Uber rival Ola raises $500m in funding round ahead of IPO July 9, 2021 Uber rival Ola today said it has raised $500m (£362m) from private equity backers as it gears up for a stock market float. The Indian ride-hailing giant, which is backed by Softbank, said the cash injection had been secured from Temasek and Warburg Pincus in the company’s first funding round for two years. Ola did [...]
No masks, no distancing: Govt set to revise UK workplace guidance July 9, 2021 Ministers are preparing to publish new return to office guidance for businesses next week that will greatly reduce the number of measures recommended to curb the spread of Covid-19. Among the workplace recommendations set to move from obligatory to subject to a company’s discretion are face masks and social distancing, the Financial Times first reported. [...]
EP: 71 Newmarket, York, Ascot & Hong Kong July 9, 2021 The Newmarket July Cup is the feature race on Saturday where Roger Teal’s Oxted looks to win the Group 1 sprint for a second year in a row. Ed Walker has been looking for better ground for Starman, and both trainers join us today. City A.M. racing editor Bill Esdaile previews the best of Saturday’s [...]
Crypto markets look flat and dull as they decide which way to turn July 9, 2021 It's been a lacklustre week in the world of crpyotcurrency as all major coins struggle to break out of the slump.
Buy now pay later schemes need light-touch regulation to protect consumers and nurture economic growth July 9, 2021 The rise of buy now, pay later schemes has been remarkable in the UK. New financing products have flooded the market and revolutionised the online retail and consumer credit market. The use of delayed payments has nearly quadrupled in 2020, with 5 million people using them since the start of the pandemic. Klarna, now the [...]
Police officer Wayne Couzens pleads guilty to Sarah Everard murder July 9, 2021 The Metropolitan police officer pleaded guilty to the murder of Sarah Everard at the Old Bailey on Friday morning. Ms Everard, who was 33, went missing as she walked home from a friend’s house in Clapham on 3 March. Her body was found a week later in woodland in Kent. Wayne Couzens, a 48-year-old married [...]
Semiconductor shortage drives car production off the road July 9, 2021 The impact of the ongoing shortage of semiconductor chips was laid bare this morning as the Office of National Statistics (ONS) said that car manufacturing fell over a quarter in May. The government agency said that vehicle production fell 26.9 per cent in the period, driving an overall fall in manufacturing output of 0.1 per [...]
City A.M. TV: A market snapshot July 9, 2021 After a number of weeks of strength in global risk assets, some cracks began to emerge in markets this week.
Crossrail to run out of funding before full line opens as cost rises again July 9, 2021 Sadiq Khan is being urged to give assurances that there will be enough money to finish Crossrail after it was revealed that it could cost a further £218m to finish the much-delayed rail project. A new report from the National Audit Office (NAO) found that the controversial new line could cost between £30m and £218m [...]
Philip Morris to buy British inhaler specialist Vectura for £1bn July 9, 2021 Cigarette maker Philip Morris International will buy Vectura Group, a British pharmaceutical company, in a £1.05bn deal as it expands beyond tobacco, and into inhalers. Vectura had already agreed to a £958m deal with Carlyle Group in May but said it had withdrawn its backing for the offer which would have given shareholders 136p per share, [...]
