• Spy chiefs: Brexit will not affect European security cooperation Link
    City A.M. Sun 17 Feb 2019 19:01

    The three cited growing external threats to the continent's stability in a rare joint statement on Friday from the heads of Germany's BND, France's DGSE, as well as MI6.

    “The chiefs ... said that all three services would continue to be close allies in jointly protecting Europe from threats such as Islamism, terrorism, organised crime or cyber-attacks,” they said.

    “This would also hold true... in view of Brexit,” they added after meeting at the Munich Security Conference.

    Britain and the European Union have pledged to continue their cooperation on security issues through institutions like Europol and Eurojust, even after the UK leaves EU on March 29, with or without a deal.

  • We went shopping at @IKEAUK's new Greenwich store Link
    City A.M. Sun 17 Feb 2019 18:01

    Four years in the planning, Ikea Greenwich opened last weekend as the company’s first “sustainable store” in the UK. A pilot ran in Germany, but the Swedish behemoth, the world’s largest homewares retailer, chose SE10 for its new dawn.

  • Aviva’s missed deadline ensures brickbats, says @MarkKleinmanSky Link
    City A.M. Sun 17 Feb 2019 17:11

    Viva Aviva? For such a stalwart of blue-chip boardrooms, Sir Adrian Montague suddenly can’t put a foot right.

    Four years after taking over the chairmanship of Aviva when John McFarlane scuttled off to Barclays, he’s ended up in a rather large pickle of his own making.

    Sacking Mark Wilson as the insurer’s chief executive last October, Montague spoke of the need for new leadership; “there is much further to go in accelerating our strategic development and enhancing shareholder value,” he said.

    True, but Montague shares the blame for the mistakes made in the last year which led to the removal of its Kiwi boss.

  • England's togetherness gives them a shot at a #SixNations Grand Slam Link
    City A.M. Sun 17 Feb 2019 13:10

    Mako Vunipola was one of the stand-out players in the wins over Ireland and France but an ankle injury means the back-up options now come into question.

    Can Ben Moon or Ellis Genge step up to the plate for the crucial, potentially Grand Slam-deciding clash with Wales next Saturday?

    Emphasis on collective

    The fact the Wales game carries such significance is a measure of just how far England have come in such a short space of time – and how important the victory in Dublin was. It’s been some turnaround from Eddie Jones.

  • Feel entitled? The UK faces a crisis of inequality Link
    City A.M. Sun 17 Feb 2019 12:05

    The backlash was fierce. “I have paid taxes all my life,” came the outraged cries on social media.

    This is mostly true, as long as you take “all my life” to mean “until I retired”. And, increasingly, that’s a significant distinction.

    The state pension as we know it was introduced in 1946. It set the retirement age at 65 for men and 60 for women. At the time, life expectancy in Britain was 66 and 72 for men and women respectively.

    Today, the state pension age is still 65 for men. It is incrementally rising, hitting 67 for everyone by 2028. In contrast, life expectancy has shot up. Today’s “elderly” can – fortunately – expect to live 10, 20, even 30 years beyond the retirement age.

  • Is Lloyd's Lend a Hand mortgage any good for borrowers? Link
    City A.M. Sun 17 Feb 2019 11:00

    A “new” mortgage called ‘Lend a Hand’ from Lloyds made the headlines last week – well, the real headline was the 100 per cent Loan-to-Value, which brought back memories of the financial crisis. Digging deeper into the mortgage itself, this product may well help first-time buyers, provided they are very careful, but, really, it is nothing new.

  • RT @RMCunliffe: Escape from Alcatraz! The only important thing you need to know is that the @CityAM team beat the Mail at Adventox escape r…
    City A.M. Sat 16 Feb 2019 18:40
  • Investing in an Isa? Avoid these common mistakes Link
    City A.M. Sat 16 Feb 2019 17:35

    Given that the returns are tax-free, it might seem like a no-brainer, and often, taking out an Isa will make sense. But it’s not necessarily always the case.

    Let’s slow things down and think this through.

  • Stobart claims victory in court battle with ex-boss Tinkler Link
    City A.M. Sat 16 Feb 2019 15:35

    The judge in the bitter court battle between the Stobart Group and former chief executive Andrew Tinkler ruled today that Tinkler had made four “serious” breaches of his duty as a director.

  • England's team spirit makes them favourites for #SixNations2019, says @OlliePhillips11 Link
    City A.M. Sat 16 Feb 2019 14:35

    Mako Vunipola was one of the stand-out players in the wins over Ireland and France but an ankle injury means the back-up options now come into question.

    Can Ben Moon or Ellis Genge step up to the plate for the crucial, potentially Grand Slam-deciding clash with Wales next Saturday?

    Emphasis on collective

    The fact the Wales game carries such significance is a measure of just how far England have come in such a short space of time – and how important the victory in Dublin was. It’s been some turnaround from Eddie Jones.

