1 Minute Market Rundown – 17th March 2022 March 17, 2022 | City Talk Russia – UkraineRisk sentiment improvesFed delivers So there were two big talking points yesterday. Firstly, Chinese authorities decided enough was enough and stepped in to prop up domestic equity markets. They pledged to keep capital markets stable, support oversea stock listings and confirming that regulation of big tech will end soon. Unsurprisingly, Asian stocks saw [...]
Gordon Brown joins 50 charities urging action on cost of living crisis, u-turn on ‘unthinkable’ below-inflation benefit rise March 17, 2022 Former Prime Minister Gordon Brown joined around 50 charities urging the government to urgently address the cost of living crisis, and change its mind on a below-inflation benefits rise. Pressure was growing on ministers this week not to go ahead with the rise of 3.1 per cent in the Spring statement, as inflation is set [...]
Crypto markets up after US Federal Reserve raises interest rates March 17, 2022 Bitcoin, the leading cryptocurrency, is currently changing hands at just below the $41k mark - up three per cent over the past 24 hours.
Rail franchise Govia slapped with £23.5m fine over HS1 scandal March 17, 2022 The government has slapped rail franchise Govia with a £23.5m fine over a breach of an agreement relating to High Speed One. The penalty notice for the company – run by the Go-Ahead Group (65 per cent) and Keolis (35 per cent) – was issued to the operating firm London & South Eastern Railway Limited [...]
Deliveroo losses widen with warnings of future cost pressures March 17, 2022 Deliveroo has reported widening losses of £131m as the food delivery firm warned of the impact of hiked costs. The firm said its core adjusted loss had widened compared to a loss of £11m in 2020, citing increased marketing spend and investment into technology. However, revenue soared 57 per cent, with food delivery apps benefiting [...]
Cabbies call on Mayor of London to block Uber’s licence renewal amid worker rights row March 16, 2022 London cabbies are calling on the Mayor of London and TfL to set tougher worker rights conditions on Uber’s application for renewal of their London licence, which is set to expire on March 27th. According to the App Drivers & Couriers Union (ADCU), Uber has failed to abide by the Supreme Court ruling from February [...]
Competition watchdog green lights Sony Music’s £328m snap up of AWAL March 16, 2022 The UK competition watchdog has cleared Sony Music's $430m (£328m) acquisition of emerging music distributor AWAL.
Hong Kong developer swoops in with £96m steal for Vauxhall Square site March 16, 2022 Vauxhall Square in London has been sold by a Chinese developer for £96m, which is a reported discounted price of 42 per cent. A subsidiary of Hong Kong-based company the Far East Consortium International (FEC) swooped in for the 14m square-foot site, buying it off rival firm, Guangzhou-based R&F Properties, on the cheap. It was [...]
EP: 119 Cheltenham Festival — Gold Cup Day, Friday March 16, 2022 Gold Cup Day at the Cheltenham Festival is for many the highlight of the week’s racing at Prestbury Park. Our special guests today are Davy Russell, Milton Harris & Max McNeill. City A.M. racing editor Bill Esdaile previews the final day’s action at this year’s Cheltenham Festival. Hosted by Chris Barnett The Punter ‘The Punter’ has been [...]
Parker Review: Almost all FTSE 100 boards now meet ambitious diversity target of at least one director from minority background March 16, 2022 Almost 90 per cent of Britain’s top companies have met ambitious goals to have more ethnically diverse boards. The secretary of state for business heralded “great strides” made in British firms, following a report by the Parker Review Committee, revealing 89 FTSE 100 firms are now more representative than five years ago. This comes after [...]