The hardest word: Full text of Lloyds boss Antonio Horta-Osorio’s letter to his staff over tryst allegations August 24, 2016 Lloyds boss Antonio Horta-Osorio has issued an apology to his staff after an alleged tryst with Russell Group boss Dr Wendy Piatt. Sky News reported last night that Horta-Osorio was preparing to write to his 75,000 staff expressing "deep regret" over the allegations, which surfaced earlier this month after he and Platt went on a business trip [...]
UK mortgage approvals fell to their lowest level in 18 months in July – meaning house prices could fall by five per cent next year August 24, 2016 The number of mortgages approved fell to their lowest level in 18 months in July, suggesting house prices could fall considerably by the end of 2017, the British Bankers' Association (BBA) has said. Figures by the BBA showed 37,622 mortgages were approved in July, down from 39,763 in June and 41,620 in May. It's an impressive slide since [...]
Housebuilder shares rise as Brexit fears look like a thing of the past August 24, 2016 Rumours of housebuilders' demise are greatly exaggerated. Builders were among the big winners on the FTSE 100 for the second day in a row this morning, after strong results from Persimmon yesterday suggested they are weathering the Brexit storm. Persimmon was up 2.5 per cent at 1,918p in mid-morning trading, while Barratt was up 2.7 per cent at 499.3p. [...]
Euro edges down as German GDP growth slows in the second quarter August 24, 2016 The German economy slowed in the second quarter, but its budget surplus jumped in good news for Angela Merkel ahead of next year's crucial elections. The euro fell slightly against the dollar, down 0.3 per cent to $1.1276 in early trading, after statistics body Destatis showed growth had fallen to 0.4 per cent, down from 0.7 per cent [...]
Government to launch £5bn fund to help small developers solve the housing crisis before the Autumn Statement August 23, 2016 The government will unveil a fund worth up to £5bn aimed at helping to solve the housing crisis in the weeks leading up to the Autumn Statement, City A.M. understands. The Home Building Fund, aimed at small and medium-sized developers, was announced as part of the Queen’s Speech in May, but has since languished at [...]
Startups in London raised more funding than in any other European city this year August 22, 2016 Forget Brexit fears: London's startup community is alive and well, new research has suggested – with startups in the capital receiving more investment in the first half of this year than in any other European city. This chart, put together for City A.M. by Statista using figures from EY's Startup Barometer Germany report, shows London startups received €1.3bn (£1.1bn) [...]
Post Office workers are going on strike as the CWU demands government steps in over job losses August 19, 2016 Another day, and another strike has been announced – this time by Post Office workers, who have voted to go on strike over job losses. In a statement today the Communication Workers' Union (CWU) said 83.2 per cent of those balloted had voted for industrial action to protest against cost-cutting measures. “Staff in the Post [...]
In pictures: Mercedes-Benz has unveiled its concept electric Maybach and it is enormous August 19, 2016 Mercedes-Benz's Maybach brand has never been one for the faint-hearted (or, indeed, thin-walleted). But now the company has unveiled the latest (conceptual) addition to its family – and it's a monster. The Vision Mercedes-Maybach 6, which will make its debut at Monterey Car Week in California this week, is a whopping six metres in length – [...]
These 30 European universities have the highest-paid graduates (and they’re not the ones you think) August 19, 2016 That much-coveted place at university might not actually earn you as much as you hoped: new research shows UK institutions are disconcertingly far down when it comes to the eventual salary of their graduates. The figures, put together by salary benchmarking site Emolument.com, show graduates from the universities traditionally seen as the UK's top two – Oxford and Cambridge – aren't necessarily the [...]
City A.M. Unregulated podcast: The art (and science) of charm, with Jordan Harbinger August 19, 2016 This week, the team go back to charm school with Jordan Harbinger, the host of the Art of Charm podcast. We ask what it takes to be charming, and whether charmers are born or made. What does George Clooney have that others don't – and can we use our newly-acquired skills to charm our way [...]
