Risks of artificial intelligence on financial markets must be monitored, warns Financial Stability Board November 1, 2017 The world’s top central bankers have warned that the spread of artificial intelligence could pose a threat to financial stability. The Financial Stability Board (FSB) said yesterday it was crucial for regulators to monitor the growing adoption of AI and machine learning technology across the financial industry, from hedge funds to brokers to banks. Read [...]
Michael Fallon has resigned as defence secretary over past behaviour November 1, 2017 Defence secretary Sir Michael Fallon has resigned amid allegations against a number of MPs over sexually inappropriate behaviour, saying his previous conduct had fallen short. “A number of allegations have surfaced about MPs in recent days, including some about my previous conduct,” Fallon said in a letter to Prime Minister Theresa May. “Many of these [...]
Joe & Seph’s founder Adam Sopher on how he turned his dad’s popcorn into a gourmet delicacy November 1, 2017 Adam Sopher, director at Joe & Seph’s, on how his family business turned popcorn into a gourmet delicacy. “My dad is called Joseph and he made popcorn for us when we were kids as a hobby. In October 2010, we took it to the BBC Food Show and we got our first listing in Selfridges [...]
Mark Hix on the pitfalls of modern technology, from unfortunate autocorrect errors to drug deals gone wrong November 1, 2017 When I first moved to London 30-odd years ago – yes, that long! – communication was limited to land lines, phone boxes and fax. As crude as that sounds now, it was a straightforward, near fool-proof way of getting in touch with people, bar the odd food order being accidentally left on the voicemail of [...]
London Taxi Company now London Electric Vehicle Company loses black cab trademark appeal November 1, 2017 The London Taxi Company, now renamed the London Electric Vehicle Company (LEVC), has lost its latest attempt to trademark the shape of the capital’s black cabs. The Court of Appeal upheld a decision made by the High Court last year that the shape lacked “distinctive character”, and was not a “valid registered trademark”. London Taxi [...]
Shadow MPC: Majority backs the first Bank of England interest rate hike in a decade November 1, 2017 The Bank of England is expected to raise interest rates tomorrow, bringing an end to an extraordinary decade without a single hike. City A.M.’s shadow monetary policy committee (MPC), including some of the most prominent economists in the Square Mile, narrowly backed the move, but remained split by five votes to four in favour of [...]
Admiral Taverns snaps up Heineken’s excess pubs following Punch Taverns acquisition November 1, 2017 Admiral Taverns today announced it has reached an agreement to take on some of the pubs shed by Heineken following its acquisition of Punch Taverns. Admiral, which was itself bought by new owners in September, has formed a partnership with Scottish hospitality group G1 to acquire a portfolio of 29 pubs. Due to the ongoing [...]
Electoral Commission opens investigation into Brexit donor Arron Banks November 1, 2017 The Electoral Commission has opened an investigation into Leave donor Arron Banks. The probe will look into whether Banks breached spending rules during the EU referendum campaign. Banks told Sky News that the decision was politically motivated. Read more: Donor Arron Banks cuts ties with Ukip In October, the Electoral Commission fined a number of [...]
Credit Suisse’s ex-digital chief Marco Abele launches ICO (initial coin offering) for blockchain-based investment co-sharing platform Tend November 1, 2017 The former digital chief of Credit Suisse is launching a blockchain-based investment platform that lets people share ownership of “experiential” assets such as artwork or a classic car, and is seeking to raise funding for the startup via an initial coin offering (ICO). Marco Abele, who left the investment bank this summer, is offering investments [...]
Pound sterling rises as UK manufacturing PMI increased more than expected in October, adding to expectations of an interest rate hike (GBPUSD) November 1, 2017 The UK’s manufacturing output increased more than expected in October, a closely-watched index has shown, adding further fuel to expectations of an interest rate hike tomorrow. IHS Markit’s purchasing managers’ index for the manufacturing industry rose to 56.3 in September, against expectations it would stay flat on last month’s 55.9. Any figure above 50 shows [...]