Exclusive: David Blunkett becomes adviser to financial firm Elementary B September 15, 2020 Former Labour home secretary Lord David Blunkett has become a strategic adviser to financial services start-up Elementary B, City A.M. can reveal. Elementary B is a new financial services company that seeks to help medium-sized firms better manage their businesses by providing new technology and advice. Blunkett – also a former education and work and [...]
US stocks jump but FTSE 100 stalls amid dealmaking frenzy September 14, 2020 US stocks jumped but the FTSE 100 fell as investors digested a set of high-profile deals that would change the corporate landscape in the UK, US and China. Wall Street’s tech-heavy Nasdaq index gained 2.1 per cent in early trading. The S&P 500 rose 1.7 per cent and the Dow Jones climbed 1.3 per cent. [...]
Switzerland’s Six takes lead in race for LSE’s Borsa Italiana September 14, 2020 Switzerland’s Six exchange has put in the highest bid so far for London Stock Exchange’s Borsa Italiana, according to a report, putting it ahead of France’s Euronext and Deutsche Boerse. The bid valued Borsa Italiana – Italy’s only stock exchange – at around €3.5bn-€4bn (£3.2bn-£3.7bn), a source told Reuters. The London Stock Exchange (LSE) snapped [...]
Eurozone industrial production grows as recovery continues September 14, 2020 The Eurozone’s factories fared slightly better in July than economists had expected, with industrial production growing 4.1 per cent as the bloc’s economic recovery continued. July’s expansion compared to growth of 9.5 per cent in June, however. And economists say the Eurozone’s recovery is set to slow further after an initial release of pent-up demand [...]
Sajid Javid backs plan to end furlough scheme in October September 11, 2020 Former chancellor Sajid Javid today offered his support for ending the furlough scheme next month, claiming any extension would be “unfair” on taxpayers. Speaking at the Centre for Policy Studies think tank talk about the post-pandemic economic recovery ahead, Javid said he agreed with chancellor Rishi Sunak that the furlough scheme must end. “Even if [...]
FTSE 100 and US stocks tentatively climb after rough week September 11, 2020 The FTSE 100 headed towards the end of the week slightly higher and US stocks recovered some ground after another sell-off yesterday. London’s blue-chip index was up 0.2 per cent at 6,015 points in afternoon trading as official data showed the UK economy grew seven per cent in July. The FTSE 250 of mid-cap firms [...]
Euronext confirms talks to bid for London Stock Exchange’s Borsa Italiana September 11, 2020 European exchange Euronext has confirmed that it is in talks with state-owned Italian investment bank CDP to submit a bid to buy Borsa Italiana from the London Stock Exchange (LSE). In July, LSE said that it may sell Borsa Italiana or just its bond-trading platform MTS as it tries to win EU approval for its [...]
Deloitte starts audit split – the first of the Big Four to do so September 11, 2020 Deloitte will set up an audit governance board, making it the first of the Big Four accounting firms to make headway with demands from the UK regulator. The audit governance board will be effective from 1 January 2021. It will be chaired by Baroness Margaret Ford, who currently chairs Scottish media group STV and real [...]
UK economy grows 6.6 per cent in July as recovery continues September 11, 2020 The UK economy grew 6.6 per cent in July as it bounced back from the coronavirus lockdown of the spring, setting the stage for rapid GDP growth in the third quarter, official figures showed. The growth was slower than the 8.7 per cent expansion seen in June, however, and was from a low base after [...]
Exclusive: Richer London boroughs suffer biggest fall in lockdown spending September 11, 2020 Some of London’s most prosperous boroughs suffered the biggest falls in spending during lockdown and saw a more sluggish recovery as richer households’ lifestyles were curtailed, while less affluent areas saw a smaller drop, data provided exclusively to City A.M. has suggested. Yet some of the richer boroughs – where residents have thriving food scenes [...]
