London hotel rooms empty as holidaymakers favour rural staycations – CityAM : CityAM August 12, 2021 London hotels have been dealt an unenthusiastic staycation trade while their regional counterparts have capitalised on international tourism constraints. Online travel platform Booking.com told City A.M. that while staycations were at the forefront of UK holidaymakers’ minds with travel restrictions not going anywhere, cities were not the top choice. “In terms of locations, it appears [...]
City Moves: Who’s switching jobs in the Square Mile this week? August 11, 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. Former Tesco director joins London’s Interpath as special advisor London-headquartered firm Interpath Advisory has appointed former Tesco director and retail veteran Christine Cross as a special advisor for the business. Cross’ extensive non-executive and advisory board [...]
Admiral posts strong half-year results as pre-tax profit jumps 76 per cent August 11, 2021 Admiral has posted strong half-year results for the period up to the 30 June 2021 as their decision to adjust pricing on pandemic-related claims looks to have paid off. The insurance company saw its pre-tax profit jump by 76 per cent, from £274.4m this time last year to £482.2m for the six months to 30 [...]
Citigroup to require vaccines for return to US offices August 10, 2021 Citigroup will require US employees returning to the office to be vaccinated against Covid-19, the bank’s head of human resources said today. The bank expects these employees to start returning to the office for at least two days a week from 13 September, Sara Wechter said in a Linkedin post. The policy will apply to [...]
Chinese social media giant Weibo’s ex-PR director arrested on bribery charge August 10, 2021 Chinese authorities have arrested today a top communications director at Chinese social media giant Weibo accused of taking bribes. Mao Taotao, former senior public relations director at Weibo, was detained by police on suspicion of accepting bribes and committing fraud. Weibo, part-owned by e-commerce giant Alibaba Groups, said the company had fired Mao and will [...]
Fine dining restaurant planned for the top of Lloyd’s of London August 10, 2021 Lloyd’s of London is considering adding a Michelin-starred restaurant to the top of its headquarters as part of a revamp of the insurance marketplace’s iconic building spaces. The creation of a high-end restaurant with enviable views of London is being considered as a way to create ‘destination style’ experiences, and attract more clients and members of [...]
Strategic asset allocation or how I learned to stop worrying and love dispersion August 10, 2021 For decades, strategic asset allocation has been considered the driving force behind investment portfolio returns. But the old adage that allocation determines 90 per cent of performance is rapidly becoming outdated. During 2020 and 2021, we have seen how the world of investing is shifting from one in which declining interest rates drive beta performance [...]
FCA explores new rules to block UK high street bank closures August 10, 2021 The Financial Conduct Authority is reportedly looking into new rules that would give it the power to stop banks from closing high street branches, in a bid to ensure consumers have continued access to cash. In a consultation last month, the Treasury said it was considering new legislation that would give the UK’s financial regulator [...]
Watches of Switzerland reports ‘extremely strong’ UK sales August 10, 2021 Luxury watchmaker Watches of Switzerland revenue has almost doubled during its first quarter with “extremely strong” UK trading. Group revenue was £297.5m during the first quarter, up from £151.6m last year, as shoppers were keen to purchase both luxury watches and jewellery. UK sales grew 104.7 per cent compared to the first quarter of the [...]
Brits still using pennies and pounds to buy goods August 10, 2021 Cash is continuing to play a significant role in facilitating transactions as Brits flock to high streets after “Freedom Day”, new figures released today reveal. A record £665m was withdrawn from Post Office counters in July, the highest monthly total excluding the historically busy Christmas period ever. Personal cash withdrawals in July were up 4.6 [...]