• City View podcast: Entrepreneur William Reeve on a recovery in retail and testing times for tech Link https://t.co/H4I9PwRJLW
    City A.M. Fri 29 May 2020 18:04

    In this episode Christian is joined by entrepreneur William Reeve, chairman of online investing platform Nutmeg, CEO of property tech firm Goodlord, NED at retailer Dunelm and co-founder of LoveFilm and Secret Escapes.

    Subscribe to The City View Podcast: Apple / Google / Spotify / RSS

    William gives a comprehensive overview of the challenges facing key areas of the economy including retail and early-stage tech investment.

  • Eurozone economies are teetering on the brink of deflation Link https://t.co/0mXR3nwCAk
    City A.M. Fri 29 May 2020 17:09

    Core inflation, which strops out the volatile categories of energy, food, alcohol and tobacco, was 0.8 per cent in May, Eurostat said.

    The 0.1 per cent reading is far below the European Central Bank’s (ECB) two per cent target. It will add to expectations that the ECB will ramp up its massive bond-buying programme at its meeting next week.

    A survey by Bloomberg found that analysts expect the central bank to increase its bond-buying by €500bn (£450bn) on Thursday. That would take its quantitative easing (QE) programme to €1.6 trillion this year.

    The Eurozone economy has been decimated by coronavirus. Lockdowns have caused demand to dry up and severely disrupted supply chains.

    However, today’s Eurostat figures showed that it was the plunge in energy prices that drove Eurozone inflation down to 0.1 per cent this month.

  • US-China tensions are rattling global markets Link https://t.co/gTIpe6RghS
    City A.M. Fri 29 May 2020 16:34

    US stocks also fell, although their decline was less pronounced, having dropped on US-China tensions yesterday. The S&P 500 index was 0.4 per cent lower in morning trading. The Dow Jones was down 0.7 per cent.

    Investors also sold shares on the continent, with the pan-European Stoxx 600 down 1.5 per cent. Germany’s Dax was 1.6 per cent lower.

    Investors were jittery after Trump announced he would hold a press conference about China later today.

    It followed the decision by China’s parliament to approve the security law for Hong Kong which many fear that it could lead to the end of the autonomous city’s special status.

    Trump could announce economic measures to try to punish China. That could threaten to derail the global economic recovery from coronavirus.

  • Sunak: Employers to contribute to furlough scheme from August Link https://t.co/mORQ5196v4
    City A.M. Fri 29 May 2020 16:24

    In August, firms will only be asked to pay pension and national insurance contributions, and then a “modest” but increasing proportion of worker’s salaries from September onwards.

    Sunak stressed that workers will still be paid 80 per cent of their wages for as long as they are on the scheme.

    He also announced that self-employed workers would be able to claim a second grant worth up to £6,570.

    Sunak said:  “We stood behind Britain’s businesses and workers as we came into this crisis and we stand behind them as we come through the other side.

    “Now, as we begin to re-open our country and kickstart our economy, these schemes will adjust to ensure those who are able to work can do so, while remaining amongst the most generous in the world”.

  • Coronavirus deaths rise by 324 to reach total of 38,161 Link https://t.co/ziI57OFJyr
    City A.M. Fri 29 May 2020 16:24
  • Camden Market will feel very different when it reopens next week Link https://t.co/CaVrB6aUq0
    City A.M. Fri 29 May 2020 15:54

    The canal-hugging tourist trap will implement a one-way will enforce a strict one-way system across the market, while floor markets will indicate social distancing requirements.

    Labtech said hand sanitiser stations will be positioned throughout the site, while traders will be required to comply with government guidelines such as only accepting card payments.

    Camden Market, which will be among the first London landmarks to reopen following two months of lockdown, said it expected 80 per cent of its food and beverage stalls to be up and running again next week.

    Retail outlets in the market will reopen from 15 June in line with government plans for non-essential retailers.

    “Our comprehensive range of measures has been devised to ensure we can achieve these objectives and we will continue to support our local businesses through these unprecedented times as we move out of lockdown,” said Labtech chief executive Yaron Shahar. 

  • DWF hammered after CEO exit Link https://t.co/FfY31lurWE
    City A.M. Fri 29 May 2020 15:49

    One managing partner of a top 20 law firm said: “I am massively surprised, he has been the driving force behind the whole of the DWF story, he has done a brilliant job without a lot of assets, he is a great salesman and brand ambassador and he rescued the firm from a massive pile of debt by getting that float away.”

