Exclusive: Sunak to unveil plan to slash EU financial services rules in Mansion House speech June 24, 2022 Rishi Sunak will unveil his plan to slash EU financial services regulations in a major set piece Mansion House speech next month. City A.M. understands the chancellor will announce details of his Financial Services and Markets Bill at the City’s annual Mansion House bankers’ dinner on 19 July and will introduce the legislation to the [...]
Shares in defence supplier Ultra soar as Kwarteng hints of £2.6bn takeover approval June 24, 2022 The £2.6bn takeover of UK defence supplier Ultra Electronics by private equity-owned Cobham is reportedly set to receive a green light from the government. Business secretary Kwasi Kwarteng announced on Thursday that he is “minded to accept undertakings offered”, despite national security concerns. The move seemingly sparked the interest of investors, as Ultra’s share soared [...]
AA praises Asda for not surging petrol prices as diesel approaches dreaded £2 litre milestone June 24, 2022 Motoring group the AA has praised supermarket chain Asda for preventing further fuel surges, as the price of diesel moved within 0.2p of the dreaded £2-litre. The organisation’s fuel price report showed this morning that on average, big oil firms’ forecourt reached the milestone, but it could have been much worse. The AA said while [...]
Explainer-in-brief: Why paper bank notes are finally on the out June 24, 2022 Hear, hear: we all have 99 days left to use our £20 and £50 paper banknotes before they’re out of the market. Why is the Bank of England taking these notes away? The OId Lady says paper notes are easier to counterfeit than plastic ones, so it’s time to get rid of them. Plastic ones [...]
City of London to ignite UK space boom, says science minister June 24, 2022 Britain’s space boom could be supercharged by the City of London’s expertise and financial muscle, the minister responsible told City A.M. yesterday. While the global space economy has spent the last 40 to 50 years recovering from a Cold War hangover, “We’re now in the hockey stick of a huge commercial space boom,” science, research and innovation [...]
World’s biggest hedge fund bets £8.6bn against European stock market will keep falling June 24, 2022 Bridgewater Associates, the world’s biggest hedge fund, has bet £$8.56bn ($10.5bn) that Europe’s stock market will continue to decline. The US investment management firm shorted shares of 28 European companies, including bets of more than £407m ($500m) against 28 firms. The Bloomberg data, reported by the Times, says among the European firms shorted are France’s [...]
Retail sales volumes fell last month as the cost of living crunch eats into April’s gains June 24, 2022 Retail sales volumes fell by 0.5 per cent last month, according to the latest figures, as the cost of living crisis eats away at gains made in April. While the figures suggest current inflation levels and concerns over a recession have Brits’ pinching their purse strings, sales volumes were 2.6 per cent above pre-pandemic levels, [...]
The Roman Empire has a lesson for Andrew Bailey on devaluing a currency June 24, 2022 Winston Churchill once said: “The farther back you can look, the farther forward you are likely to see.” Those words apply to many aspects of our lives, not least economics. The past few weeks have seen the pound slump in value. In May alone, it fell by around eight per cent on its year-on-year value [...]
Bloom & Wild boss confident of blossoming growth despite cost of living crunch June 24, 2022 The co-founder of Bloom & Wild chats to CityA.M. about international acquisitions, venturing into physical retail and why, despite a cost of living crunch, demand for flowers is still growing. After launching in 2013, Aron Gelbard and Ben Stanway’s letter-box florist has reaped the rewards of an acceleration towards online amid the pandemic. Last year, [...]
Does pollution pay? It might do unless we develop legal remedies for greenwashing June 24, 2022 Greenwashing has become prevalent as sustainability shot to popularity. But there's few ways to deal with it.
