How strong might the UK’s post-Covid economic recovery be? April 30, 2021 It has been a tough start to the year for the UK. As lockdown restrictions continue to slowly ease, we examine the progress made in tackling the Covid-19 pandemic, and whether hopes for a strong economic recovery are well founded. Vaccines offered hope, speedy inoculation will solidify the recovery A year on from the start [...]
Business confidence in London jumps to pre-pandemic levels April 30, 2021 Business confidence in London rose 20 points during April, to 32 per cent, its highest level since January 2020. Moreover, companies in the capital reported higher confidence in their own business prospects month-on-month, up 17 points at 31 per cent, according to the latest Business Barometer from Lloyds Bank Commercial Banking. When taken alongside their optimism in the economy, up 22 [...]
Corona Impact Series: How a Brixton coffee roaster brew up plans for a radical transformation during lockdown April 29, 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: Volcano Coffee Works entered the initial lockdown as a wholesale business and, through necessity, is emerging as something very different. First lockdown Volcano Coffee Works is an independent [...]
FCA looks into high risk investment promotion amid Bitcoin boom and TikTok ‘finfluencer’ trend April 29, 2021 The City regulator is looking for views on how to tackle the issue of high-risk investment promotions, fearing too many consumers are unwittingly taking too much risk with their money. The Financial Conduct Authority (FCA) is concerned consumers are investing in inappropriate, high-risk investments that are unsuitable for most people. The watchdog has recently warned [...]
In The Style sales soar 130 per cent in first financial update since retailer’s AIM listing April 29, 2021 Fast fashion firm In the Style, which collaborates with reality TV stars and online influencers, toasted booming sales over the last 12 months in its first financial results since it went public last month. The ecommerce retailer said turnover for the year ended 31 March is expected to be around £44.5m, a 130 per cent [...]
City fund managers discuss post-pandemic opportunities, with NatWest, Lloyds and BP topping the list April 28, 2021 As the economy slowly recovers from what has been a dramatic year, and investors gradually dare to think again about growth and investment, City A.M. checked in with a number of prominent Square Mile-based fund mangers to find out where they spot opportunities as London’s investment community starts to shake off the pandemic. Banking, energy [...]
City Moves: Who’s switching jobs in the Square Mile this week? April 28, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Cazoo bolsters board after $7bn NYSE listing After its $7bn New York Stock Exchange listing through its AJAX merger, UK online car retailer Cazoo has confirmed that a new non-executive director [...]
Hines to refurbish West End building into mixed-use retail and office space April 28, 2021 Real estate firm Hines has secured planning consent for its proposed mixed-use retail and office scheme in the heart of London’s West End. The building, located with dual frontage to both New Bond Street and Oxford Street, was acquired on behalf of Hines in February 2020. The planning consent will enable the company to proceed [...]
What is the post-pandemic outlook for Asian shares? April 28, 2021 Despite the global turmoil caused by the Covid-19 pandemic, stock markets were generally strong in 2020 and the Asia ex Japan region was no exception. Indeed, in many ways the region was first into the pandemic and first out, with successful containment of the virus in many countries enabling economic activity to resume more quickly [...]
HSBC profits surge to $5.8bn on Covid-19 recovery hopes April 27, 2021 Banking giant HSBC this morning announced a surging pre-tax profit of $5.78bn (£4.16bn) for the first quarter, up from $3.21bn a year ago and well above an average analyst forecast of $3.35bn. Revenue, however, fell five per cent to $13bn in the three months to 30 March as low interest rates in its main markets [...]