General Election 2019: City urges rethink over Labour’s ‘hostile’ manifesto November 21, 2019 City figures have urged Labour to reconsider its combative position towards business and the City after Jeremy Corbyn revelled in the “hostility” his new manifesto would bring. Corbyn unveiled his “radical” vision for a Labour government this morning, with a document setting out the details of how the party would pay for its spending spree, [...]
UK hotel profit soars as Brits holiday at home August 5, 2019 The top 100 UK hotel groups saw profit break the £1bn barrier last year as the weak pound pushed Brits to holiday at home. Profit rose 83 per cent year-on-year from £583m as overseas tourists were also encouraged to visit the UK. Read more: Mandarin Oriental profit slump despite Hyde Park hotel reopening Revenue was [...]
European stock markets rise as traders look to the Fed August 21, 2019 European stock markets have risen this morning as investors hope for dovish signals from the US Federal Reserve, which is due to release the minutes from its last meeting later today. The Fed will also meet for its yearly symposium in Jackson Hole, Wyoming on Friday, where chair Jay Powell is expected to hint at [...]
In a world of data and digitisation, the City continues to hold the winning cards September 24, 2019 At a time when the spotlight is on London’s future as a global hub for finance, new data showing that the capital has extended its lead in global FX and interest rate derivatives trading since 2016 was a clear vote of confidence in the City. This was backed up by the latest Global Financial Centres [...]
Argentine peso plunges 25 per cent versus dollar after shock election result August 12, 2019 The Argentine peso has plunged almost 25 per cent against the dollar after the free marketeer President Mauricio Macri was thrashed in primary elections. Read more: Argentine peso falls despite IMF loan increase to $57bn Macri – who has implemented austerity in an attempt to restore confidence in the economy – lost by 15.5 percentage [...]
The only way is down for UK interest rates, say City economists August 21, 2019 The UK economy is in contraction mode, but the Bank of England isn’t greatly worried. GDP fell by 0.2 per cent by the second quarter of the year as Brexit uncertainty and a global slowdown held growth back. Read more: UK economy shrinks for first time in seven years Policymakers at the BoE are reluctant [...]
Why has the weaker pound failed to turbocharge the economy? August 5, 2019 The sharp fall in the pound in the wake of the 2016 Brexit referendum would help “rebalance the UK economy”, in the words of Mervyn King, former governor of the Bank of England. But since then, the UK has struggled to improve its trade position and has certainly not seen any boost to GDP growth. [...]
Facebook’s cryptocurrency Libra could run into tax trouble say lawyers July 1, 2019 Facebook’s new cryptocurrency Libra could face serious tax issues that could hamper its widespread takeup, according to City lawyers. Earlier this month, the social media giant confirmed plans to launch Libra which is intended to be a new global currency that can improve access to the financial system. Tax lawyers from Magic Circle law firm [...]
The death of yields in six charts October 30, 2019 There has been a relentless downward move in global bond yields since the 2008 Global Financial Crisis. This trend – underpinned by highly supportive central bank policies and stubbornly low inflation – has been a defining characteristic of the post-crisis world. Another defining trait of this period, and a landmark for financial markets, has been [...]
Keep an eye on data: a chat with Duco’s founder about the future of fintech in Britain February 17, 2020 When asked to narrate their journeys from startup to scaleup, entrepreneurs tend to fall into two camps. There are those for whom the travails of growth are a badge of honour: no 20-hour day, unconquerable challenge or unfulfilled investment pledge has been forgotten. Others display an insouciance, as though turning a light-bulb moment into a [...]