• UK firms set to slash office space in pivot to hybrid work PwC data shows employers are set to reduce their #office portfolio by up to 9m square feet, equivalent to 14 Walkie Talkie buildings -> Link #Hybrid #WFH #workingfromhome #remoteworking #OfficeSpace https://t.co/NxehRQfVKD
    City A.M. Thu 03 Jun 2021 10:24

    UK firms appear ready to take the leap to hybrid working despite being unconvinced by the productivity benefits, new research today suggests.

    Data from PwC shows that major employers are set to reduce their office portfolio by up to 9m square feet, equivalent to 14 Walkie Talkie buildings, due to the pandemic.

  • Mike Lynch on Darktrace: What we learned from building a £2.5bn UK success story Link #MikeLynch #Darktrace #tech #UKbusiness #businessnews #opinion #techstartup #IPO #business
    City A.M. Thu 03 Jun 2021 10:14

    There were just a handful of us clustered around a Bloomberg screen waiting for the moment that Darktrace would finally be launched onto the London Stock Exchange. 

    In the end, that’s what a float comes down to – the final few seconds before the clock ticks round to 8am and the numbers start moving. If they head in one direction you triumph. If they go in the other you’re humiliated. Everything is on the line and nothing you can do will change the outcome.

    When the markets finally opened Darktrace’s share price went up, and up: a rise of forty per cent on the day. Once the story was clear we swapped the screen for a bottle or two. We had built a two-and-a-half-billion-pound company.

  • Miami Nice: Bitcoin price nears $40k as conference kicks off Link https://t.co/Qz5ixtPv4C
    City A.M. Thu 03 Jun 2021 10:14

    It’s my last day in Dubai as permission to travel has finally been granted for Mallorca and Zürich. It’s been a fascinating visit – Crypto AM will be back here for sure! Now all eyes are on the 12,000 attendees converging on Miami for the Bitcoin 2021 conference.

  • UK looks to wrap up Australia trade deal in coming weeks Link https://t.co/q7zrg7NK2r
    City A.M. Thu 03 Jun 2021 10:14

    The UK is aiming to close a free trade deal with Australia in the days after next week’s G7 summit in Cornwall.

    Both sides said last month that they would aim to sign up to an in principle agreement by June.

  • Mayfair restaurant Le Gavroche shuts for lunch indefinitely, citing Brexit-driven staffing shortage The restaurant highlighted a lack of well-trained #hospitality staff due to a combination of #Brexit and the #pandemic --> Link #Mayfair #Lunch #BusinessLunch
    City A.M. Thu 03 Jun 2021 10:19

    Mayfair restaurant Le Gavroche will only open for dinner service until further notice, with the restaurant highlighting a “major” lack of well-trained hospitality staff due to a combination of Brexit and the pandemic.

    From 14 June, the two Michelin-starred restaurant owned by French celebrity chef Michel Roux will only open from 5pm onwards, meaning punters will be unable to book in for lavish lunches for the foreseeable future.

  • Red, amber, green? Ahead of the update to the UK's travel green list later, @AdamTyndall from @London_First shares his thoughts Link #travel #greenlist #amberlist #redlist #tourism #Covid19 #covid #airlines
    City A.M. Thu 03 Jun 2021 10:19

    This week the UK recorded a day with zero covid deaths. I heard this exciting news in Portugal – my only realistic option for international travel given that I’m not yet fully vaccinated.

    To get here I had to take a PCR test and fill out a locator form before travelling. To get back to the UK I will have to take a pre-flight test, fill out a locator form, and have a further PCR test within two days of arriving back in the UK.

    These are the strict precautions in place for countries deemed low enough risk to be on the green list.

  • Jet2 bolsters balance sheet by £537m as travel downturn goes on Link https://t.co/DvOsEdCTjh
    City A.M. Thu 03 Jun 2021 10:14

    Package holiday firm Jet2 has today taken steps to shore up its finances to the tune of more than £500m as the wait for a full-scale return to travel goes on.

    The firm, which has cancelled all of its holidays until 24 June due to the ongoing travel “uncertainty”, said it had signed a new £150m loan agreement.

    And it also said it was launching a bond offering of guaranteed senior unsecured unrated convertible bonds worth £387.4m.

  • Avon, but not as you know it: how CEO Angela Cretu is giving the historic cosmetics brand a digital facelift Link https://t.co/iY0LQaCEtZ
    City A.M. Thu 03 Jun 2021 10:04

    Think of Avon and the image that emerges is probably a pretty wholesome one – an Avon lady, or perhaps an Avon man, presenting their make-up wares in a pleasantly spruced-up living room.

    In your mind, it’s probably set in black and white too. But times are changing.

    The cosmetics firm made its mark across the world as a direct seller – millions of entrepreneurs under one big Avon-branded umbrella.

  • City sees highest monthly take-up of office space in more than a year Link https://t.co/anR2rTmxJ6
    City A.M. Thu 03 Jun 2021 09:54

    Take-up of office space in the City of London has reached its highest monthly total since April of last year, according to new figures, while demand for space across Central London, including the City, has risen by 6 per cent to 10.1m sq ft.

