Bank of England’s use of fast data under fire after weak GDP figures October 9, 2020 The Bank of England’s “reliance” on fast payments data that fed into upbeat predictions has come under fire after figures showed the UK economy performed much worse than expected in August. The Bank has repeatedly referred to data from its Chaps payment system, which reflects sales companies make through card purchases, during the coronavirus pandemic. [...]
New London restrictions are ‘highly likely’, Sadiq Khan says October 9, 2020 Sadiq Khan has said it is “highly likely” that London will introduce coronavirus restrictions soon as cases across the capital continue to rise. “We are at a very serious tipping point. The virus is accelerating in every part of London”, the Mayor of London said today, warning further restrictions were “inevitable”. His warning comes as [...]
Tory mayoral candidate vows ‘mental health covenant’ for TfL staff October 9, 2020 Tory mayoral candidate Shaun Bailey has pledged to offer more mental health support to Transport for London (TfL) staff if elected mayor as figures show increasing levels of psychological distress among the workforce. Bailey told City A.M. that he would create a “mental health covenant” for TfL workers in a similar vein to existing programmes [...]
Exclusive: Lord Mandelson urges UK to block ‘short-sighted’ Arm takeover October 9, 2020 Lord Peter Mandelson has called on the UK to block the planned $40bn takeover of British chipmaker Arm by Nvidia, describing the deal as “short-sighted” and “completely anti-competitive”. The former business secretary told City A.M. that the acquisition was a “direct threat to our security of supply and sovereignty in the UK and Europe”. US [...]
Digital wealth manager Nutmeg records eighth consecutive year of losses October 9, 2020 Digital wealth manager Nutmeg recorded losses of £21m last year as it struggled to break even for the eighth year in a row. Accounts for the year to the end of December 2019, filed on Companies House today, show Nutmeg made a loss of £21.2m, deepening last year’s losses of £18.4m. This comes even as [...]
Agriculture bill returns to Commons for crunch food standards vote October 9, 2020 The controversial agriculture bill returns to the House of Commons on Monday for a key vote on the future of the UK’s food standards. It goes back to the lower chamber after being amended in the House of Lords to include the requirement that any food products imported under future trade deals meet UK standards. [...]
City of London Corporation vows to achieve net zero emissions by 2040 October 9, 2020 The City of London Corporation has vowed to achieve net zero carbon emissions by 2040 as a part of a new climate action plan. The powerful local authority passed the draft proposal yesterday, which will see the Corporation spend £68m on “fighting climate change” over the next six years. The plan will include changing planning [...]
Gold miner Petropavlovsk slashes production forecasts October 9, 2020 Petropavlovsk drastically slashed its production forecasts this morning in its first market update since the summer’s bloody boardroom struggle. In a trading update, the Russia-focused gold miner said that production volumes would now come in between 560,000 to 600,000 ounces, down from previous estimates of up to 720,000 ounces. The FTSE 250 firm said the [...]
ETFs are out of focus for most traders October 9, 2020 Investors, avert your eyes. This is for the traders amongst us. For years, if you wanted to trade an opinion on a particular industry, sector, or geography, your vehicle of choice was exchange-traded funds, or ETFs. They are transparent, relatively cheap, and allow high-level opinions to be traded in a single product. But, they’re not [...]
TfL boss that oversaw Crossrail and Garden Bridge fiascos set for an honour October 9, 2020 A controversial former TfL boss appears to be in line for an honour, after Sadiq Khan tweeted his congratulations before the tweet was hastily removed. The Queen’s birthday honours list will be be announced tonight, however it appears the mayor of London jumped the gun this morning by announcing that former TfL commissioner Mike Brown [...]