    However, despite the spectacular growth of DWF, there has always been a high degree of cynicism in the legal market about whether the firm’s trajectory was sustainable.

    “No surprise that the chickens would come home to roost, there’s always been a view that there has been a lot of smoke and mirrors behind that business,” the managing partner adds.

    “It’s always been seen as the Andrew Leaitherland show, so without him it is hard to see what success looks like,” they say.

  • Cruise firm Carnival set for the drop in FTSE 100 reshuffle Link https://t.co/TRwdwPlAS4
    City A.M. Fri 29 May 2020 15:38

    Software security firm Avast and Ladbrokes owner GVC are tipped to enter the FTSE 100 after faring relatively well during the Covid crisis.

    UK stocks have had one of their most turbulent periods in history since the last FTSE reshuffle three months ago. 

    The FTSE 100 index plunged around 25 per cent in late February and early March as it became clear to investors that coronavirus posed a near-catastrophic economic threat.

    Despite the stock market rallying strongly since late March, many stocks have struggled to recover. Among the worst-affected companies have been travel and energy firms, with the lockdown causing a drastic slump in demand.

    Helal Miah, investment research analyst at online trading platform The Share Centre said Carnival, Easyjet, Centrica and aerospace engineering group Meggit are almost certain to go down in the FTSE 100 reshuffle. It will take place on 3 June using the market capitalisations of 28 May.

  • Downing Street has spoken out about Hong Kong's draconian new laws Link https://t.co/d0EEzWBqOY
    City A.M. Fri 29 May 2020 15:03

    “We hope they will listen carefully to the arguments we have made in public and in private about the impact which Beijing’s proposal would have on Hong Kong.”

    The move comes after the UK yesterday issued a joint statement with the US, Australia and Canada saying that the new Chinese legislation would “dramatically erode Hong Kong’s autonomy”.

    Earlier today a spokesman for the Chinese foreign ministry said that Beijing firmly opposed the statement and had lodged representations with the countries.

    US president Donald Trump is expected to give a press conference on the issue later today.

    On Wednesday secretary of state Mike Pompeo confirmed that Hong Kong could no longer be considered “autonomous” from the mainland, raising fears that the city-state’s privileged economic status could be under threat.

  • Hefty losses didn't prevent Softbank from doubling the pay of its Vision Fund boss Link https://t.co/rL12DnhTl7
    City A.M. Fri 29 May 2020 14:03

    The Vision Fund head’s pay was second only to that of Softbank’s chief operating officer Marcelo Claure, which rose 17 per cent to 2.1bn yen.

    However, group chief executive Masayoshi Son’s pay packet was reduced nine per cent to 209m yen.

    The pay bump for Misra comes in spite of $18m losses at the Vision Fund last year, which helped push Softbank to a 1.4 trillion yen operating loss.

    While the $100m tech fund initially enjoyed vast success, it has seen its bets in firms such as Wework and Uber sour over recent months.

    Softbank has since taken control of Wework after the co-working firm almost ran out of cash following its botched public listing last year.

  • Balance sheet erosion and impact on share prices #Sponsored Link
    City A.M. Fri 29 May 2020 14:03
  • TfL has published the terms and conditions of its £1.6bn bailout Link https://t.co/vKyQhDs0a0
    City A.M. Fri 29 May 2020 13:43

    In addition, the operator was told to commit to restoring full service on the entire network, other than the night tube and weekend night buses, within four weeks at the most.

    The letter also asked London mayor Sadiq Khan to “confirm he will increase fares by RPI plus one per cent on all modes from January 2021 as proposed in the TfL business plan”.

    In March, the mayor committed to restricting the fare rise on the tube to the level of inflation, whilst maintaining the freeze on buses.

    In addition, it said that an “additional funding package” would have to be identified for the Crossrail project when the funding support period comes to an end.

    Read more: Sadiq Khan: London transport fares will increase after £1.6bn TfL bailout

  • Camden Market to operate one-way system as it prepares for June reopening Link https://t.co/dYpuzEJUaL
    City A.M. Fri 29 May 2020 13:23

    The canal-hugging tourist trap will implement a one-way will enforce a strict one-way system across the market, while floor markets will indicate social distancing requirements.

    Labtech said hand sanitiser stations will be positioned throughout the site, while traders will be required to comply with government guidelines such as only accepting card payments.

