Credit Suisse shares rise as chief exec Tidjane Thiam cuts costs and lowers profit targets December 7, 2016 Credit Suisse shares have risen more than six per cent in early trading after it announced more than 1bn Swiss francs (£785.4m) in extra cost cuts. It is just over a year since chief executive Tidjane Thiam set out his restructuring strategy for the bank to focus on markets in Switzerland and Asia and ditch investment banking for wealth management, [...]
Revealed: The best places to work in the UK December 7, 2016 Businesses can breath a sigh of relief – the trend of trying to emulate Google's particular brand of work environment with bean bags, slides, hot desking and food freebies might just be over. The tech company has slipped out of the top 10 best places to work list for the first time, coming 13th in the annual ranking by [...]
Govia Thameslink Railway heads to the High Court today in bid to thwart Southern strikes December 7, 2016 Long-suffering commuters are battling through yet another day of Southern rail strikes today. And Southern owner Govia Thameslink Railway (GTR) is trying to crack down on future industrial action: it's off to the High Court today in a bid to bring an end to at least some of the turmoil. Members of train drivers' union Aslef have [...]
UK house price growth slows as affordability concerns start to mount December 7, 2016 UK house price growth slowed in November to 0.2 per cent, as consumers start to feel the squeeze of prices rising faster than wages. Prices had increased by 1.5 per cent in October, which helped drive the annual rate of growth to six per cent, up from 5.2 per cent in the year recorded last [...]
Mayor doubles funding on improving London’s air quality to clean up the capital December 7, 2016 Sadiq Khan has made no secret of his aims to tackle the capital's air pollution problem. And now the mayor has pledged to invest £875m to tackle air quality over the next five years – more than doubling spending on it, after his predecessor Boris Johnson committed £425m. Earlier this year, Mercer said London ranked [...]
City A.M. Unregulated podcast: Caution – do not listen to this podcast if you are of a nervous disposition December 7, 2016 Economist Jim Rickards correctly predicted the last financial crisis, the outcome of the Brexit vote and Donald Trump's election. Now he is predicting an economic downturn of massive proportions. Here, Rickards talks his new book, Road to Ruin, explains when we can expect the next global economic shock – and details why the global elite [...]
Pfizer slapped with record £84.2m fine for overcharging NHS after ramping up cost by 2,600 per cent December 7, 2016 If you're looking for tales of goodwill in the run-up to Christmas, look away now. For Britain's competition watchdog has slapped Pfizer and Flynn Pharma with nearly £90m worth of fines for charging excessive prices to the NHS for an anti-epilepsy drug. It found the cost had been ramped up by as much as 2,600 [...]
Monte dei Paschi shares jump 10 per cent on bailout hopes December 7, 2016 Shares in Italian bank Monte dei Paschi di Siena soared more than 10 per cent today on rumours that the Italian government is preparing a rescue bid. According to reports, Italy will take a €2bn (£1.7bn) controlling stake in the country's third biggest bank. The surge in the bank's shares is a turnaround from the stock's [...]
Severe delays on District Line between Edgware Road and Wimbledon and Barking to Upminster December 7, 2016 There are severe delays on the District Line this morning, between Edgware Road and Wimbledon and from Barking to Upminster. Services between Earls Court and Ealing Broadway/Richmond are also subject to severe delays. Transport for London said the disruption was caused by a late finish to engineering work. https://twitter.com/districtline/status/806407123986948096 https://twitter.com/districtline/status/806400693833764865 Meanwhile, severe delays persist on the Piccadilly [...]
SoftBank shares surge after chief exec announces $50bn US investment with President-elect Trump December 7, 2016 US President-elect Donald Trump and Masayoshi Son, chief executive of SoftBank, announced today that Son would invest $50bn (£39.5bn) in the US and create 50,000 new jobs. SoftBank's shares soared 6.2 per cent, helping push Japan's Nikkei up 0.7 per cent, Reuters reported. In the lobby of Trump Tower in Manhattan, Son said his telecommunications and tech [...]