Mar 27, 2023
Events Attendance Hit by Banking, Tech Turmoil: The London Rush
(Bloomberg) -- Another crisis is the last thing the events sector needs. Booted to virtual conferences by the coronavirus pandemic, conferences like those organized by Hyve Group have only just returned to something close to normal. Yet now, the company says, the turmoil in the banking and tech sector will dent attendance for some of its upcoming events. Those troubled areas aside, the company sounds optimistic about its prospects for the rest of the year.
Here’s the key business news from London this morning:
In The City
Hyve Group Plc: The events company expects to deliver revenues of as much as £100 million this year after a “strong” performance across all of its metrics.
- Attendance for Fintech Meetup and Shoptalk, two events at the end of this March, is expected to be dented from the turmoil in the banking and technology sectors
Entain Plc: The gambling company has been named preferred bidder for a 25-year strategic partnership with New Zealand’s sole betting operator TAB, which said it faced increasing competition, rising costs and capital constraints.
JPMorgan Chase & Co.: The bank hired hedge fund manager Sean George into a senior role on the leveraged finance desk in London, a person familiar with the matter told Bloomberg.
Competition and Markets Authority: The UK markets watchdog will investigate whether EDF’s acquisition of General Electric’s nuclear steam power business would impact competition in the country.
- The regulator set a deadline of April 14 for comments on the deal
Brexit has had an impact on the UK economy equivalent to the coronavirus pandemic and probably reduced output by 4%, the chairman of the Office for Budget Responsibility told the BBC.
Chronic labour shortages in Britain’s construction sector could be tackled by building homes in factories, according to a lobby group.
Meanwhile, the UK government should rework plans for its high-speed rail network terminus in London amid spiralling costs, the budget watchdog said, a further setback for a project that’s already seen £2 billion spent on preliminary works.
In Case You Missed It
Trading in London Metal Exchange nickel contracts resumed Asian-hours trading today, marking a crucial step in efforts to repair the market after last year’s unprecedented turmoil.
Standard Chartered Plc agreed to sell its business in Jordan to Arab Jordan Investment Bank as it looks to simplify its operations and focus on higher growth markets within Africa and the Middle East.
And keep an eye on Poole Harbor, where a major incident was declared after oil leaked into the water.
Ocado Group Plc is due to report results for its retail joint venture with Marks & Spencer Group Plc tomorrow. The partnership is crucial for the marketing of Ocado’s solutions business, which builds automated e-commerce warehouses for retailers, as Bloomberg Intelligence’s Charles Allen points out. However, revenue growth and margins in the retail business are “currently poor and likely to remain so” amid cost and competition pressures, Allen says.
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