City AM

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The City watchdog has urged banks to do more to crack down on romance scams after victims lost millions to fraudsters last year. The Financial Conduct Authority uncovered multiple instances of banks missing opportunities to stop and prevent the emotionally and financially damaging scams, which cost deceived Brits £106m in 2024. One case reviewed by the FCA found that a victim had been swindled out of more than £428,000, while another made a staggering 403 payments to fraudsters over the course of a year, resulting in losses of over £72,000. While the regulator acknowledged banks had gone to significant lengths in some cases to protect customers at risk of romance fraud, the scam is steadily claiming more victims, as cases rose by 9 per cent last year. Read more at the link in the description 🔗 #fraud #dating #scams #romance

Get the latest news and sharpest views from the City of London and the rest of the UK straight to your inbox. Our three daily newsletters will keep you up to date and in the know, bringing you the latest on market moving news, top stories from the world of business and politics plus insightful analysis, commentary and video content. City AM’s newsletters are sent at 7:15am, 12:00pm and 4:00pm, Monday to Friday. Sign up below 👇 https://bit.ly/3Re4YJ

A Grand Sumo Tournament left Japan for the first time since 1991 and in London it has seemingly found its home. Here’s what I thought of it all. One of London’s greatest surprises will always be turning off Prince Consort Road, just as you reach the Royal College of Music, and being greeted by the magnificent Royal Albert Hall; it’s rounded structure a landmark of times gone bye. I’ve seen pop concerts there, a couple of Proms, boxing and even tennis. On Thursday, though, I witnessed maybe the best event I will ever see at the historical stalwart of London: sumo. Read more at the link in the description 🔗 #uk #news #sumo #wrestling

Get the latest news and sharpest views from the City of London and the rest of the UK straight to your inbox. Our three daily newsletters will keep you up to date and in the know, bringing you the latest on market moving news, top stories from the world of business and politics plus insightful analysis, commentary and video content. City AM’s newsletters are sent at 7:15am, 12:00pm and 4:00pm, Monday to Friday. Sign up below 👇 https://bit.ly/3Re4YJ

Driverless taxis are set to come to London next year. Waymo, the US autonomous vehicle company, plans to launch its "robotaxi" service, making London the first European city to experience this technology. Traditional black cab drivers remain unconcerned, questioning the reliability of the new service. Waymo cars will begin street driving with safety drivers soon, aiming for fully autonomous rides in 2026. Read more at the link in the description 🔗 #waymo #london #selfdrivingcar #taxis

Ensilica, a British chipmaker, is feeling the aftershocks of a cyberattack. Their connection to Jaguar Land Rover has made them vulnerable, causing their shares to drop 14% in just a day. The cyberattack has shaken Jaguar’s supply chain, and although Ensilica hasn't officially named Jaguar, no other major carmakers have reported similar attacks. Ensilica has adjusted its revenue forecast to £28-30 million, a significant dip below expectations. Read more at the link in the bio 🔗 #jaguar #cyber #business #news #uknews

Rachel Reeves isn't going to introduce a wealth tax, but she will tax the wealthy. She won't introduce austerity, but she will get spending 'under control'. Confused? We don't blame you. In this instalment of Week in Business, City AM editor-in-chief unpacks the strange contradictions in the government's economic plans. Read more here 👇 https://bit.ly/48zKp4a

UK regulators are speeding up bonus payments for senior bankers. Previously, a banker had to wait three years to start receiving part of their bonus — Now, they can collect from year one. The deferral time has also dropped from eight years to four, aligning the UK with the rest of the world. Authorities say this cuts unnecessary rules while maintaining safe pay structures. City AM's Martin Kimber has the full story. And read more at the link in the bio 🔗 #banks #bonus #economy #politics #uk

Get the latest news and sharpest views from the City of London and the rest of the UK straight to your inbox. Our three daily newsletters will keep you up to date and in the know, bringing you the latest on market moving news, top stories from the world of business and politics plus insightful analysis, commentary and video content. City AM’s newsletters are sent at 7:15am, 12:00pm and 4:00pm, Monday to Friday. Sign up below 👇 https://bit.ly/3Re4YJ