Policy Chair outlines Square Mile COVID recovery plan April 15, 2021 Speaking at the Court of Common Council today (15 April), City of London Corporation Policy Chair Catherine McGuinness promised a strong, sustainable COVID-19 recovery in the Square Mile. She said: “We need to encourage the return of workers and visitors, while also providing reassurance about the steps taken to protect public health throughout the City’s reopening. [...]
Apollo circles Stanlow refinery owner Essar amid cash crunch – report April 15, 2021 Private equity giant Apollo Global Management is in talks with the owners of the struggling Stanlow oil refinery over a £400m refinancing deal, it was revealed today. Sky News reported that Apollo had had been in talks with Essar UK for several weeks over a deal that would involve it taking a significant position in [...]
Beleaguered Cineworld tops the list of 10 most shorted UK stocks April 15, 2021 Cineworld tops the list of 10 most shorted stocks in the UK as hedge funds take aim at the cinema which has been forced to shut for over a year. A “short” is a method of betting against a stock, so that the investor can make a profit if the share price falls. Investors borrow [...]
City of London Corporation chief calls for return of office workers to Square Mile later this year April 15, 2021 The City of London’s local authority has today called for office workers and visitors to return to the Square Mile to help boost economic activity. Catherine McGuinness, the City of London Corporation’s policy chair, also said it was up to the powerful local authority to provide “reassurance about the steps taken to protect public health [...]
Sadiq Khan pushes for return of international travel despite new Covid variant cases in London April 15, 2021 Sadiq Khan has called for international travel to return as soon as possible, despite a new cluster of cases of the South African Covid-19 variant in South London. The London mayor told City A.M. today that that he backs the government’s traffic light system for restarting international travel and that he is “hoping it will [...]
Stimulus cheques from Washington boost US retail spending, but 576,000 file jobless claims April 15, 2021 Stimulus cheques from Washington boost US retail spending, but 576,000 file jobless claims
An ethical dilemma: Penguin Random House made huge sales during the pandemic, but kept the furlough cash April 15, 2021 A little over twelve months ago, Rishi Sunak pumped unprecedented amounts of money into the economy to help ensure businesses could make it through the pandemic – saving as many jobs as possible. Now, as we begin to take our first tentative steps out of the third national lockdown, businesses are under no illusion that [...]
Citigroup to exit 13 consumer markets despite tripling quarterly profit April 15, 2021 Citigroup has started the year with a bang, tripling its profit in the first quarter after releasing $3.85bn in reserves but announced plans to exit a handful of its consumer markets. The investment bank reported quarterly net income of $7.9bn, up from income of £2.5bn in the first quarter of 2020. Revenues slipped seven per [...]
World’s biggest semiconductor maker warns that shortage could continue into 2022 April 15, 2021 The world’s biggest semiconductor maker this morning warned that the current chip shortage could well last into 2022. Taiwan Semiconductor Manufacturing Co (TSMC) said that it was doing everything it could to alleviate the drought of the processors, which are vital for a vast range of electric devices. Chief exec C. C. Wei told investors [...]
Bank of America profit doubles as Covid loan losses less than predicted April 15, 2021 Bank of America profit doubles as Covid loan losses less than predicted
