Debenhams profit drops 84.6 per cent and CFO leaves for greener pastures April 19, 2018 Debenhams announced a dramatic drop in profits this morning, while its finance chief departed the company for a position at Selfridges. But chief executive Sergio Bucher insisted that the retilaer is on the right track to return to profitable growth. Shares in the company were down as much as 12.6 per cent in early trading [...]
Sainsbury’s trials London grocery delivery on electric cargo bikes April 19, 2018 Sainsbury’s is trialling a new delivery method in south London this week, as the supermarket looks at new ways to get groceries to customers’ doors. Delivery riders are taking up to 100 orders a day through the streets on electric cargo bikes. The idea is to increase efficiency when delivering groceries by using cycle lanes [...]
The Bank of England moves with the fintech times as Transferwise granted settlement account with the real time gross settlement system April 19, 2018 The future of financial services regulation is a hot topic these days and it’s risen up the agenda thanks to a number of reasons. Most obviously, Brexit has necessitated a major debate about the direction of regulation, with competing voices calling for either robust mutual recognition (favoured by many in the City) or a bold [...]
BenevolentAI founder allays fears of a robot takeover as the Woodford-backed firm reels in $115m April 19, 2018 The founder of artificial intelligence (AI) startup BenevolentAI believes robots will be able to exist in a symbiotic relationship with humans, refuting the idea that they will replace all jobs. Speaking to City A.M., Ken Mulvany said AI will “multiply the power of our intellect” in the same way the steam engine multiplied our physical [...]
A Home Office that can’t handle Windrush is not fit for purpose April 19, 2018 Leading MEP Guy Verhofstadt is a troublemaker when it comes to Brexit, set on making life difficult for Britain as it leaves EU, often via the medium of Twitter. The vast majority of the time, his insights into UK politics should be taken either with an industrial container of salt, or better yet ignored completely. [...]
DEBATE: Should the weaker inflation figures stop the Bank of England from raising rates next month? April 19, 2018 Should the weaker inflation figures stop the Bank of England from raising rates next month? Samuel Tombs, chief UK economist at Pantheon Macroeconomics, says YES. Inflation’s rapid fall to 2.5 per cent in March – well below the MPC’s 2.8 per cent forecast – from 3.0 per cent at the start of this year should [...]
Labour and the City of London: What the party would offer the financial services industry April 19, 2018 From the meetings and conversations I’ve had in the last two-and-a-half years with people from across the finance sector, from different organisations and with different responsibilities, there has been a consistent message. People want to know where they stand. They want to know where we as a Labour Party are coming from, what we in [...]
iZettle launches E-commerce platform to help manage online and in-store product together April 19, 2018 Fintech startup iZettle has today launched a platform that will allow merchants to manage their in-store, online and on-the-go business all in one place. The software, called iZettle E-commerce, allows small businesses to create their own webshop to sell across multiple channels online including social media, blogs and websites.co The integrated platform also lets the [...]
Scott Borthwick interview: Surrey’s England hopeful ready to step up and replace runs of Kumar Sangakkara April 18, 2018 He may indulge in a spot of people watching from time to time but Surrey all-rounder and one-time England leg-spinner Scott Borthwick is not prepared to simply let the world go by. Borthwick is keen to “get back on the horse” this summer having made a stuttering start to life at the Oval during his [...]
Lloyds’ private bank boots bonds as it funnels wealthy’s cash into hedge fund-type absolute return funds April 18, 2018 Lloyds Bank’s private banking division, which invests the money of wealthy clients, has said it will start to reduce its exposure to bonds as their value is set to fall. Instead, it will start to increase investment in absolute return funds to provide the steady income which bonds once did. Absolute return funds are liquid [...]