UK chips sector can compete with Taiwan with a US-style strategy, says IQE boss September 6, 2022 A strategy to rival the US’ Chips Act would allow the UK to compete with the likes of Taiwan, China and the States, the CEO of chipmaker IQE has told City A.M. today. “It would really position IQE and the UK as a world leader of compound manufacturing,” Americo Lemos said. “It would allow the [...]
EnQuest rebounds with massive profits powered by commodities boom September 6, 2022 North Sea operator EnQuest has raked in pre-tax profits of $416m fuelled by soaring oil and gas prices and robust production.
EXCLUSIVE: New PM Liz Truss will protect ‘crown jewel’ City of London September 6, 2022 Liz Truss will “empower the City to drive economic growth” through tax cuts and regulatory reform as Prime Minister, she exclusively told City A.M.. The newly-appointed Conservative leader said, who will be appointed formally by Her Majesty the Queen at Balmoral today, she wanted to maintain the Square Mile’s competitive edge and “supercharge growth and [...]
Liz Truss set to outline £40bn package to help businesses with energy bills September 6, 2022 Liz Truss is reportedly set to outline a £40bn support package for businesses struggling with soaring energy bills in the coming weeks. The incoming Prime Minister is mulling over two options – setting a fixed energy price for businesses or a flat percentage discount that energy suppliers must offer to companies. Bloomberg reports that the [...]
Construction sector shrinks for second month in a row as recession signals brighten September 6, 2022 Construction activity shrank for the second month in a row in a sign the UK economy’s malaise is spreading to every sector, a closely watched survey published today showed. S&P Global and the Chartered Institute of Procurement and Supply’s purchasing managers’ index (PMI) edged higher to 49.2 last month, up from 48.9 in July. Despite [...]
Tullow merger target Capricorn weighs up alternative bidders September 6, 2022 Capricorn Energy has confirmed it is holding talks with other bidders, following investor concerns over its Tullow merger.
Inland Homes shares plummet as it suspends shareholder buy-backs September 6, 2022 Inland Homes has announced it expects to make a heavy loss this year and has suspended its announced share buy-back programme.
Housebuilder Berkeley on track for £600m profit despite spiralling costs September 6, 2022 Berkeley, one of the biggest housebuilders in the country, is on track to hit £600m in pre-tax profit this financial year and £625m the next despite spiralling costs. The FTSE housebuilder said that current levels of demand for homes in the UK is “sufficient to cover the cost increases”, as inflation hits energy, raw materials [...]
City Moves: Who’s switching jobs in the Square Mile? September 6, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Coremont Financial services and portfolio management firm Coremont has appointed a fresh deputy head of product. Joining from financial intelligence company Qontigo where he was head of technology coordination, Yu Xu is set to help accelerate the [...]
Snap snaps and Big Tech feels the heat: What’s next for advertising? September 6, 2022 City A.M. chats with sustainable advertising platform WeAre8 to chat about the future of advertising in an age of distraction and economic turmoil.