker Devro has named group finance director Rutger Helbing chief executive.