Co-op Bank narrows losses but remains deep in the red November 6, 2020 The Co-operative Bank narrowed its losses in the third quarter, putting the lender on course for a better year than in 2019, despite the coronavirus pandemic. The bank’s statutory loss before tax in the third quarter was £23.5m, it said in a trading update today. That was down sharply from a loss of £80.1m in [...]
Screenshot: Ant Group, Jack Ma and China’s power paradox November 6, 2020 A weekly column from City A.M. bringing you all the biggest stories and trends in technology, media and telecoms This week: **Media Moment of the Week: Margaret Thatcher takes to Twitter **Ant Group, Jack Ma and China’s power paradox **Three’s a crowd: Why a telecoms mast deal could spark more mergers Media Moment of the [...]
New boss at Pizza Express as slice taken out of debt pile November 6, 2020 Pizza Express has appointed a new chairman and chief executive, Allan Leighton and David Campbell respectively, and reduced its debt pile by £400m after completing its recapitalisation. The new capital structure has reduced debt by more than £400million, from £735million to £319million, and includes the immediate injection of £40million of new capital. The business also [...]
DEBATE: Did Chinese regulators have a legitimate reason for halting the IPO of Jack Ma’s Ant Group? November 6, 2020 Did Chinese regulators have a legitimate reason for halting the IPO of Jack Ma’s Ant Group? Tim Focas, head of capital markets at Aspectus Group, says YES. For any public listing, but in particular one of this magnitude, smart and sound regulation is of paramount importance. It can’t be one rule for one firm looking [...]
With America divided, the spotlight once again falls on the Fed November 6, 2020 Amid the continued uncertainty of the US presidential election, one thing is clear: Joe Biden’s White House, should he secure victory in the coming days, will struggle to deliver its desired fiscal stimulus package through a Republican Senate. The US economy’s path through the Covid recession will therefore be shaped by the actions of a [...]
Michel Barnier tells EU that UK has ‘blocked’ Brexit trade deal progress November 6, 2020 The European Union’s chief Brexit negotiator Michel Barnier reportedly told the bloc’s diplomats that the UK has “blocked” progress in key areas of trade deal talks. At a confidential meeting yesterday afternoon, Barnier briefed representatives from the EU’s 27 member states, saying that “fundamental differences” remain between the two sides, Sky News reported. According to [...]
Trump falsely claims victory and fraud in speech as Biden votes roll in November 6, 2020 Donald Trump has falsely claimed victory and claimed his opponent Joe Biden has committed widespread voter fraud in an historic speech. Trump made a series of baseless claims during the speech and falsely claimed he had won the election, despite being on the cusp of losing to Biden. “You count the illegal votes they try [...]
America fought the drugs — and this week, the drugs won November 6, 2020 As the results continue to trickle in across America, there is one clear winner from the 2020 US election: drugs. From Montana to New Jersey, South Dakota to Arizona, in every state that had relaxing restrictions on the use of cannabis on the ballot, voters backed pot over prohibition. Oregon went further, with the sweeping [...]
We cannot stand by and let lockdown London become a ghost town November 6, 2020 A second lockdown is upon us, and many in the business community are understably frustrated. Some, in fact, have argued that we didn’t need to end up in this position at all. I believe that it is important we do all we can to adapt to the new restrictions and support the government and NHS [...]
PwC buys mindfulness app for all staff amid coronavirus crisis November 6, 2020 Audit giant PwC has bought a 12 month subscription to a mindfulness app for all 22,000 staff across the UK business. City AM understands the chosen app is ‘Headspace’, a mobile app that aims to help users feel less stressed through a combination of meditation, mindfulness and better sleep. In a note to all partners [...]
