Microsoft boss warns against rapid transition to working from home October 6, 2020 Microsoft’s chief executive has warned against the total transition to working from home during the pandemic, saying it would be “replacing one dogma with another dogma”. Satya Nadella, who has served at the helm of Microsoft since 2014, said it was “best not to get overly dogmatic” about where employees can work, despite the world’s [...]
FTSE 100 dividend payouts fall to lowest level in nearly a decade September 29, 2020 Dividend payouts by FTSE 100 firms have dropped to their lowest point in nearly a decade as the pandemic forces companies to slash payments. Dividend payments for FTSE 100 firms are forecast to plunge 24 per cent this year, according to AJ Bell. It follows an 11 per cent drop in 2019, leaving the total [...]
Exclusive: MPs slam ‘inconsistency and incompetence’ as SMEs struggle to get bounce back loans September 28, 2020 Banks have been told to ensure that no small businesses are “locked out” of government-backed coronavirus loans, after firms were left unable to access the loans despite being eligible for funding. MPs said lenders accredited under the scheme should re-open applications for bounce back loans (BBLs), designed to help small companies weather the pandemic. Barclays [...]
Natwest and Lloyds signal willingness to bring back dividends September 27, 2020 Two of the UK’s largest banks have indicated that they are ready to restart paying dividends as the Bank of England prepares to review its ban on shareholder payouts. Executives at Natwest and Lloyds have hinted at the strength of their balance sheets, with Natwest chairman Howard Davies saying lenders would resume paying dividends if [...]
UK small business recovery stalls as firms adapt to Covid September 18, 2020 The recovery among UK small businesses slowed in August as demand for services dropped, according to a new survey, in a worrying sign that the economic rebound is running out of steam. Natwest, who produced the survey, said there was a “widening gap” between big businesses and smaller firms, the latter of which employ the [...]
FTSE 100 and US stocks slide following central bank announcements September 17, 2020 The FTSE 100 continued trading in the red after the Bank of England announced it would keep monetary policy on hold, while Wall Street opened lower as tech stocks slumped. The blue-chip index dropped 0.7 per cent before inching up marginally to trade down 0.4 per cent after the bank said the economy’s recovery had [...]
Exclusive: Richer London boroughs suffer biggest fall in lockdown spending September 11, 2020 Some of London’s most prosperous boroughs suffered the biggest falls in spending during lockdown and saw a more sluggish recovery as richer households’ lifestyles were curtailed, while less affluent areas saw a smaller drop, data provided exclusively to City A.M. has suggested. Yet some of the richer boroughs – where residents have thriving food scenes [...]
Exclusive: London consumer spending soars during cheap meal scheme September 10, 2020 The Eat Out to Help Out scheme gave London restaurants a huge boost in August, with spending jumping to just 10 per cent below its 2019 level, according to the latest data provided exclusively to City A.M. Food and beverage spending in London in July was a whopping 39.1 per cent lower than a year [...]
FTSE 100 slides as pound surges but US stocks continue to rise September 1, 2020 The FTSE 100 slumped as the pound soared, but the relentless rise of the big US tech companies continued on a choppy day’s trading. London’s blue-chip stock index slid 1.8 per cent to stand at 5,859 points in afternoon trading. The FTSE 250 index of mid-cap firms shed one per cent. Read more: Asian markets [...]
UK firms cut more than 106,000 jobs amid coronavirus pandemic August 19, 2020 The coronavirus pandemic has battered the UK economy since it arrived in early 2020 – and no sector has remained unscathed, with more than 100,000 job cuts planned during the pandemic. The government’s furlough scheme has allowed millions of people to keep getting a paycheck, but fears are growing that when this is phased out [...]