Exclusive: Richer London boroughs suffer biggest fall in lockdown spending September 11, 2020 Some of London’s most prosperous boroughs suffered the biggest falls in spending during lockdown and saw a more sluggish recovery as richer households’ lifestyles were curtailed, while less affluent areas saw a smaller drop, data provided exclusively to City A.M. has suggested. Yet some of the richer boroughs – where residents have thriving food scenes [...]
We are on the precipice of a price war, and the losers will be workers September 11, 2020 James Reed argues that nobody stands to gain from a price war in the long run – least of all Britain’s workers. Over 100m meals were claimed on the government’s Eat Out to Help Out scheme last month, but the end of the measure on 31 August has left businesses in the hospitality sector split [...]
FCA defers bonuses until the publication of report into collapse of LCF September 10, 2020 The City watchdog has delayed its annual bonuses for top officials pending a report into how it handled the collapse of London Capital & Finance investment fund. In its annual report published today, the Financial Conduct Authority said: “This investigation is ongoing and, as a result, the Remuneration Committee has decided that performance bonuses awarded [...]
The Hut Group confirms £4.5bn stock market listing September 10, 2020 The Hut Group has confirmed it is set to price its initial public offering at £5 per share, valuing the e-commerce retailer at £4.5bn The £920m float will make it the largest listing of a British company since 2013. The Hut Group will list at least 20 per cent of its stock. It is also [...]
UK economy: Job adverts fall while retail footfall flatlines September 10, 2020 The UK’s economic recovery appeared to slow somewhat over the last few weeks, according to official data, with the number of online job adverts falling and retail footfall staying roughly flat. Britons gradually headed back to the office, however, with the number of people working remotely falling. In the week to 4 September, total online [...]
Games Workshop shares level up on expectations beat September 10, 2020 Shares in Games Workshop jumped more than 18 per cent today, after the retailer said trading for the most recent quarter came in ahead of expectations. Strong performance in its online segment has meant current estimates for the three months to the end of August show sales of approximately £90m, up from £78m year on [...]
Haulage firm Wincanton sees shares jump on home delivery surge September 9, 2020 Shares in logistics firm Wincanton jumped over 10 per cent this morning as the haulage specialist said that full year profit was on course to be “materially ahead” of forecasts. In a trading update, the FTSE 250 firm said that it had seen a “continued improvement in profitability in July and August, with a particularly [...]
The creative sector is vital to London – we must save it before it is too late September 8, 2020 Save our arts. That is the rallying call. It is a worthy one. The UK’s creative sector is a dynamic part of the economy, but it has been among the areas hit hardest by the coronavirus crisis and looks likely to recover last. While areas like retail and housing are rebounding solidly, the arts are prevented [...]
The Crypto circus is back in town! This year’s star attraction? DeFi (Part 2) September 8, 2020 When the gas escaped from the ICO bubble market in early 2018, speculators and developers scrambled to find a new way to generate the huge funds and rampant growth previously offered by now collapsed initial coin offerings. DeFi is just the latest in the line of new, and ultimately self defeating attempts to bring back [...]
TfL commissioner Andy Byford: Getting the capital moving again September 8, 2020 Andy Byford, London’s transport commissioner, outlines what he has been doing to make TfL services ready for people to use them again. I started my career at London Underground in 1989, and through the last few decades I’ve worked for transport organisations all over the world – America, Australia, Canada. All different, but in each [...]