Turkey’s crisis shows the danger of mixing politics with economics August 17, 2018 There is a longstanding debate about the proper relationship between politics and economics. While many economists maintain that their discipline is a “neutral science” that deals in facts rather than values, politicians have long sought to use economics for their own ends. The financial crisis in Turkey is a perfect example of what happens when [...]
Mayor of London: Capital must prepare for no-deal Brexit August 17, 2018 Mayor of London Sadiq Khan has tasked the body responsible for preventing a repeat of the Grenfell Tower fire with examining London’s preparations for a no-deal Brexit scenario. The London Resilience Forum will seek to establish what access the capital has to food, medicine, energy and emergency services in the event of the UK leaving [...]
City A.M.’s Crypto Insider speaks to Andrew Rabbit, CEO of incuto.com August 14, 2018 I recently met up with Andrew Rabbitt, CEO of incuto.com, a banking technology platform for a new global network of community-focused, ethical challenger banks. Whilst mainstream banks suffer an expensive, legacy debt of technology, a large number of hard-pressed individuals are unbanked. “We saw an opportunity to combine a love of technology with addressing a [...]
Investec fills entire City building in post-Brexit commitment August 13, 2018 Specialist banking giant Investec Asset Management has agreed to occupy the whole of 55 Gresham Street in a move that signals yet another firm commitment to the City of London post-Brexit. More than 121,000 square feet of offices spanning 11 floors will be let out in the grade A building located in the heart of [...]
Serious Fraud Office suspends lawyer in charge of Unaoil criminal investigation | City A.M. August 12, 2018 The senior lawyer in charge of an ongoing criminal investigation into Monaco-based oil firm Unaoil has been suspended. Tom Martin, the lawyer managing the Serious Fraud Office’s (SFO) probe into the oil consultancy, has been suspended within the last few weeks for gross misconduct, according to Sky News. It comes just weeks before the agency’s [...]
Derwent developments bring major boost to London August 10, 2018 Major property developer Derwent London gave a huge boost to confidence in the capital yesterday by committing to £700m worth of new high-end development projects. The FTSE 250 giant will start work next year on a £500 million redevelopment of the historic Astoria music venue on the corner of Oxford Street and Charing Cross Road, [...]
It’s time for a grown-up conversation about immigration August 9, 2018 Business has been well served by immigration, but even before the word Brexit had worked its way into daily use, it was clear the wider public has a less rosy view of untrammelled free movement. As negotiations have progressed, sectors as varied as healthcare, fruit-picking, hospitality and banking have pressed their own special cases, to [...]
Saudi Arabian prince snaps up a $250m stake in Snap for 2.3 per cent | City A.M. August 8, 2018 Snap caught a second-wind after posting its results last night, when Saudi Arabia’s Prince Alwaleed bin Talal tweeted that he has invested $250m (£193.2m) into the company in exchange for a 2.3 per cent stake. The stake is valued at $10.8bn, despite Snap’s overall market capitalisation sitting at just $17bn. Shares in Snap jumped by [...]
DIY SOS: Travis Perkins warns Wickes profits will be lower as consumers spend less on home improvement July 31, 2018 Wickes parent Travis Perkins warned this morning that the home improvement retailer’s profits will be lower than expected due to a weaker consumer backdrop in the UK’s DIY market. Shares dropped more than eight per cent in early trading. The figures The business, which also has several trade-facing units, reported like-for-like revenue growth of 4.2 [...]
Carney says Brexit planning takes up 50 per cent of his time July 30, 2018 Bank of England (BoE) governor Mark Carney said that Brexit takes up “50 per cent of my time now” according to an interview published today. Carney made clear that while Brexit planning means now less time for other things, the Bank has a responsibility to “manage through the downside if there is a disorderly outcome”, [...]