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The City View:

1 1 0
09.05.2022

Today Andy Silvester talks to City A.M. reporters Nicholas Earl and Leah Montebello. They go through the G7’s decision to phase out Russian oil, historically elevated gas prices, unpick Snapchat owner Snap Inc.’s plan to compete with the likes of TikTok, and break down Uber’s CEO Dara Khosrowshahi’s recent letter to employees.

And in the news: Morrisons owner CD&R has taken over McColl’s, a Bank of England rate setter has warned that inflation could rise above the BoE’s predictions, and crypto exchange Bitstamp has rushed to appoint a new CEO following the resignation of now ex-CEO Julian Sawyer.

Episode transcript (auto-generated)

Andy Silvester 0:00 Good afternoon and welcome to the City View podcast with me Andy Silvester, Editor here at City A.M. In a few minutes I’ll be joined by two of our start reporters Nick Earl and Leah Montebello as we take a deep dive into the worlds of energy prices and social media competition. For now it’s the corporate headlines and once you we hope we’re enjoying a relaxing weekend, a retail battle was very much in full swing. It now appears today that Morrison’s own a CD and R won a very brief bidding war for the Colts the convenience store operator which peered as of Thursday last week, to be heading for administration. They were joined in battle by the ESA brothers the soon to be owners of anston. Still just about owners of EG group perpetual for courts and restaurants business Morrison’s looks set to preserve all the 16,000 jobs at McCall’s, and I’ve agreed at least according to reports to take on pensions liabilities, as well as of our recording around 330. We’re still awaiting formal confirmation, but the working expectation is of a pre pack administration overseen by PwC announced this evening is the deal it makes sense to Morrison’s which already has its partnership with McCalls through Morrison’s direct Express stores. Elsewhere, a member of the Bank of England’s group of rate setters. Today Warren inflation could surge above even that body’s worst expectations. Michael Saunders, an external member of the Monetary Policy Committee, said unless interest rates keep rising inflation pressures will probably be greater and more persistent and the bank expects that alert shines as separate comments today from the bank’s former chief economist Andy Haldane, but its inflation will climb well above 10% This year, speaking to LBC Haldane so the elevated cost of living is certainly going to be the duration of the year and I think prospectively well into next or even the year beyond. Threadneedle Street alone said should have lifted rates much sooner as a tamp down on what it now expects to be the quickest inflation since the 80s. Other former rate setters have also weighed in accusing Andrew Bailey and Kate of being too slow to rein in inflation second half of last year. Meanwhile, crypto exchange Bitstamp, one of the 10 largest in the world has rushed to appoint a new chief exec after Julian Sawyer walked out over a boardroom disagreement. John Baptist craftier, who led Bitstamp syrup division since 2021, has taken the reigns as the company’s new global chief. In announcement Bitstamp said Sawyer, who is leaving the company after just 18 months quit to pursue other opportunities. However, in comments the city I am today so struck a very different tone in daily reading that he left the exchange over a boardroom disagreement. I’ve been working with the board and we have a difference of opinion over the strategy of the business or told us today without elaborating any more on the dispute. He first signalled his exit in a very 21st century style from the firm over the weekend when his Twitter and LinkedIn BIOS were updated to include the title........

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