UK consumer credit slumped in January as lockdown took hold March 1, 2021 Consumer borrowing in January fell at its fastest pace since May last year as the country returned to lockdown, Bank of England data showed on Monday. Unsecured lending to consumers tumbled by £2.4bn, the biggest drop since last May’s £4.5bn hit. This takes the year-on-year fall to 8.9 per cent, the biggest decline since monthly [...]
FCA failed to act for two years on Woodford concerns March 1, 2021 The Financial Conduct Authority was made aware of concerns with Neil Woodford’s now collapsed investment business but failed to act for almost two years. The disgraced former stock picker was forced to suspend his flagship fund in June 2019 sparking a scandal that rocked the investment industry. Concerns over the strategy were raised in 2015, [...]
UK bonds suffer biggest monthly fall in years February 26, 2021 UK bond prices recorded their sharpest fall in years this month, as investors bet on a rebound in growth and possibly inflation. The fall comes just days before the budget, in which Chancellor Rishi Sunak will set out his economics plans for the UK. The month’s sharp declines largely reflect a global sell-off led by [...]
The state of the state of Ethereum February 26, 2021 Last week saw record transaction costs on Ethereum, peaking at around $7,000,000 per hour in fees.
Will pressure on Chinese tech firms spark renewed interest in value stocks? February 26, 2021 The flotation of Ant Group in December last year was supposed to be a landmark event. The initial public offering (IPO) was set to raise $37 billion, valuing Ant at over $313 billion and making it the biggest IPO ever. It was due to list in Hong Kong and Shanghai, rather than having a US [...]
EU likely to grant the City limited equivalence, says French minister February 26, 2021 The EU may grant the City limited access to its financial services market to allow the UK to do business across the bloc, a French minister has said. A minister close to Emmanuel Macron, Clement Beaune said Brussels may be able to grant limited equivalence by the middle of the year. Speaking to Bloomberg he [...]
Gatwick crashes to £465.5m loss as passenger numbers collapse February 26, 2021 Gatwick Airport plunged to a £465.5m loss in 2020 as global air traffic and passenger numbers collapsed due to the Covid-19 pandemic. While the airport remained open throughout the pandemic, passenger numbers plunged 78 per cent as lockdowns and travel restrictions took their toll. Gatwick said all revenue streams were impacted and posted a loss [...]
Hopes of economic revival buoys business confidence February 26, 2021 Business confidence has crept into positive territory for the first time since March 2020. Confidence across all UK regions and nations, Lloyds Bank found, with the North West, East Midlands and London businesses the most positive. Lloyds surveyed businesses in the first half of February, before Prime Minister Boris Johnson announced the ‘roadmap’ out of [...]
Standard Chartered to cut office space as dividend returns despite profit hit February 25, 2021 Standard Chartered will resume its dividend for the full year despite a sharp fall in profit due to the pandemic, as it unveiled plans to slash office space in the coming years. The London-based lender, which halted its payout last year at the request of the Bank of England, said it will pay a dividend [...]
Rio Ferdinand invests in ‘Spotify of overseas payments’ app Sokin February 25, 2021 Former England footballer Rio Ferdinand is dipping his toe into the fintech world investing in a new overseas payments app launching this summer. He spoke to City A.M. about why the partnership with Sokin is in large part because of his experiences through childhood and what he’s learned about investment. The ‘Spotify of payments’ Sokin, [...]