Powa play: Dan Wagner ready for legal battle with former director Ben White over collapse of fintech unicorn November 1, 2016 With its multi-billion-dollar valuation, plush Heron Tower headquarters and outspoken founder, British fintech “unicorn” Powa was billed as Britain’s answer to Google – until, in February this year, it sensationally collapsed into administration. Now City A.M. can reveal the collapse is set to trigger a bloody courtroom battle as two of the story’s protagonists go head [...]
Controversial former Farage aide Raheem Kassam has withdrawn from Ukip’s leadership race October 31, 2016 The controversial former aide to Nigel Farage has withdrawn from Ukip's leadership race just hours before the final candidates are due to be confirmed. Raheem Kassam was one of the first candidates to enter the race to succeed the party's leader of just 18 days, Diane James. But he has today pulled out of the contest, complaining [...]
Advertising giant WPP’s revenue spikes 23 per cent on the back of weak pound October 31, 2016 Revenue jumped at advertising giant WPP for the third quarter, up 23.4 per cent as it beat expectations. But business in the UK slowed, "perhaps the first signs of Brexit anxiety", while WPP reported a slowdown in organic net sales at 2.8 per cent. The figures Revenue for the third quarter was up 23.4 per [...]
Strong earthquake strikes central Italy October 30, 2016 An earthquake measuring 6.6 magnitude has struck central Italy this morning. The earthquake hit at around 7:40am local time and, its epicentre, according to data from the US Geological Survey, was near Norcia, which is approximately 70 miles northeast of Rome. There have been no reports of casualties at time of writing, although local media and residents have reported [...]
Here’s what will happen to the US economy if Donald Trump is elected and enacts all the policies he’s announced October 28, 2016 Much time and energy has been spent decrying Donald Trump for his insults, on social media and otherwise, which are aimed at Hillary Clinton and many, many others. But what about if Trump actually wins, and implements the policies he's announced during his campaign? Researchers Didier Borowski and Philippe Ithurbide at Amundi Research have analysed Trump's [...]
Know your benefit crystallisation event from your pension input period with our A to Z of pensions jargon October 28, 2016 National Pensions Awareness day came and went last month, with no apparent impact on people’s understanding of one of the best ways of saving for retirement. The Bank of England’s media-savvy chief economist Andy Haldane said in May that even he was unable to understand pensions because the system is so complicated. This situation is [...]
Inside Big Bang: The chaotic October morning that created the modern City October 26, 2016 Shortly before 8am, as Sir Nicholas Goodison surveyed the floor of the Exchange crowded with foreign television crews and curious journalists, he was a little apprehensive. After so much hype about the possibilities of what had been termed Big Bang, and difficult negotiations with Margaret Thatcher’s ministers, and efforts to persuade the more conservative elements [...]
It’s facile to blame the referendum for everything: Digital killed the TV star, not Brexit October 26, 2016 It matters not which sector you work in, if something has gone wrong since June, chances are it was the fault of Brexit. Just try it, it’s easy: “_______ happened, due to Britain voting to leave the European Union”. Feels good, doesn’t it? As sinecures go, doomsayers have only just stopped short of blaming Brexit [...]
Deutsche Bank share price dips on reports mega $14bn fine settlement has been delayed October 25, 2016 Deutsche Bank's shares dropped again today, as investors digest reports that the bank's settlement of a potential mega fine has been delayed. The German lender's share price is currently down 2.3 per cent at €13.00, having been on a rollercoaster ride ever since it was announced the US Department of Justice (DoJ) could hit it with a fine for as [...]
Banks, law firms and accountants to be ranked on social mobility success October 24, 2016 Top City employers will be ranked on their progress in boosting social mobility and recruiting candidates from disadvantaged backgrounds, in a new government-backed scheme. The Social Mobility Commission, a government body, and the Social Mobility Foundation, a charity, have teamed up to produce a new index of the country's biggest employers to assess their efforts [...]