Morning in the City: News, market updates, and more: LIVE May 3, 2023 Good morning and welcome to CityAM’s morning liveblog, bringing you all the news and market updates you need to start your day.
The Notebook: Deutsche’s Numis deal, the price of commuting and London’s culinary advantage May 2, 2023 IF the City has a collective mood, it is safe to say it has not been an overly cheery one in recent times. At a recent private dinner of CEOs, to which I was kindly invited to join, the overarching theme was a nervousness that London is wobbling a little, at least when it comes [...]
CBI in crisis: Treasury ‘pauses’ all engagement with Britain’s biggest business body April 5, 2023 The Treasury has placed on pause all engagement with the CBI, Britain’s biggest business body, after a string of sexual misconduct allegations, CityAM understands. The CBI regularly meets with ministers to discuss economic policy and is regularly consulted by officials on changes to the business landscape. However in light of allegations which have surfaced [...]
Recession fears see Brits stock up on own-brand kitchen staples April 3, 2023 THE COST of living crisis is beginning to be felt in the pockets of ordinary punters – with more than one in three turning towards own brand products to keep the kitchen cupboard stocked. New research from KPMG suggests more than half of UK consumers have reduced ‘non-essential’ spending amid recession fears, with eating out top of [...]
The Notebook: Royal Mail, Succession and a fabulous rugby charity March 27, 2023 The Notebook is a home for musings and jottings on the Square Mile and beyond. Today, it’s Andy Silvester’s turn. ANOTHER day, another indication that Royal Mail’s future has got lost in the post. Only a fortnight after being referred to the regulator for “systemic letter delivery failures” – a task you’d probably describe as [...]
Credit Suisse crisis: Swiss lender taps central bank for emergency £35bn loan backstop March 16, 2023 CREDIT SUISSE overnight announced it would take advantage of a 50bn franc facility offered by the Swiss National Bank after a day in which its stock price sank by 25 per cent. The embattled Swiss lender’s tumble was triggered yesterday morning by comments from its largest shareholder, Saudi National Bank, that it would not inject [...]
“Project Yeti”: Inside the scramble to save Silicon Valley Bank UK March 13, 2023 “It’s going down to the wire.” That was the view of Coadec CEO Dom Hallas at 11pm on Sunday evening after hours of meetings had failed to produce a deal on the future of Silicon Valley Bank – with the tech industry warning it would be an existential threat to thousands of firms across the [...]
Silicon Valley Bank UK: What we know (and don’t know) on Monday morning March 13, 2023 Silicon Valley Bank UK was put into insolvency last night – with expectations that government would step in before Monday’s market open now looking more unlikely. The bank’s accounts are effectively frozen, meaning that firms will be unable to access their deposits – possibly leaving them unable to pay bills or salaries. SVB UK’s parent [...]
UK must turn around the ship of state towards economic freedom March 12, 2023 Dr Rainer Zitelmann is a historian and sociologist. In this guest essay, he argues the UK is slipping down the list of free countries in a new global index Last year, the UK received its worst rating in the Index of Economic Freedom since 1995, when the index was first calculated. This year’s rating is [...]
Book review: A vital tome for those fighting for capitalism March 9, 2023 Imagine someone programmed a Twitter bot which, every time somebody describes a problem of some sort, responded with some variation of “I think you will find that the root cause of the problem is capitalism!” That bot would easily get tens of thousands of likes, retweets, and supportive replies every time. Anti-capitalist platitudes, no matter [...]
