breaking business news
- Finance
U.S. jobless claims show surprise gain, well above expectations
Weekly jobless claims unexpected moved higher last week despite hopes that the U.S. labor market is poised for a strong…
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Buy My House, But I’m Taking the Toilet
In any market, it is not uncommon for buyers and sellers to spar over light fixtures, window treatments and appliances,…
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FCA staff receiving stress-related counselling triples in ‘challenging’ pandemic year
The numbers of Financial Conduct Authority staff receiving counselling for “work or external stress” tripled during the first year of a…
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Xavier Rolet on his 130-hour weeks at Goldman: ‘Not sure what today’s generation is complaining about’
How many hours do you really need to clock in investment banking? A group of first-year Goldman Sachs analysts, stretched…
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Slaughter and May boosts first-year lawyer salaries to £100,000
Magic Circle law firm Slaughter and May has bumped salaries for its first year lawyers to £100,000. Salaries for newly…
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Will a government venture capital fund really help private investors?
It is hard to overstate how far the European venture capital industry has come since the turn of the millennium. Although…
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For Airlines, It’s Looking More Like 2019 Again
The aviation recovery is gaining momentum. A summer travel bonanza is exceeding expectations, helping airlines earn profits again and brightening the…
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More phone calls, less shopping: how the pandemic changed American lives, down to the minute.
The pandemic upended every aspect of daily life last year — work, leisure, even sleep. New government data paints the…
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UniCredit shakes up investment bank leadership as Orcel streamlines management
UniCredit has unveiled a new leadership team for its corporate and investment bank, eliminating some senior roles as the bank…
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Rising Rents Threaten to Prop Up Inflation
Kaitlin Cindrich is facing a $200 monthly increase in rent this August if she and her husband can renew their…
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The National Labor Relations Board grants a reprieve to inflatable rats.
It turns out that inflatable rodents may be as unstoppable as their living, breathing cousins. On Wednesday, the National Labor…
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Europe investors yank €14bn from Russell, Aviva and M&G funds
Investors pulled billions from funds managed by Russell Investments, Aviva Investors and M&G during the first half of the year,…
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Senators and Biden Aides Struggle to Save Bipartisan Infrastructure Deal
WASHINGTON — Congressional negotiators and the Biden administration tried on Monday to salvage a nearly $600 billion bipartisan agreement to…
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Wealth manager Wren Sterling confirms sale talks
Wealth manager Wren Sterling’s sale talks have ended with a management buyout. A number of bidders were vying for the…
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UBS targets women-only hedge funds with new portfolio launch
The world of hedge funds is one that is well-known to be male dominated. Now, UBS is looking to spot…
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Fidelity says 80% of investors want crypto in portfolios: ‘Regulation is coming’
Nearly eight in 10 institutional investors say that digital assets such as cryptocurrencies should form part of a portfolio, according…
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Fed’s Mary Daly says tapering of bond purchases may start this year
San Francisco Federal Reserve Bank President Mary Daly poses at the bank’s headquarters in San Francisco, California, U.S., July 16,…
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Wholesale prices rose 7.3% in June from a year ago for a record surge
Wholesale prices for June rose more than expected in another sign that inflation is moving at a faster pace than…
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Jobless claims hit new pandemic low, while New York manufacturing notches record high
Initial claims for unemployment insurance fell to a new pandemic-era low last week, the Labor Department reported Thursday. First-time filings…
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It’s official: The Covid recession lasted just two months, the shortest in U.S. history
Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S.…
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Stock picking fund managers see bargains as markets digest ‘living with Covid’
The spread of the Delta variant of Covid-19 sparked stock market tumbles on 19 July — while the pound posted a five-month low against the…
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Lawmakers and accountants lobby for solid crypto accounting rules
Accountants and lawmakers are urging standard-setters to fill a void and write concrete rules telling companies how to account for…
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Postmortem: Macklem’s new dashboard
Breadcrumb Trail Links News Economy Financial Post columnist Kevin Carmichael, editor of the FP Economy newsletter, unpacks the week in…
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UK economy grows at fastest rate since last July
The UK economy grew 2.3% in April, marking its fastest growth rate since July last year as shoppers returned to…
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The Euro 2020 final moved stock prices because sport makes us irrational investors
The Italian stock market rose last Monday while the UK stock market fell. Italy’s FTSE MIB index rose 0.92% on the day, while the…
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Wall Street bankers shine again as record fees offset trading slump
