Brexit Transition: what businesses must do now January 28, 2021 The UK and the EU wrapped up a trade deal on Christmas Eve, bringing to an end years of negotiations. But though a deal has been struck, that doesn’t mean nothing’s changing. The UK has left the EU, and December 31 marked the end of the Brexit Transition period. The UK’s fresh start means that [...]
Office demand drops as Workspace reports 33 per cent fall in enquiries January 28, 2021 Workspace remains optimistic about the future of London’s office work despite a sharp drop in enquiries throughout the pandemic. This morning’s results show the group averaged 672 enquiries per month in the third quarter, a 33 per cent drop from the previous year. Lettings per month also fell by 3.4 per cent to 109, driven [...]
Apple earns $100bn in single quarter January 27, 2021 Silicon valley giant Apple has earned more than $100bn in its first quarter of 2021, making it one of just a handful of firms to ever have done so. Apple’s revenue for the quarter ended December 26 rose 21 per cent to $111.44 billion. Earnings per share rose to $1.68 from $1.25. Analysts had expected [...]
Apple set to break $100bn quarterly sales record as tech boom continues January 27, 2021 Apple’s bullish run shows no signs of slowing down, with the tech giant expected to join an exclusive club of companies to have earned revenue of more than $100bn (£730m) in a single quarter. Analysts have predicted quarterly revenue of $102.6bn for the iPhone maker, which would mark year-on-year growth of 12 per cent — [...]
Before the Bell: UK unemployment set to rise to four year high January 26, 2021 On the data front we have the latest unemployment numbers from the UK this morning, for the three months to November, coming up shortly. In his spending review announced in November, Chancellor of the Exchequer Rishi Sunak forecast that UK unemployment could well peak in the second quarter of 2021 at 7.5 per cent, and [...]
Exclusive: Test and Trace slammed for tweaking counting method to boost stats January 26, 2021 The Government’s Covid-19 Test and Trace programme has come under sharp criticism for tweaking its method of counting coronavirus contacts to boost figures. The beleaguered contact tracing system last week changed its methodology so that Covid-19 contacts can be counted multiple times, City A.M. can reveal. Previously, people who had been in contact with any [...]
Best of travel: A psychedelic trip to San Jose Del Pacifico January 25, 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 Alex Dymoke’s trip to San Jose Del Pacifico, where he discovered the darker side of psychedelic tourism. ••• It’s a beautiful day in San Jose Del Pacifico, a small village high in the [...]
Corona Impact Series: How a Bethnal Green confectionery is baking up a storm online January 25, 2021 In this series, City A.M. looks at the financial and economic impact of the ongoing pandemic on a range of small and medium-sized businesses across London. Today: The East London bakery which went entirely digital as the pandemic storm picked up. Before the pandemic, Steph Giordano, the founder of Bethnal Green bakery Baked by Steph, had been baking [...]
Pubs and restaurants struggle to pay rent due to lockdown restrictions January 25, 2021 Commercial landlords collected just 77 per cent of rent in the final quarter, as retail, leisure and hospitality firms struggled under the pressure of lockdown restrictions. The latest research showed that pub, bar and restaurant tenants paid 23 per cent of rent as sales were decimated by Covid-19 restrictions in the crucial Christmas trading period. [...]
Before the Bell: Europe to open higher as US fiscal talks get underway January 25, 2021 While US markets continued to set new records last week, European markets traded in a more lacklustre fashion as the early year optimism of the first week of 2021, gave way to a lot more caution, as a rise in short-term economic pessimism and the prospect of tighter lockdown restrictions for longer raise the prospect [...]