    In April, City take-up reached 337,631 sq ft, according to real estate giant Savills, the second highest level since March 2020 when it hit 449,136 sq ft.

    Year to date take-up has now reached 1.11million sq ft in total, with 92 per cent of the space taken being of Grade A quality, the firm said. Supply has also decreased to 12 million sq ft, equivalent to a vacancy rate of 8.7 per cent.

  • Wettest May on record dampens footfall hopes for high streets Link https://t.co/NktydNptbi
    City A.M. Thu 03 Jun 2021 09:54

    The reopening of indoor dining and socialising did not serve up the hoped for rise in footfall in May, as shoppers were put off by rain and ‘rule of six’ limitations.

    The wettest May on record saw footfall on high streets, in shopping centres and in retail parks fall versus the same period in 2019.

  • "Every banal event is a journey, every purchase is an experience, leadership is always authentic and redundant words are ubiquitous." @PhilipJCollins1 on why businesses need to ditch the corporate jargon Link https://t.co/9P86Fx7Rvk
    City A.M. Thu 03 Jun 2021 09:54
    Philip Collins is the former Chief Speechwriter for the Prime Minister Tony Blair and founder of the Draft Writers. He is the author of To Be Clear: A Style Guide for Business Writing.
  • After Love film review: A captivating story of grief Link https://t.co/JgX9rALZlc
    City A.M. Thu 03 Jun 2021 09:49

    Many independent dramas deal with the subject of grieving, a topic too sombre for commercial films but one that remains pertinent to everyone. However, Aleem Khan’s debut feature takes an unusual route to tell its story even for a film outside of the mainstream. 

  • EP: 61 Cazoo Oaks Day at Epsom Link
    City A.M. Thu 03 Jun 2021 09:34

    Friday sees the fillies in Group 1 action at Epsom where the Cazoo Oaks is the feature race of the day. The Coronation Cup is another high class Group 1 race and master trainer Aidan O’Brien gives us an update on his runners for Day 1 of the Epsom meeting

    City A.M. racing editor Bill Esdaile previews the best of Friday’s action. Hosted by Chris Barnett.

  • Backlash over Russian oligarch’s £1bn UK broadband bet Link https://t.co/co48mwTCnZ
    City A.M. Thu 03 Jun 2021 09:34

    Campaigners have called for greater scrutiny over foreign investment in the UK telecoms market after a Russian oligarch backed a £1bn plan to upgrade the country’s broadband network.

    Letter One, an investment company founded by billionaire Mikhail Fridman, is a key investor in a project by new broadband firm Upp to deploy full-fibre connections in the east of England.

  • Exclusive: Amazon to dethrone both Tesco and Sainsbury as UK’s largest retailers within four years Link https://t.co/UMIBNJ6bwA
    City A.M. Thu 03 Jun 2021 09:34

    Amazon is to overtake Tesco as the UK’s largest retailer within the next four years, with sales expected to hit more than £77bn by 2025, according to new research, shared exclusively with City A.M. this morning.

    Last year, Amazon UK’s total sales were £36.3bn while Tesco’s sales were almost double at £64bn. However, by 2025, Edge by Ascential’s syndicated research arm, Edge Retail Insight, predicts that Tesco sales will rise to £76.1bn in total sales, representing annual sales growth of 3.5 per cent but not enough to stay ahead of Amazon’s overall UK sales expansion.

    The predictions suggests that Sainsbury’s will hold on to its position as the UK’s third largest retailer, with sales growing by 4.5 per cent to reach £42.2bn by 2025. 

  • Exclusive: Amazon to dethrone both Tesco and Sainsbury as UK’s largest retailers within four years Amazon's UK sales are expected to hit more than £77bn by 2025 --> Link #Amazon #Retail #Sales #Supermarkets #HighStreet #Tesco #Sainsburys #ecommerce #ASDA
    City A.M. Thu 03 Jun 2021 09:29

    Amazon is to overtake Tesco as the UK’s largest retailer within the next four years, with sales expected to hit more than £77bn by 2025, according to new research, shared exclusively with City A.M. this morning.

    Last year, Amazon UK’s total sales were £36.3bn while Tesco’s sales were almost double at £64bn. However, by 2025, Edge by Ascential’s syndicated research arm, Edge Retail Insight, predicts that Tesco sales will rise to £76.1bn in total sales, representing annual sales growth of 3.5 per cent but not enough to stay ahead of Amazon’s overall UK sales expansion.

    The predictions suggests that Sainsbury’s will hold on to its position as the UK’s third largest retailer, with sales growing by 4.5 per cent to reach £42.2bn by 2025. 

  • Number of Brits on furlough falls by 1.3m to lowest level this year Link https://t.co/rpsBkuULWb
    City A.M. Thu 03 Jun 2021 09:24

    Furlough numbers have dropped to their lowest level this year, as those needing the scheme fell to 3.4m.

    Official figures published today showed that 1.3m fewer employees accessed furlough across March and April, with the biggest falls in workers aged 24 and under.

    Since the start of the pandemic, more than 11.5m employees have been supported by the Coronavirus Job Retention Scheme.