    Camden Market, which will be among the first London landmarks to reopen following two months of lockdown, said it expected 80 per cent of its food and beverage stalls to be up and running again next week.

    Retail outlets in the market will reopen from 15 June in line with government plans for non-essential retailers.

    “Our comprehensive range of measures has been devised to ensure we can achieve these objectives and we will continue to support our local businesses through these unprecedented times as we move out of lockdown,” said Labtech chief executive Yaron Shahar. 

  • UK urges China to reconsider Hong Kong security law Link https://t.co/ZjVp2xBcHB
    City A.M. Fri 29 May 2020 13:23

    “We hope they will listen carefully to the arguments we have made in public and in private about the impact which Beijing’s proposal would have on Hong Kong.”

    The move comes after the UK yesterday issued a joint statement with the US, Australia and Canada saying that the new Chinese legislation would “dramatically erode Hong Kong’s autonomy”.

    Earlier today a spokesman for the Chinese foreign ministry said that Beijing firmly opposed the statement and had lodged representations with the countries.

    US president Donald Trump is expected to give a press conference on the issue later today.

    On Wednesday secretary of state Mike Pompeo confirmed that Hong Kong could no longer be considered “autonomous” from the mainland, raising fears that the city-state’s privileged economic status could be under threat.

  • The owner of Cafe Rouge and Bella Italia is in talks over a sale Link https://t.co/HzUQlvjjtc
    City A.M. Fri 29 May 2020 12:53

    Last week Casual Dining Group said that it was working with advisers at consultancy firm Alix Partners over a potential restructuring to shore up its finances.

    The firm had previously attempted to mitigate wider difficulties in the sector by reducing its restaurant count from 300 to 250 and selling off Spanish tapas chain La Tasca.

    Read more: All McDonald’s drive-thru restaurants to reopen next week

    But alongside other restaurants the company has been plunged into crisis after UK eateries were forced to close their doors in March as part of the coronavirus lockdown.

    Despite moves now being taken to reopen much of the economy, with non-essential retailers to be allowed to open from 15 June, much of the hospitality sector will not be permitted to restart until July at the earliest.

  • Softbank Vision Fund boss doubles pay despite hefty loss Link https://t.co/6j9355hQnu
    City A.M. Fri 29 May 2020 12:48

    The Vision Fund head’s pay was second only to that of Softbank’s chief operating officer Marcelo Claure, which rose 17 per cent to 2.1bn yen.

    However, group chief executive Masayoshi Son’s pay packet was reduced nine per cent to 209m yen.

    The pay bump for Misra comes in spite of $18m losses at the Vision Fund last year, which helped push Softbank to a 1.4 trillion yen operating loss.

    While the $100m tech fund initially enjoyed vast success, it has seen its bets in firms such as Wework and Uber sour over recent months.

    Softbank has since taken control of Wework after the co-working firm almost ran out of cash following its botched public listing last year.

  • London business confidence picked up slightly in May Link https://t.co/02UqCUqMYX
    City A.M. Fri 29 May 2020 12:23

    Worryingly for policymakers, business confidence in the country as a whole continued to fall in May. The countrywide Lloyds gauge hit minus 33 in April, the lowest score since the depths of the financial crisis in 2008.

    The government has already lifted some aspects of the coronavirus lockdown, with more to come in June and July.

    Outdoor markets, car showrooms and dentists can reopen from Monday if they can follow safety guidelines, Prime Minister Boris Johnson said yesterday.

    Non-essential retailers such as clothes shops will be allowed to open from 15 June if the coronavirus infection rate stays under control, the PM said.

    Pubs, restaurants and cinemas are expected to be the last to reopen. The government’s roadmap suggests they could welcome customers again in July.

  • TfL bailout conditions published as rescue row rolls on Link https://t.co/j20p9kBoO6
    City A.M. Fri 29 May 2020 11:58

    In addition, the operator was told to commit to restoring full service on the entire network, other than the night tube and weekend night buses, within four weeks at the most.

    The letter also asked London mayor Sadiq Khan to “confirm he will increase fares by RPI plus one per cent on all modes from January 2021 as proposed in the TfL business plan”.

    In March, the mayor committed to restricting the fare rise on the tube to the level of inflation, whilst maintaining the freeze on buses.

    In addition, it said that an “additional funding package” would have to be identified for the Crossrail project when the funding support period comes to an end.

