Pound unwavering after Fitch downgrades credit outlook October 6, 2022 Pound sterling is up marginally against the US dollar at around $1.136 on Thursday morning after a lowered credit outlook from Fitch. The ratings agency lowered its outlook for government debt to negative from stable, arguing the government’s latest growth could lead to a significant increase in fiscal deficits over the medium term.” Sterling plunged [...]
Imperial Brands plans £1bn share buyback to help investors cash in on growth October 6, 2022 Imperial Brands announced that it has launched a £1bn buyback programme to reward loyal investors, which have helped the firm climb towards the top of the FTSE 100. The cigarette giant, which makes brands like Rizla and JPS, said it would repurchase as much as 5.3 per cent of its stock in a year-long programme: [...]
City Moves: Who’s switching jobs in the Square Mile? October 6, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. BGF BGF has bolstered its investment team in London with a new lead to oversee the healthcare sector. Sonia Powar, a former partner at capital and venture debt firm BOOST&Co, first launched her career at PwC where [...]
High street spending slumps amid retail’s Covid recovery October 6, 2022 The high street’s Covid recovery has been slowed by the economic slump, with shoppers cutting back on shopping sprees last month. According to freshly published statistics from Springboard, the recovery of retail footfall slowed for the third month in a row. Footfall increased just 6.8 per cent, compared to a 15.6 per cent boost in [...]
Nightclubs hit back at killjoy neighbours as sector stares down ‘fight for survival’ October 6, 2022 The nightclub industry is facing a battle for survival after residents have become accustomed to quieter nights after lockdown, according to bosses. Late night venues in the UK have been attacked by an exponential increase in noise complaints, especially in London hubs, the Night Time Industries Association (NTIA) has claimed. Nightclubs were closed from March [...]
Tobacco chief denies unfair Western focus for vape strategy October 6, 2022 Top dog at cigarette giant British American Tobacco (BAT) has pushed back against claims that the company’s focus for smoking alternatives has unfairly focused on the West, calling this narrative “superficial”. Speaking to City A.M., chief marketing officer Kingsley Wheaton said that whilst it was “certainly true” that the northern hemisphere have a “more advanced [...]
Truss ‘giving with one hand and taking with other’ through stealth taxes, IFS says October 6, 2022 Liz Truss is “giving with one hand and taking with the other” by keeping stealth taxes, a new study out today reveals. Some £2 for every £1 returned to Brits in the prime minister and chancellor Kwasi Kwarteng’s tax cutting mini-budget will be lost to “fiscal drag,” the Institute for Fiscal Studies (IFS) said today. [...]
UK net zero ambition needs “huge engagement” from SMEs October 6, 2022 Small businesses are keen to play their part in the UK’s journey to reach net zero by 2050 but decarbonising is complicated and expensive. It will be impossible to reach the UK’s net zero by 2050 goal without “huge engagement” from the UK’s 5.7 million Small to Medium Enterprises (SMEs), says Chris Hocknell, director of Eight Versa, [...]
Scammers circle as Brits pull emergency cash from pension pots October 6, 2022 Cash-strapped Brits looking to draw on their pension pot to cope with the rising cost of living are at risk of predatory scam tactics, the UK’s financial watchdog has warned today.
Bolt to face court battle over drivers’ employment rights October 6, 2022 Ride-hailing app Bolt is set to face a class action lawsuit calling for it to class its drivers as workers rather than self-employed contractors. Law firm Leigh Day has filed a claim against Bolt on behalf of more than 1,600 of its drivers in calling on the Estonian tech company to give its drivers holiday [...]