Alibaba co-founder defends controversial 12-hour working days and calls overtime a ‘huge blessing’ April 15, 2019 Alibaba co-founder Jack Ma sparked controversy this afternoon after defending the 12-hour working day. Read more: Ecommerce billionaire named China's richest man The billionaire tycoon, who has a personal wealth estimated at roughly $40bn (£30bn), has doubled down on his view in favour of the “996 system”, which refers to a working schedule of 9am [...]
Bonus round: Take our salary survey to find out how your pay compares to your peers April 15, 2019 How much was your bonus? We want to know. At City A.M., we’re working with salary benchmarking site Emolument.com to track the state of pay across the Square Mile. We’ll compare asset managers to dealmakers and analysts to associates in a bid to paint a picture of the different levels of remuneration among sectors and [...]
UK tops global ranking for top investment destinations for first time April 15, 2019 The UK has been ranked as the top investment destination in the world, knocking the US off the top spot. It is the first time the UK has taken the top spot in the rankings by professional services firm EY in the survey’s 10-year history. In 2018 the UK accounted for 10 per cent of [...]
London house prices: How Brexit hit house prices in every London borough April 15, 2019 Asking prices in Greater London have edged down by 2.2 per cent in the last year, with values falling to £614,250 on average. Read more: DEBATE: Should we be concerned about falling house prices? But new research released by Rightmove today underlines just how varying prices within London’s housing market are, with high end areas such as [...]
MPs demand action from pensions regulator over ‘staggering’ deficit in rail sector April 15, 2019 The Pensions Regulator (TPR) has been asked to come clean on the extent of the rail sector's pensions deficit after the issue was brought to a head with the government's decision to ban Stagecoach from bidding for three franchises. MPs on the Committee for Work and Pensions wrote to TPR chief executive Charles Counsell last week [...]
Jet Airways’ future hangs in the balance as it fails to secure emergency funding from lenders April 15, 2019 Troubled airline Jet Airways has failed to secure emergency funding from its lenders, forcing it to extend the cancellation of its international flights. In a letter to staff, Jet Airways chief executive Vinay Dube said flights would be cancelled until Thursday 19 April. "Please note that the current status of our engagement with the lenders and [...]
Citigroup results: Earnings trump expectations but revenue dips April 15, 2019 Citigroup sent mixed messages to Wall Street this afternoon after posting higher-than-expected earnings as well as declining revenues. Read more: Fearless girl statue comes to London Stock Exchange The New York giant’s share buybacks helped it post earnings per share of $1.87, trumping Refinitiv estimates of $1.80 per share and marking an 11 per cent improvement [...]
Goldman Sachs profits fall 20 per cent in first quarter amid calm markets April 15, 2019 Profits at Goldman Sachs fell 20 per cent in the first quarter with revenues dropping in its trading and equities arms as lower market volatility limited opportunities for gain. Read more: Goldman Sachs fined £34m over transaction reporting failures The Wall Street giant said the US government shutdown, US-China trade tensions, and Brexit had all [...]
Countdown to Brexit: three market indicators to watch April 15, 2019 | City Talk With politicians still struggling to agree the terms of withdrawal, investors in assets linked to the UK economy could be in for an uncertain time. UK investments have already underperformed their global peers since Britain voted to leave the EU, in June 2016. For instance, sterling is down 8.4 per cent since the vote and despite [...]
Toyota sells electric car technology to Chinese startup in return for green car credits April 15, 2019 Toyota has agreed to sell its electric car technology to Chinese startup Singulato, in a move which will give it preferential rights to buy green credits under China’s new quota system for electric vehicles (EVs). Read more: Toyota to manufacture new Suzuki model at Derby plant The green car credit system, introduced in January, requires [...]