Wall Street banks have benefited from a boom in dealmaking, hauling in record fees in the second quarter as the…
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US law firm boosts pay for first year London lawyers to $200,000
Wall Street law firm Milbank has ramped up pay for first year lawyers in London to $200,000 amid a mergers…
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Europe’s asset management trade body elects Candriam CEO as president
The trade body representing Europe’s €27tn fund management industry has named Candriam chief executive Naïm Abou-Jaoudé as its next president.…
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Regulators tell banks it is time to start using SOFR and ditch Libor
Regulators are ramping up efforts to end Libor trades by the end of the year. The Commodity Futures Trading Commission…
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Fidelity International, Lloyds, Barclays: City figures in top firms made the Queen’s Birthday Honours list 2021
Senior City figures from Fidelity International, Lloyds Banking Group and Santander are among those that have been given top recognition…
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Government faces legal challenge over CMC Markets’ boss Peter Cruddas’s peerage
The government is facing a legal challenge to the nomination of CMC Markets’ founder Peter Cruddas for a peerage after…
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Marshall Wace joins £1bn UK short-selling bonanza in defiance of meme army
Marshall Wace topped a list of short-sellers targeting the London stock market in early June, leading the pack during a…
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UBS names Roberts as new head of European activist defence
UBS has promoted a senior dealmaker to lead its activist defence unit in Europe, following the departure of former boss…
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Morgan Stanley boss James Gorman hints at widespread office return
Morgan Stanley chief executive James Gorman has said that the bank’s employees will do their work “inside Morgan Stanley offices”,…
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Climate concerns triggers LGIM’s divestment from AIG, Commercial Bank of China
Legal & General Investment Management, the UK’s largest asset manager, has pulled investment from insurance company AIG and three other…
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As Lebanon Collapses, the Man With an Iron Grip on Its Finances Faces Questions
The coronavirus pandemic and a huge explosion in the port of Beirut last August further devastated the economy. Estimates put…
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PwC plans $12bn investment for 100,000 new jobs to boost ESG expertise for clients
Big Four accountancy firm PwC has said it will invest $12bn to create 100,000 new jobs globally over the next…
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HSBC reshuffles top team as $50bn alternatives push takes off
HSBC’s fund management arm has created a new division that will bring together 150 staff and alternative assets representing more…
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Audit regulator could boost headcount 70% as boss fears FRC will be ‘spread too thin’
The audit watchdog could increase its headcount by more than 70% to deal with its new responsibilities under government reform…
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Tech Workers Swore Off the Bay Area. Now They’re Coming Back.
Rizal Wong, a junior associate at the tech and business communications firm Sard Verbinnen and Company, left the Bay Area…
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Bitcoin scam ads run rampant as UK watchdogs battle marketing fraud
Bitcoin is the most popular way for online scammers to target Brits with fraudulent marketing, exclusive new figures show. Approximately 95%…
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Crypto and FX firm LMAX valued at $1bn after JC Flowers stake
Cryptocurrency and FX exchange LMAX Group has received a valuation of $1bn, after selling a 30% stake in the company…
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BlackRock boosts pay for junior ranks
The world’s largest money manager is set to give its junior employees an “off-cycle” pay rise “after a period like no other in…
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The Fed chair will appear again before Congress, as inflation continues to rise.
When Jerome H. Powell, the Federal Reserve chair, appears before the Senate Banking Committee on Thursday, he will be testifying…
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EU watchdog warns Spacs ‘not appropriate’ for everyone
The European Union’s markets watchdog has warned that investments in so-called blank cheque companies “may not be appropriate… for all”. The…
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FCA to warn investors of cryptocurrency risks in £11m marketing campaign
The Financial Conduct Authority is spending £11m on a digital marketing campaign to warn investors over the risks of putting…
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Revolut valued at $33bn after SoftBank injection as UK’s most valuable fintech
Digital bank Revolut has raised $800m in fresh capital, making it one of the world’s most valuable fintech businesses at…
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JPMorgan’s investment bank slips by 19% as trading boom wanes
JPMorgan’s investment bank slipped in the second quarter as the boom in trading revenues throughout the Covid-19 crisis has finally started…
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City firms given ‘how to be inclusive’ guide for managers
Financial services firms should gather data on their employees’ faith, sexual orientation and socio-economic background in order to create a…
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Why $100,000 a year still isn’t enough for 21-year-old bankers — ‘Banks need to worry’
For 21-year-olds graduating from top universities, there’s a new reason to start out in investment banking — six-figure starting salaries.…
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