Revolut and the race – or not – to superapp status November 17, 2022 What on earth is a superapp and do we really want one, asks Charlie Conchie
As it happened and live reaction: Jeremy Hunt’s Autumn Budget 2022: UK is now in recession November 17, 2022 Welcome to City A.M.’s live updates as the Chancellor of the Exchequer, Jeremy Hunt, delivers the government’s Autumn Budget for 2022. Here the news team will bring you all the key points, policy changes, opinion, analysis, responses from experts, industry reaction and more. Get in touch and let us know your views via news@cityam.com or [...]
Let’s be honest, we can’t blame today’s financial pain on Liz Truss’s mini budget November 17, 2022 Chancellor Jeremy Hunt’s Autumn Statement is expected to contain a gloomy mixture of tax hikes and spending cuts. We will be told this is absolutely necessary to plug the fiscal hole left by the Truss government. The latest estimate is that the government is looking for up to £60bn a year by 2027-28. Last weekend [...]
Zurich sets out more ambitious financial goals after posting highest profits since 2008 November 16, 2022 Zurich Insurance today vowed to “build a clear leadership position in the insurance industry” in pledging to pursue more ambitious financial targets over the next three years. The Swiss insurer said it is now aiming to grow its annual earnings per share at a rate of eight per cent each year over the period 2023-25. [...]
Beazley raises £350m from directors and investors November 16, 2022 Beazley has raised £350m in a recent share placing, as directors including the CEO build up their stakes in the insurance group. The placing, organised by JP Morgan and British broker Numis, has seen 9.99 per cent of the company’s share capital sold off to directors and investors. Buyers took advantage of an around eight [...]
Appease the markets and his own party? Jeremy Hunt has a frightful task November 16, 2022 Tomorrow, Jeremy Hunt needs to deliver a plan that both wins the confidence of the city – and the financial markets – and is politically palatable. This comes off the back of a narrative which has converged around terms like “black holes” and “difficult decisions”. The emerging theme is that there is a gap in [...]
Thomas Cook hits back after rumours over Chinese owner selling its stake November 15, 2022 Thomas Cook has pushed back against reports that its Chinese owner Fosun Tourism Group was looking to sell its stake in the company. “Fosun Tourism Group has no plans to sell Thomas Cook,” a Thomas Cook spokesperson told City A.M. Sources today told Sky News’ Mark Kleinman that the Chinese powerhouse was contemplating either raising [...]
Hunt readies for biggest budget since Cameron and Osborne’s first outing November 15, 2022 Thursday’s budget (okay, Autumn Statement) is the biggest since David Cameron and George Osborne’s first statement in 2010, just after they seized the keys to number 10 (with a little help from the Liberal Democrats) from Gordon Brown’s Labour. Chancellor Jeremy Hunt faces a daunting task. Weaker than expected economic growth, high inflation and a [...]
“On the to-do list”: City minister promises reform as London slips behind Paris November 14, 2022 THE CITY minister Andrew Griffith yesterday said post-Brexit financial services reforms were on his “to do list” after new figures suggesting Paris’ stock market had overtaken London’s sent a shockwave through the Square Mile. The total value of all listings in the French capital overtook London last month, according to number crunchers at Bloomberg. Whilst [...]
Sacre bleu! But complacency, not Paris, is the City’s real enemy November 14, 2022 Sacre bleu! Zut alors! The only possible reactions to news that Paris’ bourse has, by one measure, overtaken London’s stock exchange as Europe’s largest. The calculation sent a shockwave through the City’s lunch spots today, just about replacing the fear and dread associated with Thursday’s budget as the first topic of conversation. Could it be [...]