Keith Morgan to stand down as head of British Business Bank October 31, 2019 Keith Morgan, head of the state-owned British Business Bank (BBB) will stand down at the end of next year after eight years at the helm. Morgan, who has been chief executive of the UK’s development bank since its formation in 2013, will stand down at the end of 2020 to ensure an orderly transition to [...]
Citi chief political analyst Tina Fordham moves to new boutique law firm Avonhurst October 31, 2019 Investment bank Citi’s chief global political analyst Tina Fordham is moving to new boutique law firm Avonhurst as a partner and head of global political strategy, the firm announced today. The hire is an unusual one as law firms have not traditionally advised their clients on political risk. Speaking to City A.M. Fordham said: “It [...]
Car makers suffer ‘another bitterly disappointing month’ as Brexit uncertainty maintains grip October 31, 2019 The malaise that has gripped Britain’s car makers for the last year deepened in September, as the threat of a no-deal Brexit slammed the brakes on investment and caused production to stall. Car manufacturing, an industry which has felt the effects of Brexit uncertainty more sharply than most, fell 3.8 per cent last month to [...]
Exclusive: Tories tap up City donors for £30m general election war chest October 30, 2019 The Conservatives are tapping up donors for a £30m general election fund to counter Labour’s twin threat of donations from unions and grassroots activists, City A.M understands. The party has been spooked by Labour’s successful 2017 election fundraising effort, which saw record sums of £56m raised. Read more: Most Brits think a general election won’t [...]
Profit jumps at Facebook despite regulatory pressure October 30, 2019 Facebook has beaten third-quarter earnings forecasts despite the social media giant facing intense scrutiny from US lawmakers, sending shares up over five per cent in after-hours trading. Read more: Facebook abandons appeal against £500,000 Cambridge Analytica fine Profit at the world’s largest social media firm grew 19 per cent to $6.1bn (£4.7bn) in the three [...]
Government’s smoke-free aim threatened by ‘moral panic’ over vaping October 30, 2019 The health of an entire generation of young Brits could be under threat if the UK falls victim to a “moral panic” over vaping, a new report has warned. Free market think tank the Adam Smith Institute (ASI) today urged the government to take a more liberal approach to e-cigarettes if it wants to achieve [...]
UK set to delay Huawei 5G decision until after election October 30, 2019 The UK government is set to once again delay a decision on whether Chinese telecoms giant Huawei should be part of the construction of the UK’s next-generation 5G networks until after the December General Election. Read more: Huawei revenue rises as US crackdown fails to halt growth A decision is now unlikely to be made [...]
Apple shares bounce as Christmas forecast tops estimates October 30, 2019 Apple has predicted a bumper holiday period, easing concerns regarding the impact of the US-China trade war on its overall health. The iPhone maker forecast revenue for the upcoming quarter at between $85.5bn and $89.5bn, signalling a return to annualised growth as it comfortably beats last year’s $84.3bn for the same period. For its fiscal [...]
US Federal Reserve lowers rates again but signals it is done cutting October 30, 2019 The US Federal Reserve took the axe to interest rates for the third time in a row today, just hours after data showed the US economy slowed in the third quarter. Read more: US economic growth beats expectations with Fed poised to cut rates Fed president Jay Powell struck a more cautious tone than at [...]
Daiwa Capital Markets faces $150m bill after Supreme Court appeal loss October 30, 2019 Daiwa Capital Markets Europe faces a $150m (£116m) bill after losing an appeal to the UK Supreme Court today. The court ruled in favour of Singularis Holdings – now in liquidation – in a claim for negligence against the English subsidiary of the Japanese bank. The case relates to a payment Daiwa made at the [...]