North Sea is not competitive, says BP boss days after exit August 4, 2026 The boss of BP has branded the North Sea as not competitive just days after putting the company’s assets in the basin up for sale. Meg O’Neill, who took over as chief executive in April said she had spoken with prime minister Andy Burnham as she justified BP’s decision to exit the North Sea. Speaking [...]
HSBC kicks off $1bn share buyback after profit smashes forecast August 4, 2026 HSBC has resumed its share buyback programme after profit soared past expectations in the second quarter of 2026. The FTSE 100 bank – whose market cap of £274bn makes it the London Stock Exchange’s most valuable company – posted $10.1bn (£7.5bn) in pre-tax profit for the last three months, surging past an internal forecast of [...]
As it happened: Oil prices tumble as Bessent says US-Iran deal imminent; miner stocks rally August 4, 2026 Welcome back to the City AM FTSE 100 liveblog. The price of oil tumbled on Tuesday afternoon after a senior Trump ally said that a deal over control of the Strait of Hormuz could be agreed with Iran in the coming days. The price of Brent crude – the international benchmark for oil – tumbled [...]
London’s IPO lull expected to last into 2027 August 3, 2026 London’s IPO market is expected to remain subdued for the rest of the year, as domestic and overseas political upheaval puts companies off listing. The UK’s stock market has had minimal IPO activity this year to date, seeing just seven new listings which raised a combined £557m. This ended the IPO surge seen at the [...]
Chrysalis marks down Starling stake again and reduces Klarna holding August 3, 2026 Chrysalis Investments has slashed the price tag of its Starling stake for the second straight quarter. The British investment trust marked down the value of its holding in the digital bank by five per cent to £356m in the second quarter. This helped contribute to an overall drop of 2.35p per share in Chrysalis’ net [...]
Astrazeneca explores $400bn megadeal with US rival August 3, 2026 Astrazeneca is exploring a $400bn (£300bn) merger with US rival Bristol Myers Squibb, in a deal that would create one of the world’s largest pharmaceutical groups. The FTSE 100 giant has held talks with the US group in recent months about a possible tie-up, according to reports in the Financial Times. Talks could lead to a [...]
As it happened: UK stocks cool after Astrazeneca drags; Trump and Iran clash over peace talks August 3, 2026 Welcome back to the City AM liveblog. The London stock market is starting the new week relatively mixed after Donald Trump hinted a deal between US and Iran on the Strait of Hormuz is near, but was contradicted by communication from Tehran. The US President has said that Saudi Arabia, the UAE, Qatar and Iran [...]
FCA crypto crackdown will ‘wipe out’ bad actors, says Coinbase boss August 1, 2026 The financial watchdog’s clampdown on digital assets will remove bad actors and attract more customers, The UK boss of one of the world’s largest crypto platforms has said. Keith Grose, UK chief executive of Coinbase, said the rules outlined by the Financial Conduct Authority (FCA) earlier this month will “wipe out” firms who do not [...]
Second time lucky for Lucy Rigby? July 29, 2026 The Square Mile has welcomed its fifth City minister in two years and a familiar face is back in the hot seat- but can she deliver? Few tears were shed in the City when it became clear that Rachel Reeves would be out of Number 11 Downing Street. Yet the surprise return of her erstwhile [...]
EY and London managing partner fined over £1.3m for audit failure July 28, 2026 Big Four giant EY and its London office managing partner have been hit with a nearly £1.3m fine by the financial watchdog for audit failings related to retailer Made.com in 2021. The Financial Reporting Council (FRC) said the sanction follows an investigation into Julie Carlyle, who manages the City office and a portfolio of many [...]