‘We did make a mistake’ on Owen Paterson says government minister November 5, 2021 Education minister Nadhim Zahawi has admitted the government made a mistake in its handling of the Owen Paterson debacle. The government came under fire for blocking the suspension of Conservative MP Owen Paterson by calling for the rules used to police MPs to be overhauled after Parliament’s lobbying watchdog accused the former minister of “serious [...]
Bank of England boss Bailey rebuffs claims he ‘bottled it’ on interest rate call – CityAM : CityAM November 5, 2021 The Governor of the Bank of England Andrew Bailey has pushed back on criticism that he talked up a interest rate rise, then failed to follow through. Bailey denied the Bank of England “bottled it” yesterday, adding: “We expect interest rates to rise and we are very clear”. The pound sank against the dollar yesterday [...]
Beazley gross premiums soar above expectations to £2.4bn November 5, 2021 Insurer Beazley has reported high-than-expected gross written premiums of $3.3bn (£2.4bn), driven by their cyber & executive risk and specialty lines divisions. Gross written premiums rose by 29 per cent for the nine months ended 30 September compared to last year, the insurance company announced in a trading statement today. Underwriting action since last October, [...]
Virgin Media O2 owner fuels speculation of mobile firm float November 5, 2021 One of Virgin Media O2’s owners has added to speculation of an anticipated float of the £31bn mobile arm. Mike Fries, chief executive of Liberty Global, suggested to investors that a public listing of the mobile and broadband firm could be as soon as next year. On a call with investors, Fries said: “We have [...]
Stelrad valued at £274m as London IPO kicks off November 5, 2021 Radiator manufacturer, Stelrad, priced its shares at 215 pence a piece in time for its IPO on the London Stock Exchange this morning. The updated share price takes the company’s market capitalisation to £274m. Dealings in Stelrad’s ordinary shares have commenced on the main market of the London Stock Exchange under the ticker “SRAD”. Trevor [...]
UK house prices surpass £270k November 5, 2021 UK house prices have hit a record high as the average property tops £270,000. Annual house price inflation has reached 8.1 per cent, from 7.4 per cent, according to Halifax’s house price index. London has remained the weakest performing area of the UK by quite a stretch. Annual inflation was 0.8 per cent, compared to [...]
Co-op bank turns corner as net lending tops £2bn November 5, 2021 The Co-operative bank has published a healthy set of financials for the first nine months of the year after turning a loss in 2020. The bank reported statutory profit before tax of £28.5m and underlying profit of £24.9m, a marked improvement on last year when the bank saw a loss of £68.1m before tax. The [...]
British Airways owner IAG sees losses shrink to €2.6bn as Covid travel restrictions ease – CityAM : CityAM November 5, 2021 The owner of British Airways and Iberia, IAG, reported a shrinking €2.6bn (£2.3bn) for the first nine months of 2021, with passenger numbers slowly returning to the skies. For the third quarter, the airlines group reported an operating loss of €452m compared to € 1.9bn for the same period last year. Also Read: Business travel [...]
City Moves: Who’s switching jobs in the Square Mile today? November 5, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Growthdeck Private equity firm Growthdeck has added the former chief investment officer at Schroders & Co to its advisory board. Bringing 25 years experience to the position, Kieron Launder has worked with a string of top financial [...]
Prime London sales hit highest yearly growth since 2015 November 5, 2021 The Prime London sales market has marked the highest annual growth since September 2015, as consumer confidence bounces back. Average prices across central areas including the City of Westminster and the Royal Borough of Kensington and Chelsea increased by 1.2 per cent in the year to October. September was the sixth consecutive month of annual [...]
