London still number one financial centre in the world despite listings pain London is still the top global financial centre, according to a new report from the City of London Corporation. Despite worries about the city’s stock markets, London holds its position due to strengths in sustainable finance, talent, and skills. The report, comparing cities worldwide, found that London’s success is partly because of its strong performance in sustainable finance, as well as its talented…
CITY AM – UK insurers profit from Russian oil UK has insured £102bn worth of Russian oil despite sanctions CITY AM SAYS A former Cabinet minister has called on the insurance industry to think on its obligations after it was revealed that UK firms have insured over €120bn worth of Russian oil. From March 2022, just after Russia’s invasion of Ukraine, until the end of November 2023, the UK insured €120.6bn worth of Russian oil,…
Britain’s flagship Hinkley Point C nuclear power plant has been pushed back again until 2029 at the earliest, according to the Financial Times.
CITY AM SAYS The City’s continued strength has helped push services to a record share of total exports, new research shows, but the relative weakness of the rest of the country has seen the UK slip internationally.
Financial Times – Narrow voter ID rules expose Tories to claims of bias Conservative ministers have “opened themselves” up to the charge that a new voter ID scheme is designed to benefit the Tories, according to the head of the elections watchdog – the Financial Times reports. He also expresses concerns in the broadsheet that the “bad behaviour” of some politicians has put the younger generation off voting. The front page features a report on…
Latest official figures reveal that government borrowing in December was lower than expected, at £7.8bn, according to the Office for National Statistics.
New research indicates that two million people may face their gas and electricity being cut off this winter due to financial constraints, according to Citizens Advice.
These are the customer favourites that have been getting smaller.
The Financial Times says the world’s most successful hedge funds made their biggest profits in more than a decade last year as bets on stock markets paid off when share prices surged.
The Financial Times reports Chancellor Jeremy Hunt has hinted at more tax cuts in the months ahead as he left open the possibility of holding two budgets before the general election.
Londoners were left wondering if they were receiving a visit from outer space – as Samsung launched its new, flagship Galaxy S24 devices.
CITY AM reports Heathrow and Gatwick Airport’s plans for another runway are “f***ing off the wall” and far too expensive, Ryanair’s chief executive Michael O’Leary has said.
The Financial Times says stocks and bonds dipped in value on Wednesday as investors lost confidence in expectations of swift interest rate cuts in Europe, the US and UK.
CITY AM SAYS The City’s small investment banks and brokers have been through a wave of consolidation in the past 12 months. Could Peel Hunt be next?
The Financial Times says Rishi Sunak suffered the biggest revolt of his premiership over the Rwanda bill as dozens of MPs voted for an amendment seeking to toughen up the legislation.
Apple overtakes Samsung as world’s biggest phonemaker Apple has now claimed the biggest share of the global smartphone market, displacing Samsung from the top position for the first time in 12 years. According to data from the International Data Corporation (IDC), the American tech giant constituted over one-fifth of the phones shipped last year. Samsung, with a market share of 19.4%, was relegated to the second spot, with Chinese phone manufacturers Xiaomi, OPPO, and Transsion…
CITY AM SAYS Signs of stress are emerging in the jobs market after three of the UK’s largest recruitment firms reported significant slowdowns in hiring in the final quarter of last year.
The Financial Times says the government could save at least £20bn per year if it modernised IT systems, tackled fraud and reined in large projects such as HS2, the head of the National Audit Office.
Wage growth slows again as job market stall UK wage growth slowed in the job market, but it’s still higher than the rising prices, says official data. From October to November, pay growth (excluding bonuses) dropped from 7.3% to 6.6%, but it’s still beating inflation. However, the job market is showing signs of slowing down due to higher interest rates affecting businesses, leading to a decrease in job vacancies. Retail sector roles have seen the…
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CITY AM SAYS Inflation is expected to continue its descent when new figures are released on Wednesday, amid growing fears that the conflict in the Middle East could spark a resurgence in inflation.
About 1m American manufacturing workers lost their jobs to Chinese competition in 1997-2011, as the country integrated into the global trading system and began shipping cheap goods overseas.
CITY AM – ETON MESS: Thames Water sewers flood as £46,000-a-year school forced to delay term CITY AM SAYS Eton College has been forced to delay its re-open after Christmas as toilets are backed up as a result of flooding in sewers operated by Thames Water. A report in the Guardian details that parents of children who attend the £46,000 per year Berkshire private school received an email from the water provider yesterday. This is…
After Twitch cut over 500 jobs, rival streaming platform Kick is eyeing up a takeover says its founder.
Bitcoin price swings after fake regulator post Bitcoin briefly surged on Tuesday following a post on the US markets regulator’s X account (formerly Twitter), announcing the approval of new cryptocurrency exchange-traded funds (ETFs). However, the Securities and Exchange Commission (SEC) later deleted the post, attributing it to a “compromised” account. The social media platform clarified that the compromise was not a result of a breach in its systems. US regulators are expected to provide an…
