Biden infrastructure plan receives backing as Democrats support $3.5 trillion investment July 14, 2021 Leading Senate Democrats have provided Joe Biden’s new infrastructure plan with a big boost after they agreed on a $3.5 trillion investment plan that they aim to include in the budget resolution that is debated soon. Senate Majority Leader Chuck Schumer told reporters that “we have come to an agreement.” It came after two hours [...]
Global investors snap up more than $800bn Chinese assets July 14, 2021 Investors around the world have bought more than $800bn Chinese stocks and bonds at a record pace, despite Beijing’s geopolitical rivalry with international states. Global investors have poured into Chinese markets, in spite of huge political tensions stemming from Beijing’s repression of Uyghurs in Xinjiang, erosion of Hong Kong freedoms, and battles with the US [...]
British SMEs exposed to substantial debt stress July 13, 2021 British small and medium sized businesses are exposed to substantial debt vulnerabilities as a result of the Covid pandemic, according to the UK financial system’s watchdog. The Financial Policy Committee said in a report published today that though UK corporate debt vulnerabilities have only increased modestly, they have “been more substantial… among small and medium-sized [...]
JPMorgan profits surge 155 per cent July 13, 2021 Profits at Wall Street giant JPMorgan Chase & Co surged 155 per cent, driven by the release of loan loss reserves and a fruitful deal making period, the firm announced on Tuesday. The American bank released around $3bn in loan loss reserves, which were initially built up in anticipation of a rush of Covid-induced defaults, [...]
City of London Corporation chief says 19 July will ‘restore vibrancy’ in capital July 13, 2021 The City of London’s local authority welcomed the government’s announcement that “Freedom Day” will go ahead next week, helping the capital to bounce back from the pandemic. Catherine McGuinness, the City of London Corporation’s policy chair, said: “This is a light at the end of the tunnel for the many City businesses desperate to return [...]
EU puts tech tax on hold, amid US pressure – but Ireland pushes back July 12, 2021 The EU has decided to delay plans for a new digital services tax, under pressure from the US administration and after the G20 agreed to a global overhaul of corporation tax – but EU member Ireland has restated its criticisms of the wider reform. The European Commission had planned to outline its proposed tech tax [...]
Have your say on plans to protect City against rising sea levels July 12, 2021 The City of London Corporation has launched a public consultation on its proposed Riverside Strategy which aims to protect the Square Mile against rising sea levels as a result of climate change. The pioneering strategy is the first of its kind in the capital and sets out how to ensure the Square Mile’s River Thames flood defences continue to [...]
Exclusive: Businesses overpaying corporation tax up by 26 per cent to record £11.5bn July 12, 2021 Businesses claimed back a record £11.5bn in overpaid corporation tax from HMRC last year, a jump of 26 per cent from £9.1bn the year before, according to data by accountancy firm UHY Hacker Young, shared with City A.M. this afternoon. The firm stressed it is “extremely likely” that these refunds are merely “the tip of [...]
Boris Johnson needs to tread a path back to a free market economy and focus on facilitating investment July 12, 2021 Boris Johnson has always been difficult to classify in ideological terms. Ten years ago, he was a small-state economic and social liberal who identified as a One Nation Conservative. His City Hall rival Ken Livingstone initially feared he was “the most hardline right-wing ideologue since Thatcher” but later concluded he was “a fairly lazy tosser [...]
Google boss Sundar Pichai warns that internet freedom is at risk around the world July 12, 2021 Sundar Pichai claims that the free and open internet is under attack in countries around the world. The Google boss said that a lot of countries are restricting information and that the model is often being taken for granted. Pichai argued in a BBC interview that artificial intelligence is more profound than fire, electricity or [...]