Bank of England raises interest rates with unanimous vote | City A.M. August 2, 2018 The Bank of England’s monetary policy committee (MPC) has voted unanimously to raise interest rates for the first time since before the financial crisis. Governor Mark Carney led the first unanimous vote to raise since May 2007, with bank rate, the main interest rate, moving up by 0.25 percentage points to 0.75 per cent, while [...]
Former Obama economic adviser to take the lead on UK tech | City A.M. August 2, 2018 The UK government has hired Obama’s former chief economic adviser to tackle competition between UK tech firms and American giants. Jason Furman, now a professor at Harvard, will chair a panel of experts to analyse whether the emergence of tech superpowers like Google and Facebook has come at the expense of smaller startups looking to [...]
Rise in weather related claims makes dent in Aviva’s first half profits | City A.M. August 2, 2018 Insurer Aviva said profits took a slight dip in the first half of 2018 as business was hit by divestments, weak earnings in its Canada division and a rise in weather related claims. The figures Operating profit was down two per cent to £1.4bn – excluding disposals it rose four per cent to £1.4bn. It [...]
Equity crowdfunding platform Crowdcube records strongest ever quarter | City A.M. August 2, 2018 Exeter-based Crowdcube has had its strongest quarter ever, driven by record activity levels. In the second quarter of 2018, a record £47.4m was raised for 58 businesses. This takes the total pledged on the platform to over £490m. Revenue increased by 43 per cent from the second quarter of 2017, at £1.46m. Along with a [...]
The Bank of England has an excuse for unreliable boyfriend syndrome | City A.M. August 2, 2018 If the Bank of England does not increase interest rates today, be prepared for fresh criticism of its forward guidance. Governor Mark Carney could once again find himself labelled an “unreliable boyfriend”. But the critics sharpening their knives should pause for thought. Read more: HIKE: Economists say it is time for the Bank of England [...]
Can the City survive Brexit? Mayor of London Sadiq Khan argues the Single Market is the City’s strength as he goes head-to-head with MP Priti Patel | City A.M. August 2, 2018 Ever since the EU referendum, one of my most important jobs has been to make sure London’s voice is heard and to fight for a Brexit deal that is in the best interests of all Londoners. I’ve been doing this for more than two years now and it’s what I’m continuing to do day in, [...]
Theresa May’s leadership nightmare isn’t over and now the EU is floating an extension to Brexit talks if there’s a general election | City A.M. August 2, 2018 Theresa May heads to the fortress-turned-holiday retreat enjoyed by French Presidents this Friday at the invitation of Emmanuel Macron. Though the PM might hope for a little Mediterranean respite after the past few bruising months, she will be expecting a robust exchange with a smooth operator who has become a serious thorn in her side. [...]
Tesla shares up in after hours trading as it says it should be profitable this year | City A.M. August 1, 2018 Tesla announced revenue ahead of expectations at $4bn (£3.05bn) tonight, but its losses were steep as the electric car company continued to burn through money. It posted a loss of $742m in the three months to 30 June as its cash pile dwindled, down to $2.2bn from $2.7bn in the previous quarter. However, its shares [...]
Is the Premier League spending spree over? Transfer window alteration and broadcast revenue dip could explain expenditure | City A.M. August 1, 2018 If not quite at death and taxes levels of certainty, there has been a marked predictability about the volume of spending indulged in by Premier League clubs during every close season. Each summer for the last eight years, the total amount spent on new players during the transfer window by England’s top-division clubs has reached [...]
Facebook’s Whatsapp is about to start charging its business users | City A.M. August 1, 2018 In a bid to jumpstart revenue on the messaging service, Facebook has announced it will start charging businesses for sending marketing and customer service messages on Whatsapp. Messages will be charged at a premium to SMS rates, with a fixed rate for confirmed delivery from 0.5 cents to 9 cents (7p) per message, depending on [...]