    Read more: Sadiq Khan: London transport fares will increase after £1.6bn TfL bailout

  • Building products supplier SIG has confirmed plans to raise £150m Link https://t.co/u4qk43NQD5
    City A.M. Fri 29 May 2020 11:28

    SIG said it made a pre-tax loss of £112.7m in the last financial year, swinging from a profit of £10.3m in 2018.

    The firm said that a nine per cent fall in underlying revenue to £2.1bn, caused by a loss of market share in the UK and Germany, was responsible for the swing.

    Earnings per share also fell back 90 per cent from 6.3p to 0.6p.

    In an attached trading update on the impact of coronavirus on the firm, SIG reported that revenues in March and April had fallen 37 per cent – £138.9m – on the previous year.

  • London property firms Capco and Shaftesbury could be gearing up for a merger Link https://t.co/2QcvOlUQQD
    City A.M. Fri 29 May 2020 11:03

    Capco owns an estate in Covent Garden worth £2.6bn, while Shaftesbury’s £4bn portfolio spans Chinatown, Carnaby Street and Fitzrovia.

    In a statement released last night Capco said there could be no certainty that the discussion would lead to an agreement.

  • Bella Italia owner in talks over sale that could save 6,000 jobs Link https://t.co/9X1Mg2WAsx
    City A.M. Fri 29 May 2020 10:38

    Last week Casual Dining Group said that it was working with advisers at consultancy firm Alix Partners over a potential restructuring to shore up its finances.

    The firm had previously attempted to mitigate wider difficulties in the sector by reducing its restaurant count from 300 to 250 and selling off Spanish tapas chain La Tasca.

    Read more: All McDonald’s drive-thru restaurants to reopen next week

    But alongside other restaurants the company has been plunged into crisis after UK eateries were forced to close their doors in March as part of the coronavirus lockdown.

    Despite moves now being taken to reopen much of the economy, with non-essential retailers to be allowed to open from 15 June, much of the hospitality sector will not be permitted to restart until July at the earliest.

  • Eurozone economies are perilously close to deflation level Link https://t.co/C7v68Jtyoj
    City A.M. Fri 29 May 2020 10:28

    Core inflation, which strops out the volatile categories of energy, food, alcohol and tobacco, was 0.8 per cent in May, Eurostat said.

    The 0.1 per cent reading is far below the European Central Bank’s (ECB) two per cent target. It will add to expectations that the ECB will ramp up its massive bond-buying programme at its meeting next week.

    A survey by Bloomberg found that analysts expect the central bank to increase its bond-buying by €500bn (£450bn) on Thursday. That would take its quantitative easing (QE) programme to €1.6 trillion this year.

    The Eurozone economy has been decimated by coronavirus. Lockdowns have caused demand to dry up and severely disrupted supply chains.

    However, today’s Eurostat figures showed that it was the plunge in energy prices that drove Eurozone inflation down to 0.1 per cent this month.

  • Hanna Halaburda discusses her thoughts on the post Covid-19 financial paradigm and what this means for digital assets like cryptocurrency #Sponsored Link
    City A.M. Fri 29 May 2020 10:23

    Hanna Halaburda is the Associate Professor at NYU Stern School of Business and formerly part of the Bank of Canada. Hanna specialises in the the economics of digital currencies, blockchain, and the impact of technology on an organisations business strategy.

    Hanna gave an exclusive interview to BEQUANT Talks to discuss her thoughts on the post Covid-19 financial paradigm and what this means for digital assets like cryptocurrency.

  • Donald Trump's feud with Twitter has just heated up Link https://t.co/znGpZqQgFf
    City A.M. Fri 29 May 2020 10:08
  • London business confidence rises but gloom remains as lockdown eased Link https://t.co/f4CyoYAqeQ
    City A.M. Fri 29 May 2020 10:03

    Worryingly for policymakers, business confidence in the country as a whole continued to fall in May. The countrywide Lloyds gauge hit minus 33 in April, the lowest score since the depths of the financial crisis in 2008.

    The government has already lifted some aspects of the coronavirus lockdown, with more to come in June and July.

    Outdoor markets, car showrooms and dentists can reopen from Monday if they can follow safety guidelines, Prime Minister Boris Johnson said yesterday.

    Non-essential retailers such as clothes shops will be allowed to open from 15 June if the coronavirus infection rate stays under control, the PM said.

    Pubs, restaurants and cinemas are expected to be the last to reopen. The government’s roadmap suggests they could welcome customers again in July.

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