Self-isolating workers need more financial support, says Sadiq Khan August 20, 2020 The Mayor of London has urged the government to provide more financial support for employees who are required to self-isolate. Sadiq Khan has today written to the Chancellor and Health secretary calling for a further package to support workers and the businesses that employ them, should they have to quarantine. He raised concerns that the [...]
Exclusive: Fewer financial services SMEs lay off staff during pandemic August 20, 2020 Financial services SMEs laid off fewer employees than the average firm during the pandemic, according to exclusive data for City A.M. Figures from Barclayscard show that while just under a quarter of SMEs are optimistic for the third quarter, more than a third – 34 per cent – of financial firms remain positive. This is [...]
Apple becomes first US company to reach $2 trillion valuation August 19, 2020 Apple has become Wall Street’s first $2 trillion company, doubling its valuation in just over two years. As shares hit $457.77 in morning trading, the tech giant became the first Wall Street company to achieve the $2 trillion market cap in public markets. It is the second in the world to do so. The day [...]
Spotify crashes for users around the world August 19, 2020 Thousands of Spotify users were left unable to play music for more than an hour this afternoon after the service experienced technical difficulties. It appeared to affect customers around the globe, with the majority reported in Europe. According to outage tracker site DownDetector the issues started at around 1pm, with 92 per cent of the [...]
Cut National Insurance tax after furlough scheme ends, says BCC boss August 19, 2020 The government should cut National Insurance tax once the furlough scheme unwinds in the autumn, a top industry figure has said. Speaking on City A.M.’s The City View podcast, Adam Marshall, director-general of the British Chambers of Commerce, said the Treasury should consider a form of ongoing support for UK firms. “We understand the Treasury’s [...]
UK expands coronavirus testing to track asymptomatic cases August 19, 2020 The government is aiming to expand its coronavirus national testing study to 400,000 people to provide weekly tracking data and narrow down local outbreaks. The Department of Health and Social Care said the infection survey will initially test 150,000 people in England per fortnight by October, up from 28,000 people now. The Office for National [...]
Angling Direct reels in strong online sales during lockdown August 18, 2020 Angling Direct has capitalised on pent-up demand as it reeled in strong sales as stores reopened, while maintaining a strong online presence during lockdown. The coronavirus restrictions did little to dent demand as sales jumped to £32.1m in the six months to the end of July. The figures Angling Direct reported a 21 per cent [...]
Women in banking are judged differently, says Dame Jayne-Anne Gadhia August 18, 2020 Former Virgin Money boss Dame Jayne-Anne Gadhia has said she believes women in the City are treated differently to men. Gadhia, who left Virgin Money to set up fintech startup Snoop, recalls being labelled a “bloody difficult woman” throughout her career. Speaking to entrepreneur podcast “Can I ask you a personal question?” she said: “There is [...]
City of London Group reports loss as subsidiary prepares for banking licence August 18, 2020 The City of London Group has reported a loss of £9.7m as its subsidiary prepares to become a fully authorised bank. In July, Recognise Financial Services reached a major milestone in its journey towards becoming a bank when the Prudential Regulation Authority issued its Total Capital Requirement letter. The figures The City of London Group [...]
How PwC is welcoming staff back into the office safely August 18, 2020 The office still has an important role to play in society, the chairman of Big Four auditor PwC believes, as his staff seek to return to their desks after months spent at their kitchen tables. Kevin Ellis, chairman of PwC tells City A.M. that while the firm has adjusted to remote working the office still [...]