  • LK Bennett founder weighs up options Link
    City A.M. Sat 16 Feb 2019 13:35

    Founder Linda Bennett, who bought back the business in 2017, has drafted in consultancy firm AlixPartners to weigh up the firm’s future options, according to Sky News.

    While a deal is not certain to take place, sources told Sky News that there was a realistic prospect of Bennett selling a part of her stake in the retailer to an outside investor.

    The brand, which has been favoured by the Duchess of Cambridge and has become well-known for its kitten heels, was opened almost three decades ago when Bennett established its first store.

    In 2008 Bennett sold a majority stake in the firm for between £80m and £100m, before buying back the 45 per cent of equity that she did not already own from Phoenix Equity Partners in 2017.

  • Meet the photographer who defined New York City Link
    City A.M. Sat 16 Feb 2019 12:35

    The latest blockbuster exhibition at the Hayward Gallery makes me nostalgic for a time I barely remember, and that will be completely alien to many who visit this show. It was a time when a single photographer could come to define a place and time, their work spanning decades, their vision becoming ingrained on the public consciousness, inextricable from the location itself.

  • Facebook to pay billions over Cambridge Analytica breach Link
    City A.M. Sat 16 Feb 2019 11:34

    A civil penalty would be the latest development in the 11-month long investigation into Facebook spurred by its relationship with Cambridge Analytica.

    Facebook made headlines last March when news emerged that it had allowed the political consultant agency to access the data of 87m users without their permission.

    If the FTC finds Facebook in violation of the 2011 order, the social media company could face a $41,000 (£31,965) fine for each violation of the order that the FTC finds, the Post reported.

    Fines for the violations could extend beyond the Cambridge Analytica scheme, as the company has recently come under fire for a number of different consumer data and privacy complaints.

    “We are cooperating with officials in the US, UK, and beyond. We’ve provided public testimony, answered questions, and pledged to continue our assistance as their work continues,” said a Facebook spokesperson.

    The privacy concerns reportedly come amid...

  • Families flock to buy homes in #Wanstead Link
    City A.M. Sat 16 Feb 2019 10:29

    There was a time when Wanstead, an unusually leafy spot of east London, was most famous for its Member of Parliament. They don’t come much more recognisable than Sir Winston Churchill, who served Wanstead from 1924 up to 1964 with a patch of absence in the middle for his Wilderness Years.

  • Options run out for Maduro, the man who destroyed Venezuela Link
    City A.M. Sat 16 Feb 2019 09:29

    It takes some front for a man who has presided over a double-digit recession for three successive years to claim that his country is being destabilised by a “gang of extremists” rather than his own inept economic performance.

  • The @ukhomeoffice's stance on refugees is shameful, says @KateAndrs Link
    City A.M. Fri 15 Feb 2019 22:04

    She’s right. Your home is your shelter, It’s your community, your friends, your local shops and landmarks. It’s dedication and love for your area.

    Building a home takes time and investment; familiarity does not set in overnight. Our homes matter equally to us all – to natives, immigrants, and refugees alike.

    And so we must not turn a blind eye to the Zimbabwean refugees who are facing threats of rapid deportation back to their home country, after spending years in the UK.

    The Guardian splashed the horror story on its front page this week, highlighting the baffling behaviour of the Home Office, which is working to “accelerate the deportation of asylum seekers despite high-profile human rights abuses in the country”.

  • Euro falls as ECB moots new round of bank loans Link
    City A.M. Fri 15 Feb 2019 21:04

    The Borsa Italiana index of banks jumped 3.9 per cent to its highest level since the beginning of December.

    But the euro fell to $1.1234, its lowest since 12 November before recovering ground slightly to trade 0.25 per cent down.

    “It is possible, we are discussing it, but we want to be sure that it serves a purpose,” Coeure said in New York earlier today.

    “There might be scope for another TLTRO,” he added, also suggesting that the path to inflation would be more shallow and the economic slowdown worse than expected.

    Read more: Eurozone investor confidence slumps to new four-year low

    It comes amid a consistent spell of weak economic data that has plagued the bloc in recent months.

    Italy entered a recession at the end of last year, and Germany narrowly avoiding joining it with a flat GDP growth in the final quarter.

  • Facebook faces paying billions of dollars in data breach penalty Link
    City A.M. Fri 15 Feb 2019 20:04

    A civil penalty would be the latest development in the 11-month long investigation into Facebook spurred by its relationship with Cambridge Analytica.

    Facebook made headlines last March when news emerged that it had allowed the political consultant agency to access the data of 87m users without their permission.

    If the FTC finds Facebook in violation of the 2011 order, the social media company could face a $41,000 (£31,965) fine for each violation of the order that the FTC finds, the Post reported.

    Fines for the violations could extend beyond the Cambridge Analytica scheme, as the company has recently come under fire for a number of different consumer data and privacy complaints.

