FTSE 100 dragged down by Brexit delay ahead of general election vote October 29, 2019 The FTSE 100 edged down this morning as Brexit uncertainty lingered over the City. European markets opened flat today, but UK traders took a more cautious approach ahead of another crucial day of voting in Parliament. London’s blue-chip index fell by 0.5 per cent to roughly 7,297 points, while the Dax was down by 0.2 [...]
Shop Direct could fail unless £150m is found, auditor warns October 28, 2019 Shop Direct, the UK retail group owned by the Barclay brothers, could collapse unless it finds £150m to cover the costs of payment protection insurance (PPI) compensation, its auditor has warned. Read more: Media veteran David Montgomery weighing up Telegraph bid The Littlewoods.com and Very.co.uk owner last week revealed it had seen higher-than-expected demand for [...]
Wealthy UK cities showing resilience to retail downturn October 28, 2019 A group of wealthy cities such as London and Cambridge are faring relatively well during the UK retail sector’s downturn while shops in poorer and more rural areas suffer, a new report has said. Read more: Retailers brace for tough Christmas as confidence slumps Shopping parks have also shown resilience as the bricks-and-mortar retail sector [...]
‘Part of the criticism we face is justified’, says FCA head October 24, 2019 The head of the Financial Conduct Authority (FCA) will say that some criticism of the watchdog is justified in a speech given in the City this evening, and that consumers need to be better warned about the risks related to investment. Speaking at the Lord Mayor’s City Banquet at Mansion House, Andrew Bailey is expected [...]
RBS swings to loss in wake of £900m PPI charges October 24, 2019 The Royal Bank of Scotland (RBS) swung to a loss during the last quarter as a rush of payment protection insurance (PPI) claims caused a £900m hit to the lender’s balance sheet. RBS reports an operating loss of £8m for the nine months to the end of September 2019, falling from £961m in the same period last [...]
Facial recognition tech powered by AI poses a threat to society October 24, 2019 Facial recognition software feels like it has stepped out of the realms of science fiction and into reality. Thanks to massive developments in artificial intelligence (AI), cameras and surveillance systems can now check and analyse someone’s facial features in real time. This is a profound step forward in the realms of biometric security, and major [...]
City Moves for 24 October – Who’s switching jobs at Legal & General, SnapLogic and Angling Direct? October 23, 2019 Today’s City Moves includes Legal & General, SnapLogic and Angling Direct Legal & General Legal & General Investment Management (LGIM) has announced the appointment of Margaret Ammon as chief risk officer. Currently chief risk officer for the asset management branch of M&G, Margaret will join LGIM in February 2020 and be responsible for the oversight and [...]
Starling Bank raises £30m amid European expansion plans October 23, 2019 Starling Bank has raised £30m as part of an effort to ramp up its expansion into Europe. The British fintech giant, which claims to be on track to reach 1m accounts by the end of this year, has been tapping up fresh funds for its bullish expansion and investment in B2B banking services as well [...]
UK commercial property rental values boosted by office and industrial sector October 22, 2019 Rental values in the UK prime commercial property market rose slightly in the third quarter driven by a strong performance in the industrial sector. UK commercial property values were up 0.4 per cent as industrial and office rental values increased 1.7 per cent. Read more: Sharp rise in property values for UK’s top shared office [...]
Number of companies entering administration leaps by a third in the third quarter October 22, 2019 The number of companies entering administration jumped by more than a third during the third quarter of the year, analysis published today showed. A study of notices in the London Gazette by accountancy firm KPMG showed a total of 417 companies went into administration between July and September 2019, compared with 310 in the previous [...]