Release of loan loss reserves and M&A boom lifts JPMorgan profits October 13, 2021 A release of over $2bn in reserves set aside to deal with an expected wave of loan defaults thrusted JPMorgan deep into profitability. The Wall Street giant’s net income for the third quarter climbed to $11.7bn, up $2.2bn from $9.4bn in the same period last year. The investment bank released a wave of reserves after [...]
M&A cash: Uncertainty and reduced leverage capacity make it harder to finance takeovers October 12, 2021 One of China’s biggest property developers, Evergrande, has come under mounting pressure in recent weeks to repay investors and bond holders on the back of three missed payments on over $300bn of liabilities. This potential default has triggered fears across global markets that investors will not get their money back. It has also had an effect on [...]
UK shorter-term bookings surge compared with pre-Covid levels October 12, 2021 Despite uncertainty on travel restrictions, during the summer the British airline industry registered a 25 per cent jump in shorter-term international bookings compared with pre-pandemic levels. Data from the Airlines Reporting Corporation (ARC) showed that this year 52 per cent of international flight bookings from the UK were made over a four-week window, compared to [...]
Perpetual debt is already here October 12, 2021 “Be still indebted to somebody or other, that there may be somebody always to pray for you, [. . .] fearing, if fortune should deal crossly with you, that it might be his chance to come short of being paid by you.” François Rabelais, Gargantua and Pantagruel, Book III Pundits worldwide are debating what to do with [...]
Moldova asks EU for help after Gazprom’s gas flow closure October 12, 2021 Moldova is asking European countries for help after Russian energy corporation Gazprom drastically reduced gas shipments to the country. As reported by the Financial Times, Moldova is requesting emergency gas supplies through Romania to relieve pressure, reducing shortages and easing the increase in prices. Gas supplies in the country have fallen by a third as [...]
Wizz Air chief executive calls carbon offsetting “a bit of a joke” October 12, 2021 Wizz Air’s chief executive Jozsef Varadi has branded carbon offsetting as “a bit of a joke”, despite offering the scheme as part of the airline’s sustainability programme. As reported by Euronews, while speaking in Milan at industry conference World Routes, Varadi called carbon offsetting “greenwashing”. When pressed by Euronews Green on why the company was offering [...]
Wizz Air chief executive calls carbon offsetting “a bit of a joke” – CityAM : CityAM October 12, 2021 Wizz Air’s chief executive Jozsef Varadi has branded carbon offsetting as “a bit of a joke”, despite offering the scheme as part of the airline’s sustainability programme. As reported by Euronews, while speaking in Milan at industry conference World Routes, Varadi called carbon offsetting “greenwashing”. When pressed by Euronews Green on why the company was offering [...]
Amazon makes U-turn and allows 50,000 corporate staff to work remotely indefinitely October 12, 2021 E-commerce Amazon said this morning plans to permit many tech and corporate workers to continue working remotely indefinitely as long as they can commute to the office when necessary. It is a change from Amazon’s previous expectation that most employees would need to be in the office at least three days a week after offices [...]
City Moves: Who’s switching jobs in the Square Mile today? October 12, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Marshmallow Digital insurance unicorn Marshmallow has appointed its first Chief People Officer (CPO) just weeks after it a secured a $1.25bn valuation. Caroline Gillard, who joined in September, brings 20 years of experience in HR to the [...]
A slice of the pie: UK financial firms target booming fintech market October 11, 2021 As banks and financial services firms in the UK switch their attention from pandemic survival to driving growth, they are increasingly tapping into the booming fintech space as a way to future-proof their business, according to new research. Almost half (46 per cent) of the UK’s financial services firms are targeting acquisitions and partnerships with [...]