  • UK rallies Australia to up its net zero targets ahead of G7 summit Link https://t.co/9Hqv6o8vOR
    City A.M. Thu 03 Jun 2021 09:09

    The UK is rallying Australia to up its emission reduction target for the 2030s, the British high commissioner has said today, suggesting 2050 will be too late.

    Ahead of the UK hosted G7 meeting next week, British high commissioner Vicki Treadell said the UK was asking all attending nations to raise their interim net zero targets.

    “We need to fight and build back better from Covid, and in that, our proposition is that you can create a greener, more prosperous future – that links back to our climate change priorities,” the top UK envoy told reporters in Australia’s capital, Canberra, today.

  • Darktrace: What we learned from building a £2.5bn UK success story Read this opinion piece by Dr. Mike Lynch, founder of Cambridge Neurodynamics, Autonomy, Darktrace and Luminance Link #Tech #Darktrace #IPO #Technology #Startup #FinTech #Autonomy #MikeLynch
    City A.M. Thu 03 Jun 2021 09:09

    There were just a handful of us clustered around a Bloomberg screen waiting for the moment that Darktrace would finally be launched onto the London Stock Exchange. 

    In the end, that’s what a float comes down to – the final few seconds before the clock ticks round to 8am and the numbers start moving. If they head in one direction you triumph. If they go in the other you’re humiliated. Everything is on the line and nothing you can do will change the outcome.

    When the markets finally opened Darktrace’s share price went up, and up: a rise of forty per cent on the day. Once the story was clear we swapped the screen for a bottle or two. We had built a two-and-a-half-billion-pound company.

  • Going gangbusters: UK's services sector sees fastest expansion in 24 years in May as the recovery begins in earnest Link https://t.co/MTCbwlJMKl
    City A.M. Thu 03 Jun 2021 08:49

    The UK’s service industry saw business activity grow at its fastest rate in 24 years last month as the reopening of the country’s economy after the pandemic continued apace.

    The UK Composite Purchasing Managers’ Index (PMI) for services rose to 62.9 in May, up from 61 in April. Any score above 50 indicates growth.

  • Informa set to meet £1.7bn annual sales target as events resume Link https://t.co/G76eTHFrsi
    City A.M. Thu 03 Jun 2021 08:44

    FTSE 100 firm Informa today said it was on track to deliver its annual base goal of at least £1.7bn in sales as physical events returned in key markets such as the US and China.   

    The world’s biggest event’s organiser said it expected to stay cashflow-positive as its subscription businesses grow, while the firm recovers from cancellations of physical gatherings last year.

    Informa has gradually shifted its focus more towards virtual events and its digital services, which include academic publisher Taylor & Francis and the historic Lloyd’s List shipping journal.

  • Services industry expanded at fastest rate in 24 years in May Link https://t.co/baUTXYWAk4
    City A.M. Thu 03 Jun 2021 08:44

    The UK’s service industry saw business activity grow at its fastest rate in 24 years last month as the reopening of the country’s economy after the pandemic continued apace.

    The UK Composite Purchasing Managers’ Index (PMI) for services rose to 62.9 in May, up from 61 in April. Any score above 50 indicates growth.

  • David Beckham scores stake in UK electric vehicle firm Lunaz Link https://t.co/I5g5qV8ggz
    City A.M. Thu 03 Jun 2021 08:39

    David Beckham may be known for his impressive collection of classic cars, but the former England footballer is now swapping gas-guzzlers for electric vehicles.

    The maverick midfielder has taken a 10 per cent stake in Lunaz, a Silverstone-based company that electrifies classic cars such as Bentleys, Rolls-Royces and Jaguars.

  • Russia's Nordgold plots London IPO after gold price climb Link https://t.co/Q5fq4GaiZ0
    City A.M. Thu 03 Jun 2021 08:34

    Russian mining giant Nord Gold has confirmed its plans today to hold an initial public offering (IPO) in London, after reaping the benefits of rising gold prices.

    The company, known as Nordgold, is plotting a free float of at least 25 per cent while it also plans another listing in Moscow, the group said today.

    Investor interest has climbed alongside gold prices, which hit a record high last year.

  • Mayfair restaurant Le Gavroche shuts for lunch indefinitely, citing Brexit-driven staffing shortage The restaurant highlighted a lack of well-trained #hospitality staff due to a combination of #Brexit and the #pandemic -> Link #Mayfair #Lunch #BusinessLunch
    City A.M. Thu 03 Jun 2021 08:24

    Mayfair restaurant Le Gavroche will only open for dinner service until further notice, with the restaurant highlighting a “major” lack of well-trained hospitality staff due to a combination of Brexit and the pandemic.

    From 14 June, the two Michelin-starred restaurant owned by French celebrity chef Michel Roux will only open from 5pm onwards, meaning punters will be unable to book in for lavish lunches for the foreseeable future.

S&P500
VIX
Eurostoxx50
FTSE100
Nikkei 225
TNX (UST10y)
EURUSD
GBPUSD
USDJPY
BTCUSD
Gold spot
Brent
Copper
Last update . Delayed by 15 mins. Prices from Yahoo!

  • Top 50 publishers (last 24 hours)