US GDP plummets 31 per cent in second quarter to lowest on record September 30, 2020 US GDP plummeted 31.4 per cent in the three months to July to the lowest level on record, data revealed today, as President Donald Trump scrambles to restore the economy ahead of the presidential election next month. Annualised figures released today by the US Bureau of Economic Analysis (BEA) revised up an earlier estimate which [...]
State-owned bank raised concerns over bounce back loans’ fraud risk September 30, 2020 The state-owned British Business Bank issued formal objections to the government’s coronavirus Bounce Back Loan and Future Fund schemes ahead of their launch, newly-released documents show. In letters sent to business secretary Alok Sharma in May, BBB chief executive Keith Morgan raised concerns including the BBL scheme’s “very significant fraud and credit risks” and whether [...]
Thameslink route in line for return to Tube map September 30, 2020 The Thameslink route could soon appear again on the Tube map, London Mayor Sadiq Khan has said, after a lengthy absence. In a written response to a question from Labour London Assembly member Navin Shah earlier this month, Khan said that Transport for London (TfL) was considering including the rail line on a new map [...]
Ferrero Group in £250m bid to buy British Fox’s Biscuits September 30, 2020 Italian confectionary giant Ferrero Group is planning a £250m bid to buy British-based Fox’s Biscuits. The owner of brands such as Kinder and Nutella is working on a takeover deal with advisers, according to Sky News. Demand for biscuits has risen since the coronavirus lockdown, halting a downward trend as consumers opt for healthier snacking [...]
BoE’s Andy Haldane warns against ‘Chicken Licken’ economic pessimism September 30, 2020 The Bank of England’s chief economist said there was a risk that overly pessimistic “Chicken Licken” views about the impact of Covid-19 would hold back Britain’s economic recovery from the pandemic. In a speech given today, Andy Haldane said that authorities such as the BoE have a “public responsibility to avoid economic catastrophizing” during the [...]
Tory rebellion amendment will not be voted on by MPs September 30, 2020 An amendment by Tory MPs that could have provided Boris Johnson with an embarrassing defeat over the government’s power to implement Covid restrictions will not be voted on by MPs. Sir Graham Brady’s amendment, which would have forced the government to consult parliament on all future coronavirus restrictions, was denied by Speaker Sir Lindsay Hoyle [...]
Is flexible pay set to be the next ‘on-demand’ service? September 30, 2020 | City Talk FinTech disruption in the payments market has come full circle; from early innovations in ways to pay, some players are now revolutionising how people get paid. The payments sector has been at the forefront of the FinTech revolution over the past decade reconfiguring supply, demand and purchasing patterns between vendors and consumers across the globe. [...]
M&C Saatchi prepares for share suspension as it fails to file annual accounts September 30, 2020 M&C Saatchi is preparing to see its shares suspended as the advertising giant teeters closer to missing today’s deadline to file its 2019 annual results, marking a tumultuous succession to last year’s accounting scandal at the firm. The advertising group said an audit into previously disclosed accounting problems had taken longer than expected, and that [...]
One-third of London Tory MPs ready to rebel against PM on Covid powers September 30, 2020 At least one-in-three London Conservative MPs are supportive of a potential parliamentary rebellion led by a group of powerful backbenchers. City A.M. understands that at least seven out of the capital’s 21 Tory MPs support a tabled amendment that would see Boris Johnson’s powers to implement new Covid restrictions curbed. Graham Brady, chair of the [...]
Coronavirus: TSB to axe a third of branches and over 900 jobs September 30, 2020 TSB has announced plans to close 164 branches and cut over 900 jobs as the British lender grapples with the impact of the coronavirus pandemic. The lender said the cuts – which represent a 10 per cent reduction in the bank’s workforce and the loss of a third of its branches – were part of [...]