Meta: Why is Facebook, WhatsApp and Instagram owner facing a record fine from the EU? May 22, 2023 Meta will face a record fine over its transfer of European users’ Facebook data to its US server. The fine, according to reports in Sky News, is expected to be handed to the social media giant this morning by Ireland’s Data Protection Commission (DPC), as it orders Meta to stop using “complex legal instruments” to [...]
House prices surge at fastest pace this year to record £373k despite Bank of England rate hikes May 22, 2023 Britain avoiding a much-forecasted recession has helped push house prices up by the greatest amount so far this year to a record high of £372,894, new figures out today reveal. The average price of a home coming to market climbed 1.8 per cent over the last month, the strongest increase in 2023, according to property [...]
Sunak at G7: Post Brexit ‘vote of confidence’ as Japan firms to invest £18bn in the UK May 18, 2023 Japanese businesses are committing to invest nearly £18 billion in the UK, Rishi Sunak has announced as he meets the bosses of major firms in Tokyo. The Prime Minister said the pledges are a “massive vote of confidence” in the British economy after he painted an optimistic outlook for the national finances. But Mr Sunak [...]
Mark Kleinman’s must-read column: Apollo, Ofgem and Hargreaves Lansdown May 18, 2023 Mark Kleinman is Sky News’ Business Editor and writes a must-read column for City A.M. on the biggest business stories of the week Apollo’s failed missions will make take-private landings harder Apollo and ground-breaking missions of accomplishment have long been synonymous. Right now, for the US-based investment firm of the same name, simply getting the [...]
Sunak in China row over Confucius Institute U-turn May 18, 2023 Downing Street has refused to elaborate on Rishi Sunak’s decision not to ban controversial Confucius Institutes from operating in the UK. The Prime Minister previously pledged during his leadership bid to bar the 30 Beijing-linked organisations from running on UK soil. Confucius institutes are Chinese cultural and language outposts. But he has now walked back [...]
Bennett on Business: London listings and the Bank’s bitter Pill May 17, 2023 Neil Bennett discusses London's IPO problem, the Bank's chief economist and more in his fortnightly City A.M. column
The Notebook: Victoria Scholar on Big Tech’s recovery, soaring sterling and luxury goods booming in China May 16, 2023 Where the City’s movers and shakers get a few things off their chest. Today, it’s Interactive Investor’s Victoria Scholar. Big Tech looks to be back in Vogue BIG Tech suffered painful declines in 2022 with sky-high inflation and central banks scrambling to keep a lid on rising prices. Now with US inflation easing, and the [...]
Taking flight: Inside the rise and rise of darts – and where the sport is heading next May 15, 2023 “More people in this country know who Michael van Gerwen is – a darts player from the Netherlands – than who the fastest British man and woman are,” declares Matt Porter, chief executive of the Professional Darts Corporation. Porter might have a dog in that particular fight but he is on the money about the [...]
EY plots leadership reshuffle after Big Four firm’s break-up plans scrapped May 15, 2023 EY is planning to alter the leadership team of its UK operations just weeks after it scrapped plans to break-up its audit and consulting business. The Big four accountancy firm’s UK managing partner Alison Kay, one of the top executives in Britain and a likely candidate for the role of boss, will move to a [...]
Empowering Social Mobility: New college creating opportunities in Tech May 15, 2023 Watching and mentoring a struggling schoolboy through his A-levels gave Mark Smith, founder of Ada, the National College of Digital Skills, the idea of starting up his own college. From opening the Tottenham-based college in 2016 with around 30 students, in 2023 Ada – named after Ada Lovelace, a computing pioneer, will provide education for [...]