By: Chris Dorrell

Economics Reporter Chris has been at City AM since January 2023, first as banking reporter and then economics reporter. He covers all things inflation, interest rates and Bank of England.

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House of Lords calls for new body to oversee City regulators

January 24, 2023

A member of the House of Lords has tabled amendment to the Financial Services and Markets Bill calling for a new body to be established to oversee the City’s regulators, potentially reigniting debates about the so-called call-in power. An amendment tabled by Lord Bridges called for the creation of an Office for Financial Regulatory Accountability, [...]
Mark Carney’s net zero group disputes data showing only 7 per cent of banks’ energy financing goes to renewables

January 24, 2023

Only seven per cent of global banks’ energy financing between 2016 and 2022 went towards renewable energy projects, according to new data, although Mark Carney’s net zero financial coalition has disputed the claim. A report by a group of campaign groups, including BankTrack and Rainforest Action Network, indicates “major failings” by financial institutions to help [...]
Veganuary: New £240m fake meat fund looks to disrupt and decarbonise the food industry

January 23, 2023

Milltrust Ventures and Earth First Food Ventures are set to launch a new $300m (£242m) Smart Protein Fund tomorrow to back alternative proteins and decarbonise the food industry, City A.M. can reveal. Over $600m was invested in total in the cultivated meat sector last year, and the alternative protein market, which includes imitation meats [...]
Banks called on to extend pandemic era support to vulnerable customers as cost of living pressures mount

January 22, 2023

British banks are being called on to extend support offered to customers during the pandemic as the cost of living crisis increasingly affects vulnerable customers. A new report from Fair4All Finance – a government-backed financial inclusion body – found that “unprecedented” support from banks significantly helped customers during Covid-19 with “no detrimental impact on bottom [...]
Labour calls for investigation into Boris Johnson’s appointment of BBC chair after ‘sleaze’ allegations

January 22, 2023

Labour has called for an investigation into the appointment of Richard Sharp as BBC chair after he allegedly helped Boris Johnson secure a loan guarantee shortly before being appointed to the job. The opposition party have written to both the Commissioner for Public Appointments and the Parliamentary Commissioner for Standards after the Sunday Times reported [...]
Asda owners explore £13bn merger with petrol business EG Group

January 22, 2023

Asda’s owners are exploring merging the business with petrol forecourts business EG Group before EG’s 2025’s £7bn refinancing, The Times reported on Saturday. The two businesses are both jointly owned by Mohsin and Zuber Issa and private-equity company TDR Capital. The paper said the merger would create a business worth between £11bn and £13bn, with [...]
Activist shareholder Caius Capital takes five per cent stake in embattled Metro Bank

January 22, 2023

London-based activist shareholder Caius Capital has taken an £11m stake in embattled challenger bank Metro Bank. The investment brings Caius Capital’s stake to five per cent, making it one of Metro Bank’s ten largest investors. The stake from Caius Capital, an alternative investment manager focused on “distressed and special situations”, comes a month after Metro [...]
Financial crime: Anti-money laundering and crypto fines surge to £4bn in regulatory crackdown

January 22, 2023

Anti-money laundering fines globally surged 53 per cent in 2022 while fines to crypto firms rose over 90 per cent as regulators cracked down on financial misconduct, data from Fenergo shows. In total, financial institutions were fined nearly $5bn (£4.04bn) in 2022. According to Fenergo’s financial crime policy manager Rory Doyle, the jump was linked [...]
FTSE 100 close: Blue chip index ends higher as disappointing retail sales figures fail to dent JD Sports, Frasers and Burberry

January 20, 2023

London’s FTSE 100 index closed the week marginally higher, clawing back some some of this year’s earlier gains following a poor performance yesterday. The capital’s premier index climbed 0.3 per cent to 7,770.59 points, while the domestically-focused mid-cap FTSE 250 index rose 0.7 per cent to close at 19,702.63. JD Sports, Frasers and Burberry were [...]
Davos round-up: Optimism, the dangers of forecasting and subsidy competition

January 20, 2023

Optimism As Davos draws to a close, participants will likely leave feeling more optimistic than when they arrived. There was a mood of gentle optimism throughout, stoked by China’s reopening, rising hopes Europe can avoid a recession and continuing signs US inflation has passed its peak. IMF managing director Kristilina Georgieva cautiously joined the chorus [...]

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Premiership run-in: Saints and Bath will impact top four

Here We Are, National Theatre, review: Stephen Sondheim musical is more Severance than sing-a-long

By: Chris Dorrell

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