Bank of England: Economists split as monetary policymakers set out into the unknown | City A.M. July 30, 2018 The Bank of England is widely expected to raise interest rates on Thursday, but the decision by the monetary policy committee (MPC) is likely to be one of the most controversial in recent memory. While most City observers now think rates will rise, economists are split as to whether hiking borrowing costs amid a weak [...]
Heineken dampens profit guidance as currency pressure squeezes margins | City A.M. July 30, 2018 Heineken cut its profit guidance this morning as earnings fell below market expectations. Shares in the company dropped 5.2 per cent in early trading. The figures The brewer reported earnings per share of €1.89 (£1.68) in the first half, lower than consensus estimates of €1.96. Margins were also dampened, declining by 118 basis points. Excluding [...]
China ready to open talks with UK on post-Brexit free trade deal, says Jeremy Hunt | City A.M. July 30, 2018 China has signalled it is ready to open discussions on a possible free trade deal with Britain once it leaves the EU, the foreign secretary has said. Jeremy Hunt is on his first overseas visit as foreign secretary after he was appointed to succeed Boris Johnson, who resigned in protest at Theresa May’s Brexit Chequers [...]
Relax – there’s no sign of the City of London losing its euro clearing crown despite Deutsche Bank job moves | City A.M. July 30, 2018 How many jobs will London’s financial sector lose as a result of Brexit? This longstanding question, attracting wildly different estimates, remains far from being answered. Prior to the referendum, several five- and even six-figure numbers were bandied around, while recently much smaller estimates have been touted. Just last week Bank of England deputy governor Sam [...]
DEBATE: With slowing user growth, should investors be concerned about Facebook’s prospects? | City A.M. July 30, 2018 With slowing user growth, should investors be concerned about Facebook’s prospects? Jim Bowes, chief executive of digital experience agency Manifesto, says YES. Facebook was once seen as one of the biggest disruptors to enter the business world. By essentially turning its users into its workforce, Facebook became an enormous money-making machine. Through its interactions with [...]
Rival scheme threatens Heathrow Airport third runway legal challenge | City A.M. July 29, 2018 The backers of a rival project to expand Heathrow Airport have launched a legal challenge against the government’s decision to approve the third runway at the airport, Sky News reported. The rival Heathrow Hub project favours a scheme to extend one of the airport’s existing runways. Read more: Gatwick ‘respects Heathrow vote’ and vows to [...]
Tesla released a $1500 surfboard, and it sold out in a matter of hours | City A.M. July 29, 2018 Tesla debuted a new product on Saturday night, in the form of a perfectly normal surfboard. Branded with the Tesla logo and decorated in its trademark red and black colours, the limited run of 200 boards was designed in partnership with surfer brand Lost. While Lost’s boards usually retail within the region of $800, this [...]
Car nations including EU mull meeting without US to discuss threat of tariffs on car imports | City A.M. July 28, 2018 A number of the world’s biggest car exporting nations are reportedly planning to meet in the absence of US to discuss their response to President Donald Trump’s tariff threat on car imports. Bloomberg reported that representatives from the EU, Canada, Japan, South Korea and Mexico are preparing to meet without Trump in Geneva on 31 [...]
Supermarket body hits back at ‘impractical’ food stockpiling suggestion in event of no-deal Brexit | City A.M. July 28, 2018 The trade body acting for the UK’s major supermarkets has hit back at the government’s claim that food would need to be stockpiled in the event of a no-deal Brexit. The British Retail Consortium (BRC), which acts for the retail industry, criticised the suggestion by Brexit secretary Dominic Raab this week, saying on its website [...]
MPs call for social media tax to cover costs of data misuse following fake news inquiry | City A.M. July 28, 2018 MPs have called on social media companies such as Facebook to be taxed to cover the costs of investigating incidences of data misuse, a leaked report has revealed. The Digital, Culture, Media and Sport (DCMS) committee has been investigating the phenomenon of fake news spread through social media following the Cambridge Analytica scandal, in which [...]