On the Beach online sales plummet 85 per cent due to lockdown restrictions February 5, 2021 Online holiday retailer On the Beach remained debt-free despite online sales plummeting 85 per cent in the first quarter due to two lockdowns. Lockdown measures enforced in November and early January drove “very weak” UK travel traffic and bookings, the Group said, with rates down 73 per cent and 83 per cent, respectively. Chief Executive [...]
UK directors to face fines in major overhaul of audit rules February 5, 2021 UK directors will reportedly face fines for accounting failures at their companies as part of a major overhaul of the audit sector. Long-awaited reforms, set to be published as early as next week, will place a tough new burden on bosses in an effort to improve audit standards. Directors, rather than boards, will be held [...]
Barclays CEO on the future of the City: ‘Forget Frankfurt and Paris’ February 5, 2021 Jes Staley, the CEO of Barclays, has said the UK financial services industry should focus on competing with the US and Asia, rather than the EU. Staley reportedly said that although jobs that would have been created in the Square Mile may have been moved to the EU, Brexit has given one of the UK’s [...]
Best of travel: The town made famous by Bruce Springsteen February 5, 2021 To tide us over until we’re able to travel again, we’re republishing classic travel stories from our archives. This week we revisit Laura Millar’s trip to the downbeat seaside town in New Jersey made famous by Bruce Springsteen. Read more: Jaguar XF P300 review: revitalised luxury at a surprisingly low price ••• On the boardwalk of [...]
SMEs turn to digital banks amid frustration with high street lending February 5, 2021 Small businesses have lost confidence in Britain’s biggest banks and are increasingly tempted to move across to digital challengers. New research from payment specialist Marqeta reveals 84 per cent of the UK’s SMEs are frustrated with their current banking experience with nine in ten calling for lenders to offer more digital services. High street lenders [...]
Exclusive: ‘Pool Re’ style scheme could help insurers fund Covid-19 cover, says Beazley CEO February 5, 2021 The CEO of insurer Beazley is hopeful that insurers will be able to provide cover against infectious diseases like Covid-19 in the future, but said a government backstop may be needed to press ahead. It is not possible to get insurance on Covid-19-related cancellation cover on events this year, because the chances of an event [...]
City Spirits: Our new drinks column takes on the Super Bowl February 5, 2021 Several years ago, Joel Harrison and Andy Silvester met in a south London pub discussing lower-league football. Fast forward, and Joel is now the co-author of several books on spirits and one of the world’s leading booze writers and creative consultants, and Andy Silvester is City A.M.’s Acting Editor – with a penchant for cocktails [...]
The City A.M. Punter Podcast EP:38 Sandown, Wetherby, Leopardstown & Hong Kong February 5, 2021 Trainer Gary Moore has a couple of runners at Sandown on Saturday and he joins us as our special guest today City AM racing editor Bill Esdaile previews the best of the jumps action at Sandown, Wetherby and the prestigious Dublin Racing festival in Leopardstown with Wally Pyrah looking at Saturday’s Hong Kong race meeting. [...]
Bring your own pen: England’s local elections to go ahead in May February 5, 2021 England will go ahead with local elections on 6 May despite the Covid-19 pandemic, the government confirmed on Friday. A range of additional measures will be put in place to safeguard voters and make the process more flexible. The elections, which decide hundreds of local government positions across England, had been under review due to [...]
Cheers: Substantial meal rule to be scrapped when pubs reopen February 5, 2021 The rule that punters have to order a substantial meal with their pint is reportedly set to be scrapped when pubs reopen later this year. The prime minister will allow restrictions on pubs to be simplified after the full lockdown is lifted. Under the tier system that was in place before the latest national lockdown, [...]