    “We are cooperating with officials in the US, UK, and beyond. We’ve provided public testimony, answered questions, and pledged to continue our assistance as their work continues,” said a Facebook spokesperson.

    The privacy concerns reportedly come amid...

  • LK Bennett founder weighs up options Link
    City A.M. Fri 15 Feb 2019 19:04

    Founder Linda Bennett, who bought back the business in 2017, has drafted in consultancy firm AlixPartners to weigh up the firm’s future options, according to Sky News.

    While a deal is not certain to take place, sources told Sky News that there was a realistic prospect of Bennett selling a part of her stake in the retailer to an outside investor.

    The brand, which has been favoured by the Duchess of Cambridge and has become well-known for its kitten heels, was opened almost three decades ago when Bennett established its first store.

    In 2008 Bennett sold a majority stake in the firm for between £80m and £100m, before buying back the 45 per cent of equity that she did not already own from Phoenix Equity Partners in 2017.

  • Tech giants set to shake up financial services, warns @fsb_policy Link
    City A.M. Fri 15 Feb 2019 18:34

    While greater competition was positive for the sector, the FSB called for close monitoring as existing financial institutions may take extra risks as margins are tightened.

    The FSB’s reports on fintech development noted that Alibaba, Tencent, Baidu, Google, Amazon, Facebook, Apple, Samsung, Microsoft, Vodafone and Mercado Libre had all moved into the payments sphere, most carried out lending and insurance and that several were moving towards current accounts and asset management.

    It said: “Greater competition and diversity in lending, payments, insurance, trading, and other areas of financial services can create a more efficient and resilient financial system. “Notwithstanding these clear benefits to financial stability, heightened competition could also put pressure on financial institutions’ profitability.

    “This could lead to additional risk taking among incumbents in order to maintain margins.”

    Read more: UK fintech unicorn Oaknorth to...

  • Pepsico warns on profits as it ramps up spending Link
    City A.M. Fri 15 Feb 2019 17:49

    Read more: Coca-Cola bottler core profits fizz

    The cola company has increased advertising for its products, which include Pepsi, Diet Pepsi and Mountain Dew, and has been pushing its new snack business.

    This investment in advertising and new products is producing strong growth across the brand's core products though, according to chief financial officer, Hugh Johnston.

    “(This) has caused us to want to invest more money back into the businesses in 2019 and that is why our guidance has landed where it has," he told Reuters.

  • Do you have a great idea for a startup but feel overwhelmed by the funding options? You’re not alone #sponsored Link
    City A.M. Fri 15 Feb 2019 17:14

    Many fledgling entrepreneurs have a great idea and sound business plan but start scratching their heads as soon as money is mentioned.

    Every startup needs money to grow so it is important that you value your startup correctly to secure the funding which will allow you to succeed.

  • West End expects £600m of sales from #LondonFashionWeek Link
    City A.M. Fri 15 Feb 2019 16:49

    London Fashion Week is expected to bring a £600m windfall to the West End, in what is set to be a crucial boon for the capital’s shopping district at a time on mounting pressure for its retailers.

  • Trump declares national emergency to fund Mexico wall Link
    City A.M. Fri 15 Feb 2019 16:34

    The news comes after Trump agreed with Congress late last month to a temporary funding measure to keep nine federal departments open, with plans to negotiate a funding solution by 8 February.

    Funding over a US-Mexico wall was at the centre of the row that prompted the longest government shutdown in US history over Christmas, which lasted 35 days before ending without meeting Trump's demands for $5.7bn being met.

    In his speech Trump also confirmed that the UK and the US “are agreeing to go forward and preserve our trade agreement”.

    The Republican President said: “We know all of the situation with respect to Brexit and the complexity and problems, but we have a very good trading relationship with the UK and that’s just been strengthened further”.

    Read more: President Trump to declare national emergency in bid for wall funding

    “The relationship there is very good,” he added.

    The move to preserve the trade deal, which replicates...

  • 5G needs better security regime after Huawei spying claims Link
    City A.M. Fri 15 Feb 2019 16:19

    Canada is currently reviewing Huawei as a supplier after the US, New Zealand and Australia all banned the provider from supplying 5G infrastructure.

    Huawei recently took out adverts in New Zealand papers to liken blocking it from 5G to banning the All Blacks from rugby.

    As well as calling for improved security testing, the GSMA also warned that ruling out suppliers will slow down the roll out of the new data technology.

    Read more: Italy denies it will ban Huawei from 5G rollout

    “Actions that disrupt the equipment supply for the various segments of the network (access, transport and core) will increase costs to European operators, businesses and citizens; delay 5G deployment by years across Europe and potentially also jeopardise the functioning of existing 4G networks upon which 5G is intended to be built,” it said.

    A GCHQ-backed UK committee set up to scrutinise Huawei had found a number of shortcomings in the provider’s security,...

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