City Moves: Who’s switching jobs in the Square Mile this week? June 30, 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. IoD’s chief economist departs for Fitch Ratings The Institute of Director’s (IoD) chief economist will step away from the role next week to become director of economics at US credit rating [...]
Shop prices fall faster in June June 30, 2021 The price of goods in UK shops fell at a faster rate in June than in May as businesses sought to maintain momentum in consuming spending, according to data published today. The British Retail Consortium’s Shop Price Index showed shop prices dropped 0.7 per cent annually in June, a faster rate than May’s 0.6 per [...]
A truly Global Britain must slash bureaucracy to draw in international investment June 30, 2021 Not that long ago there was an assumption that globalisation was inevitable – writers from Fukayama to Friedman were anticipating the victory of liberal capitalism and a “flat world” in which capital, people and trade flowed freely, driven by the power of big business to knock down national barriers to their pan-national corporate interests. That [...]
Jefferies boosts dividends on back of record second quarter performance June 29, 2021 Financial services firm Jefferies said that it had recorded record revenues for the second quarter, prompting the investment bank to jack up its dividend. The New York-headquartered firm said that its revenue had jumped 56 per cent compared to a year ago, rising to $1.6bn. It added that its pre-tax income hit $429m, up 148 [...]
Thousands of businesses to again pay property tax as business rates holiday ends June 29, 2021 Thousands of businesses will soon again face paying property taxes, as the business rates holiday comes to an end later this week. Last April the government paused business rates for the hardest hit retail, leisure and hospitality companies. Some 394,601 businesses benefitted from the rates holiday, which saved them around £13.8bn. But from 1 July, [...]
Deutsche Bank compensates Spanish winemaker over forex mis-selling June 28, 2021 Deutsche Bank has dished out over €10m to Europe’s largest wine exporter to settle a dispute over the alleged mis-selling of foreign exchange derivatives, according to reports. As the lender’s internal investigation nears its close, the decision to settle could pile pressure on Goldman Sachs and BNP Paribas, which face similar accusations from Japanese engineering [...]
US and UK job markets may look similar, but they are on very different paths June 28, 2021 The US and Europe adopted very different approaches to providing labour market support during the pandemic but as their economies re-open they appear to be experiencing similar problems: worker shortages, a growing number of unfilled vacancies and wage pressures in some sectors. What’s going on? Let’s start with the labour market support programmes themselves. The [...]
FSB calls for govt to bridge 18-day gap between Covid support and full reopening June 28, 2021 The Federation of Small Businesses (FSB) has made a last urgent appeal to the government to help small firms by bridging the gap between the end of Covid financial support this Thursday and the July 19 full reopening. Full furlough, business rates exemptions and deferred VAT payments will all end on Thursday July 1, eighteen [...]
Covid: £2.5bn business rates debt looms over local councils, new analysis says June 28, 2021 UK firms now owe local councils nearly £2.5bn in unpaid business rates, according to new analysis, as the national debt crisis swells. Countless firms have seen their debt climb higher over the pandemic period, with many businesses stifled by restrictions and forced to shut their doors for several months. As relief, the government has offered [...]
In centralised finance we distrust June 27, 2021 Crypto AM columnist Dr Chris Kacher talks about his lack of faith with centralised finance and how BTC can beat the FUD.