Global bank fines from financial crisis aftermath could top $400bn by 2020 says report September 27, 2017 Fines for misconduct levied on the biggest banks since the financial crisis by US and EU regulators could top $400bn (£298bn) by 2020, according to a report published today. Authorities in the US and EU have forced the world’s 50 largest banks to pay up $342bn since 2009, according to analysis by consultants Quinlan and [...]
World Tourism Day 2017: Travel industry backs London as weaker pound powers boom September 27, 2017 Big players in the travel and tourism industry brushed off Brexit fears to herald London as a top destination today, as the sector celebrated World Tourism Day. Dana Dunne, chief executive of eDreams Odigeo, told City A.M. that weaker sterling “has been very attractive”, boosting visitor numbers to the capital. According to eDreams figures, this [...]
A third of Brits say they have delayed big-ticket purchases September 27, 2017 A third of British households have delayed big purchases in the last year, as the impact of inflation makes itself felt in consumers’ pockets, according to new survey data published today. Some 82 per cent of British people say their financial situation is not improving, according to a quarterly survey of 2,000 adults by Scottish [...]
Labour could cause a run on the pound, warns Labour: Corbyn and McDonnell stage ‘war-game’ exercise September 27, 2017 Jeremy Corbyn has insisted that shadow chancellor John McDonnell is right to “war-game” a run on the pound and a flight of capital as possible scenarios following the election of a Labour government. Speaking at a fringe event at the party’s conference in Brighton, McDonnell said that while he didn’t consider a run on the [...]
London crowned top global city despite Brexit challenges September 27, 2017 London has topped the list on a new index that claims to be the most comprehensive international city ranking yet, with research showing the capital is in the best possible shape to meet the challenges of Brexit. After sifting through dozens of the most robust city indices and benchmarks – 44 in total – researchers [...]
From Red Flag Laws to the Uber ban, transport has always been a battle of innovation vs. precaution | City A.M. September 26, 2017 Last Friday, Transport for London (TfL) informed Uber that it would not be issued a private hire operator licence after its current licence expires on 30 September 2017. Only a few days before, Taxify, the Didi-backed car-booking app that is seeking to rival Uber, had been forced to halt operations in London for breaking rules [...]
McColl’s founder approached by buyout house Carlyle to lead Palmer & Harvey rescue September 26, 2017 Private equity firm The Carlyle Group has invited a co-founder of convenience store McColl’s to take a key role in its rumoured buyout of Palmer & Harvey (P&H), according to Sky News. James Lancaster is reportedly being drafted in to join the grocery wholesaler as its non-executive chairman, in a deal aimed to salvage the [...]
Deputy Labour leader Tom Watson announces crackdown on gambling companies September 26, 2017 Deputy leader of the Labour party, Tom Watson, today announced plans to crack down on gambling companies. Speaking to delegates at the party’s conference in Brighton, Watson accused firms in the industry of targeting people with gambling problems. He said it was wrong that firms only contributed £10m to the treatment of those with problems, [...]
Trivago buys German artificial intelligence startup Tripl to add machine learning to its platform September 26, 2017 Holiday search firm Trivago announced today it has acquired the assets of Tripl, a machine learning travel start-up from Hamburg. The acquisition, which took place for an unspecified amount, is set to add personalization technology to Trivago’s platform. Read more: Trivago’s ad campaign is hitting home, but has it altered brand perception? The technology gives [...]
Carillion Middle East suitor plots takeover attempt and prized London listing September 26, 2017 At least one Middle Eastern construction firm is eyeing Carillion’s update this Friday ahead of a potential takeover bid for the struggling builder. Final touches are being put to an offer from a new suitor to buy up Carillion’s shares and give the operator access to the firm’s London listing, City A.M. understands. The bidder [...]