Six reasons why automation is poised to accelerate September 11, 2020 | City Talk Automation has long been a feature of the manufacturing sector, as companies seek to improve productivity and make high quality goods to a specific standard. But we think the level of automation is set for a sharp increase as innovation sparks a new smart manufacturing revolution. In the short term, the Covid-19 pandemic has brought [...]
Exclusive: Richer London boroughs suffer biggest fall in lockdown spending September 11, 2020 Some of London’s most prosperous boroughs suffered the biggest falls in spending during lockdown and saw a more sluggish recovery as richer households’ lifestyles were curtailed, while less affluent areas saw a smaller drop, data provided exclusively to City A.M. has suggested. Yet some of the richer boroughs – where residents have thriving food scenes [...]
MPs attack chancellor’s plan to wind down furlough scheme September 11, 2020 The powerful Treasury Committee of MPs has criticised the chancellor’s new job retention bonus scheme as inefficient, and called for him to “carefully consider” more targeted support for parts of the economy when the furlough scheme ends. In a wide-ranging report, the Committee also said the Treasury must quickly come up with a scheme to [...]
FTSE 100 edges into the green as Wall Street opens higher on tech bounce September 10, 2020 The FTSE 100 edged into the green as US stocks opened higher as a bounce in tech stocks overshadowed the high number of jobless claims. London’s blue-chip index climbed 0.19 per cent after spending most of the session in the red in anticipation of the ECB’s rates decision. The FTSE 250 of smaller-cap firms rose [...]
ECB leaves interest rates on hold as it monitors recovery September 10, 2020 The European Central Bank (ECB) has left interest rates at their current record-low level as it waits to see the trajectory of the Eurozone’s economic recovery. But analysts think the Eurozone’s central bank will have to take more action later this year or early next, amid signs that the rebound is slowing down. Read more: [...]
Weekly US jobless claims reach 884,000 as layoffs persist September 10, 2020 The number of people filing for unemployment benefits in the US is continuing to rise, according to new data from the US Labor Department. Last week there were 884,000 initial claims, unchanged from the previous week’s revised level. Last week, the number of claims fell to the lowest level since the coronavirus pandemic began, although [...]
UK economy: Job adverts fall while retail footfall flatlines September 10, 2020 The UK’s economic recovery appeared to slow somewhat over the last few weeks, according to official data, with the number of online job adverts falling and retail footfall staying roughly flat. Britons gradually headed back to the office, however, with the number of people working remotely falling. In the week to 4 September, total online [...]
BP takes first step into offshore wind with $1.1bn Equinor deal September 10, 2020 BP will make its first foray into offshore wind power after it today announced a $1.1bn (£845m) deal with Norwegian energy giant Equinor to buy 50 per cent of its US offshore operations. The acquisition is the latest step in the oil giant’s push into becoming a “integrated energy company”. It plans to develop 50 [...]
Exclusive: Bank of England spends £120,000 making HQ Covid-secure September 10, 2020 The Bank of England has been hugely busy during the coronavirus pandemic, pulling the levers of monetary policy in a desperate effort to support the economy. But it has also been working hard closer to home. It has spent at least £117,000 on making its historic Threadneedle Street headquarters as safe as possible during Covid [...]
Exclusive: London consumer spending soars during cheap meal scheme September 10, 2020 The Eat Out to Help Out scheme gave London restaurants a huge boost in August, with spending jumping to just 10 per cent below its 2019 level, according to the latest data provided exclusively to City A.M. Food and beverage spending in London in July was a whopping 39.1 per cent lower than a year [...]