Brexit latest: Pound sterling falls after government minister Liam Fox says no deal most likely outcome | City A.M. August 6, 2018 The pound has fallen to its lowest in 11 months this morning, following warnings over the weekend by international trade secretary Liam Fox that it was now more likely the UK would leave the EU without a deal. Sterling fell 0.3 per cent to $1.2954, its lowest since July 19, making it the biggest loser [...]
Brussels to give ground on Irish backstop as EU seeks to avoid Brexit no deal | City A.M. August 6, 2018 Brussels looks set to concede some ground on the Irish backstop issue, as officials attempt to avoid Brexit talks ending in failure. According to the Financial Times, the European Commission is considering limiting the legal powers the ECJ would hold over Northern Ireland under a backstop agreement, which is a critical component of the withdrawal [...]
Britain has rejected the far right and is more open to immigration than almost any other country in Europe | City A.M. August 6, 2018 An economics professor at the University of Warwick published a study last week claiming to show a direct link between the Leave vote and areas hit hardest by “Tory austerity” and welfare cuts. Political scientists were quick to criticise the paper for failing to acknowledge the existence of other motivating factors, but the claim was [...]
A further 39 distilleries opened in the UK last year as the taste for gin grows | City A.M. August 6, 2018 Hogarth will be turning in his grave to learn a further 39 distilleries opened up in the UK last year, as the popularity for craft spirits shows little sign of abating. Gin remains a key driver of micro-distillery growth, especially in urban environments, while Scotland has seen a boom in new whiskey makers. Other spirits, [...]
Threat of ‘no deal’ Brexit weighs on British business confidence | City A.M. August 6, 2018 The threat of a ‘no deal’ Brexit is weighing heavily on business optimism as the international trade secretary, Liam Fox, warns that EU “intransigence” means leaving without a trade agreement is now the most likely outcome. A survey of 1,000 senior British professionals by the Institute of Chartered Accountants (ICAEW) will today show that confidence [...]
William Hill in further US expansion talks | City A.M. August 5, 2018 William Hill is in talks with a US casino firm to further expand its operations across the Atlantic. City sources have named Penn National Gaming as the operator in question, although the bookmaker itself has declined to comment on the specific tie-up. Talks are said to be at an early stage. If it goes ahead, [...]
Police boat pursues jet skis down Thames in Bond style high-speed chase | City A.M. August 4, 2018 Police were seen pursuing a group of people on jet skis down the Thames yesterday in a James Bond-esque chase. The Metropolitan Police Service (MPS)’s water division confirmed yesterday evening that it had been called to the scene following reports of the jet ski riders speeding down the river. “Marine Policing Unit officers pursued four [...]
US service sector expands at slowest pace for 11 months | City A.M. August 3, 2018 The US’ services sector has expanded at a lower-than-expected rate, marking its lowest growth in 11 months, official data has revealed. The Institute for Supply Management’s non-manufacturing index fell to 55.7 in July, down from 59.1 in June. This was worse than the expected slide to 58.6 and the lowest reading since August 2017. However [...]
US dollar slides as non-farm payrolls miss expectations, with slowing job growth | City A.M. August 3, 2018 The US added just 157,00 jobs to the economy last month, its slowest pace of hiring in four months, undershooting analyst expectations of 193,000. However, June’s non-farm payroll has been revised up to 248,000, from 213,000, with May’s data also better previously thought. The dollar slid 0.08 per cent against the euro on the news. [...]
UK services PMI slides in July following ‘disappointing’ business growth and job creation | City A.M. August 3, 2018 The IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI), seen as a barometer of economic health, fell in July to 54.3 from June’s 54.9. The index signalled the slowest expansion of service sector output for three months, raising questions over the Bank of England’s (BoE) decision to raise interest rates yesterday from 0.5 per cent [...]