Voters go to the polls in ‘neck and neck’ Chesham and Amersham by-election June 17, 2021 Voters will go to the polls today for the Chesham and Amersham by-election, with the Liberal Democrats aiming to secure an upset victory. City A.M. first revealed on Tuesday that internal polling by the Lib Dems had the party just four points behind the Tories, who have held the constituency since it was formed in [...]
Bezos-backed firm to build nuclear fusion plant in UK June 17, 2021 A Canadian firm backed by Amazon founder Jeff Bezos will build its first nuclear fusion power plant in the UK, it was announced today. General Fusion will build the prototype facility at Culham in Oxfordshire, the home of the UK Atomic Energy Agency (UKAEA). Construction is anticipated to begin in 2022, with operations beginning approximately [...]
CureVac shares plunge after Covid vaccine falls short in clinical trial June 17, 2021 The German biotech lost more than half its value after a preliminary analysis of late-stage trials found its Covid-19 vaccine was only 47 per cent effective. CureVac’s disappointing mRNA vaccine trial results call into question its future contribution to the global vaccination effort. The interim analysis of the jab’s trials found that it was one [...]
JPMorgan to buy fintech firm Nutmeg for upcoming UK digital bank June 17, 2021 JPMorgan Chase is set to buy digital wealth manager Nutmeg, the companies confirmed today, as fintech’s trajectory has been pushed even higher by the pandemic. While still subject to regulatory approval, the deal will bolster JPMorgan’s digital bank branch, under the Chase brand, which is planned for launch in the UK later this year. The US financial [...]
Pandemic crash: Almost 200,000 UK travel jobs lost or at risk due to Covid crisis June 17, 2021 Around 195,000 people working in the UK travel industry have either lost their job or are at risk of losing their job due to the Covid-19 crisis. The sector employs around 526,000 people across the UK in ordinary times, meaning that more than a third (37 per cent) of all jobs in the sector face [...]
Investors are balancing crypto volatility with lower-risk bets, study shows June 17, 2021 Investors are offsetting crypto risk by diversifying their portfolios with lower-risk bets, according to new research. The digital currency has seen a period of intense popularity recently due to increased savings during the pandemic, as well as through endorsements from big corporations and influential public figures. Money management fintech Plum today published new data on [...]
UK and US agree to end long running Airbus-Boeing trade dispute June 17, 2021 The UK and US have agreed to a truce over the 17-year Airbus-Boeing trade dispute, with both sides set to suspend tariffs for five years. International trade secretary Liz Truss and US trade representative Katherine Tai agreed to create a new working group to consult on subsidies given to the aviation sector and non-market practices [...]
Meat industry cuts production amid Brexit-driven staff shortages June 17, 2021 Labour shortages caused by post-Brexit immigration rules mean the UK meat industry has had to cut production, warning that without change it could soon be unable to fulfil orders. Production in the meat industry had fallen by around 10 per cent since Easter because of worker shortages across farming and processing, the British Poultry Council [...]
Lloyd’s of London takes out £650m cover to protect emergency fund June 17, 2021 Insurance market Lloyd’s of London has taken out £650m in cover to protect its backup central fund against possible high-risk events that could cause losses. The five-year cover is financed by JP Morgan as well as other reinsurers including Berkshire Hathaway and Swiss Re, according to a Financial Times report. The central fund at Lloyd’s [...]
Fintech firm Wise confirms plans for London stock market float June 17, 2021 Fintech favourite Wise has confirmed plans to go public in what will be the first direct listing of a tech firm in London. The payments group, formerly known as Transferwise, said it has been profitable since 2017 and sales hit £421m this year. In 2021 the app moved £54.4bn across borders for 6m customers. The [...]