US Federal Reserve keeps interest rates near zero through 2022 June 10, 2020 The US Federal Reserve has said it will not raise near-zero interest rates until at least 2022, as it predicted a decline in growth. Along with the rate decisions, central bankers projected a 6.5 per cent fall in GDP this year and a 9.3 per cent unemployment rate by the end of the year. “The [...]
Lockdown one week earlier ‘could have halved’ coronavirus death toll June 10, 2020 Imposing lockdown a week earlier could have cut the death toll “by at least half”, a former scientific adviser to the government has said. Addressing the Science and Technology Select Committee, Professor Neil Ferguson told MPs: “The epidemic was doubling every three to four days before lockdown interventions were introduced. So, had we introduced lockdown [...]
Goldman Sachs generates over $1bn after oil price collapse June 10, 2020 Goldman Sachs’ commodities business reportedly generated more than $1bn in revenue this year after the collapse in oil prices in April. The unit benefited from the turbulent market and generated more than $1bn to May, its best start in a decade, according to Bloomberg. Most of the boost reportedly came from oil trading overseen by [...]
The City View: We cannot hide from our history, we can only learn from it June 10, 2020 In this episode, City A.M. Editor Christian May gives a personal view on the debate around statues and monuments to controversial historical figures. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS “They should, by and large, be left where they are because, by the passage of time, they take on new meaning – they cease to be monuments [...]
Brits turn their back on cash during lockdown as contactless payments jump to £957m June 10, 2020 The average Brit has gone 44 days since using cash as new research reveals lockdown has accelerated the pivot to contactless payments. Customer data from Nationwide shows that tap-and-pay transactions have increased 44 per cent since the week of 23 March, when Britain was placed on lockdown. Nationwide members made 78.5m contactless between 23 March [...]
Hovis owners set to sell bread brand for up to £150m June 9, 2020 Hovis could reportedly be sold for as much as £150m as its owners look to offload the business later this year. The brand’s biggest shareholder The Gores Group, has hired bankers to sell its controlling 51 per cent stake which it acquired six years ago, according to Sky News. The investment firm is understood to [...]
Goldman Sachs digital brand Marcus pauses applications for savings account June 9, 2020 Goldman Sachs is reportedly pausing new applications for its digital bank’s online savings account, from Wednesday, after a surge in deposits pushed it close to regulatory limits during the pandemic. Executives at the bank are taking steps to manage the growth of the British arm of Marcus, according to Reuters. Marcus has attracted around £21bn [...]
Hospitality industry asks government for financial support to overcome rent deadlock June 9, 2020 The hospitality industry has warned there will be significant job losses and business failures unless the government provides financial support to overcome the rent stand-off between landlords and tenants. Trade body UK Hospitality has said that a continued “stalemate” between landlords and tenants on the matter of unpaid rent needs to be resolved or reopening [...]
Segro to raise £650m through private share placement to pursue ‘opportunities’ June 9, 2020 Property investment firm Segro has announced it will raise £650m through a private share placement to pursue “opportunities” across the UK and Europe. In a statement released after markets closed, Segro said the new equity would allow it to “take advantage of additional investment opportunities across the UK and Continental Europe through further, mostly pre-let, [...]
BoE’s Cunliffe anticipates ‘great deal of pain’ for financial sector June 9, 2020 The initial shock of the pandemic to the financial system may have passed but another abrupt repricing of risk is possible, according to the Bank of England’s (BoE) deputy governor. “The first phase – the initial shock and adjustment to a far more challenging economic outlook in the near term – has passed,” Sir Jon [...]
