CITY OF LONDON POST-BREXIT

The fortunes of financial centres may swing less wildly than the markets they host, but swing they do. In the 2000s London threatened to knock New York off its perch as the world’s top financial centre. Michael Bloomberg, then mayor of the Big Apple, commissioned McKinsey to study how his city could repulse the attack in 2007. Today things look different. Brexit has robbed the City of London, the capital’s financial district, of much of its swagger. SOURCE economist.com

MORE THAN HALF OF SMEs FEAR CLOSURE

More than half the small- and medium-sized enterprises (SMEs), which together provide jobs for two-thirds of European workers, fear for their survival in the coming 12 months, according to a survey released by management consultancy McKinsey on Thursday. The survey was conducted in August, before the current acceleration in coronavirus cases across Europe that is forcing governments to impose new restrictions on activity and prompting speculation of fresh national lockdowns. SOURCE: aljazeera.com

SWEDISH STEELMAKER EYES TATA DEAL

Swedish steelmaker SSAB AB is exploring a combination with Tata Steel Ltd.’s European business as a back-up plan to a deal with Thyssenkrupp AG amid industry consolidation, according to people familiar with the matter. SOURCE: BloombergQuint

RENAULT HEADING FOR CASHFLOW SUCCESS

Renault’s cost-cutting plan is on track and it should have positive cash flow from cars by the end of 2020, the French carmaker said on Friday, as sales recovered from a slump during the first wave of coronavirus lockdowns. Renault was already struggling before the COVID-19 pandemic hammered auto markets and new Chief Executive Luca de Meo wants to reverse a long-standing strategy of global expansion to focus on selling more high-priced cars to improve profitability. SOURCE: Reuters