Our tech advances are difficult for productivity stats to compute January 13, 2021 One of the most depressing aspects of the decade of the 2010s, well before Covid-19 struck, was the apparently very slow growth in productivity. This is not a mere ivory tower issue. It is only through increasing productivity that rises in living standards can be sustained. Productivity is the key measure of the efficiency of [...]
Sterling strengthens after Bank boss Andrew Bailey dismisses negative rates talk January 12, 2021 The pound is stronger against the US dollar and the euro this evening after comments from Andrew Bailey
Premier Oil shareholders back Chrysaor merger as era comes to an end January 12, 2021 Premier Oil’s shareholders have today voted overwhelmingly in favour of the North Sea-focused firm’s merger with fellow independent Chrysaor. At this afternoon’s general meeting, 98.7 per cent of shareholders backed the motion, which marks the end of an era for the veteran firm. The deal is expected to be completed by the end of the [...]
FTSE 100 slides again but Wall Street edges up January 12, 2021 The FTSE 100 dropped again today after Chancellor Rishi Sunak warned that the economy would get worse before it got better. Across the Atlantic, Wall Street’s main markets crept upwards as traders looked for details of a new stimulus package for the distressed economy. London’s premier index was up 0.1 per cent at the opening [...]
Bank of England bosses reassess 2021 GDP and jobs numbers as UK economy faces ‘darkest hour’ January 12, 2021 Bank of England boss Andrew Bailey and his deputy Ben Broadbent have today both signalled the effects of the UK’s third Covid-19 lockdown. In separate speeches, Bailey and Broadbent spoke on the impact of the current nationwide lockdown, the furlough extension and consumer behaviour. The UK economy was facing its “darkest hour”, but Bailey also [...]
Before the Bell: Tech firms under pressure as Europe poised for modest rebound January 12, 2021 Equities sold off yesterday as last week’s bullish mood was swapped for a more cautious attitude. There was an absence of positive news yesterday so the stories about the health crisis were at the centre of attention, David Madden, market analyst at CMC Markets UK, tells City A.M. this morning. The Chinese authorises announced the [...]
Is “Londonograd” hiding a culture of dirty tricks in banking? January 11, 2021 | Sponsored A legal dispute is coming to a head concerning an alleged banking fraud committed during the sale in 2016 of Vivacom the largest Bulgarian telecoms company. Vivacom, the largest Bulgarian telecoms company, was sold in August 2016 by VTB Capital Plc (“VTBC”), a UK-based investment subsidiary of the Russian state-owned VTB Bank, in a pledge [...]
FTSE 100 falls back as extra restrictions mulled January 11, 2021 The FTSE 100 fell back slightly this morning as reports that the government is mulling further restrictions pressed on the markets. London’s premier index fell 0.5 per cent by mid morning to stand at 6,838 points after a rapid start to the year last week. In the first week of trading, the bourse picked up [...]
Chancellor Rishi Sunak: The City could be set for a post-Brexit Big Bang 2.0 January 11, 2021 Rishi Sunak believes the Square Mile is set for a post-Brexit “Big Bang 2.0” and that the City’s “culture and creativity” will see it to greater, global heights. In a candid interview with City A.M., the Chancellor also pushed back against criticism of the UK’s trade deal with the European Union, saying that it should [...]
Rishi Sunak to delay tax hikes until after March budget amid mutant virus strain January 9, 2021 The chancellor is reportedly expected to delay plans for tax rises until after his March budget as concerns rise over the huge economic impact of the pandemic, with cases of the new mutant strain of coronavirus spreading across the country. Rishi Sunak has previously warned that government debt built up during the crisis could become [...]