Eurozone business activity shrinks sharply in January as lockdowns batter services January 22, 2021 Economic activity in the eurozone has plummeted in January as lockdown measures hit the bloc’s dominant service industry, a survey showed today. IHS Markit’s guide to economic health fell further below the 50 mark to 47.5 in January, a further dip from December’s 49.1. Chris Williamson, chief business economist at IHS Markit, believes a double-dip [...]
Lloyd’s lures Aviva’s MD for new chief of markets role January 22, 2021 Lloyd’s said this morning it has created a new chief of markets role which will oversee performance and distribution at the insurance giant. Patrick Tiernan has been hired for the position once he has seen out his current stint as managing director at Aviva, where he was previously chief financial officer. Tiernan has 24 years [...]
Wall Street slides as ‘Biden bounce’ runs out of steam January 22, 2021 Wall Street fell today as global markets stepped back from the highs they reached on the back of Joe Biden’s new economic stimulus proposal. After once again hitting record highs earlier this week, Wall Street’s main markets once again showed that they were not immune to the malaise felt around the world. The S&P 500, [...]
Rishi Sunak set to extend furlough scheme past April January 21, 2021 Rishi Sunak is reportedly set to extend the government’s furlough scheme beyond the end of April in his 3 March Budget. The chancellor is drawing up plans to extend the £82bn scheme into the summer as the UK looks set to have strict Covid restrictions in place for several months. The scheme, which sees the [...]
Exclusive: ‘Banks should deliver the same experience as Amazon and Netflix’, says Ezbob CEO January 21, 2021 After a year that was hugely disrupted by Covid-19 and the entire economy and its workforce moved online, City A.M. sat down with Tomer Guriel, CEO of Mayfair-based Ezbob, which provides digital lending software to some of the biggest banks and financial institutions in the City. A vaccine is being rolled out, so the City [...]
World leaders react to Joe Biden entering the White House January 21, 2021 The US is waking up to a new leader, and government vision, as Joe Biden became the country’s 46th president yesterday. The spotlight is now on the future of the country and its international relations rather than the twists and turns that made this presidential race so historic. Here is how world leaders reacted to [...]
Pets at Home sales surge as animal ownership soars January 21, 2021 Pets at Home has reported an 18 per cent leap in revenue to £302m for the third quarter of 2020. The UK’s leading pet care firm showed a strong performance despite coronavirus lockdowns effecting store openings on both a regional and national level. Trading built momentum over the festive period, with like-for-like sales seeing a [...]
Before the Bell: Honeymoon in Washington January 21, 2021 Joe Biden was sworn in as the new US President overnight with financial markets granting him a DC honeymoon on his first day as the buy everything trade returned with a vengeance. Jeffrey Halley, senior market analyst atOANDA, said this morning that equity markets soared, as did precious metals, and currency markets saw commodity link currencies outperform [...]
Biden announces return to global climate accord, new curbs on U.S. oil industry January 21, 2021 By Valerie Volcovici and Trevor Hunnicutt WASHINGTON (Reuters) – President Joe Biden on Wednesday announced America’s return to the international Paris Agreement to fight climate change, the centerpiece of a raft of day-one executive orders aimed at restoring U.S. leadership in combating global warming. The announcements also included a sweeping order to review all of [...]
Corona Impact Series: How a Tower Bridge pie ‘n mash chain weathered the Covid storm January 20, 2021 In this series, City A.M. looks at the financial and economic impact of the ongoing pandemic on a range of small and medium-sized businesses across London. Today: how a small pie & mash chain in Tower Bridge turned up the fire during three lockdowns. M.Manze Pie and Mash’s flagship shop is in Tower Bridge, one of three across London. [...]