EU tariffs leave UK steel industry facing ‘biggest threat ever’ October 7, 2025 The UK’s ailing steel sector is facing the “biggest crisis in its history”, industry chiefs have warned, after the European Union unveiled plans to double tariffs on all steel imports in a bid to revive its moribund steelmaking capacity. As part of efforts to kickstart a “reindustrialisation of Europe“, EU commissioners signed off a proposal [...]
FCA orders lenders to pay £11bn in motor finance compensation October 7, 2025 The Financial Conduct Authority (FCA) has announced that it expects lenders to make 14.2 million payouts to individuals affected by unfair motor finance agreements, totalling around £11bn in compensation. The FCA estimates people would receive around £700 per agreement, on average. It has also been calculated that around 85 per cent of eligible consumers would [...]
Exclusive: NRL investment talks welcome but must be open, Leeds Rhinos chief October 7, 2025 Frank discussions over Australia’s NRL potentially buying a stake in English rugby league should be welcomed, a key Super League boss has told City AM. Leeds Rhinos chief executive Gary Hetherington says calls from Peter V’landys, chair of Australia’s governing body, to look at investment should be heard as part of a wider discussion between [...]
Revolut boss abandons UK residency in favour of UAE October 7, 2025 The boss of London-born fintech juggernaut Revolut has abandoned his main residency in the UK in favour of the United Arab Emirates. Nik Storonsky’s updated residency was posted in fresh Companies House filings on the fintech chief’s family company on Tuesday. The move comes mere weeks after Revolut pumped £3bn into the UK as it [...]
Square Mile darling Farmer J bags $23m funding to take on New York October 7, 2025 London’s fast-casual darling Farmer J is heading across the pond after securing a $23m (£17.5m) funding round to launch its first New York flagship later this year, City AM can reveal. The investment, led by existing backer Beringea and joined by a new global hospitality investor, will also fuel three additional London openings before year-end, [...]
Exclusive: Everton bidder Manoukian launches athlete neobank Stadion October 7, 2025 It was in the early summer of 2024, when Everton were in the eye of a storm caused by the disintegration of their prospective owners, 777 Partners, that Vatche Manoukian’s name suddenly hit the headlines. The London-based Armenian, a former finance lawyer turned investor, emerged as a potential saviour to the cash-strapped Merseyside football club [...]
London maintains its commanding lead as largest foreign exchange centre October 7, 2025 London has maintained its commanding lead as the world’s largest foreign exchange centre, holding nearly double the US’s share. According to the latest data from the Bank of International Settlements (BIS), daily foreign exchange trading in London reached $4,745bn this year, with its global market share of 38.7 per cent nearly twice that of the [...]
Topshop and Topman losses revealed before John Lewis move October 7, 2025 Losses at the joint venture behind Topshop and Topman have been revealed ahead of the brand’s return to UK stores next year. The brands were sold by online clothing retailer Asos to a joint venture alongside Danish retail tycoon Anders Holch Povlsen’s Heartland in September 2024. Asos had previously acquired Topshop and Topman along with [...]
Mel Stride: I would raise income tax in Rachel Reeves’ position October 7, 2025 Shadow Chancellor Mel Stride has said he would raise income taxes if he were in Rachel Reeves’ position, facing a £30bn black hole in the public finances. Speaking at a fringe event at the Tory party conference in Manchester, Stride said raising income taxes was the “cleanest” tax hike option available. His comments will likely [...]
Labour’s tobacco bill risks empowering black market, warns shadow minister October 7, 2025 The Labour government’s proposed Tobacco and Vapes Bill could hand a significant boost to criminal gangs and fuel the growing black market in illicit goods across the UK, the shadow policing minister has warned. Matt Vickers MP has told City AM that the legislation, aimed at curbing smoking and youth vaping, fails to address the [...]