Brexit isn’t a Woolworths moment for commercial property in the City September 28, 2016 In the days following the EU referendum, I found myself looking back to one of the seminal moments of 2008: images showing hundreds of Woolworths shops closing their doors for the final time. At that point, no other event seemed to better illustrate the effects of the global financial crisis on the UK high street. With hindsight, [...]
Bank of England in last-ditch Brexit warning as it holds interest rates June 16, 2016 Brexit is not only the most serious threat to the UK economy, but it is potentially the biggest risk to global financial stability, the Bank of England said today in another warning ahead of next week’s In/Out vote. Amid signs referendum nerves have shaken markets to their core, the Bank said volatility looks set only [...]
India risks squandering its hard-won gains if it abandons monetary policy discipline August 8, 2016 Speculation is building over who will replace Raghuram Rajan, the much-admired governor of India’s central bank, amid growing expectations that an announcement will be made soon. Rajan, one of India’s key reform figures, is stepping down in September. His three-year term wasn’t extended despite his important role in helping restore investors’ faith in the way [...]
Sales light up at Big Four cigarette maker British American Tobacco but profits fall in mixed results July 28, 2016 Revenues were up but profits were down in a mixed bag of results for the Big Four cigarette maker British American Tobacco (BAT). The figures Turnover at the Pall Mall and Dunhill maker was up by 4.2 per cent reaching £6.7bn in the six months to 30 June. However, adjusted profit from operations were down 2.2 per cent, reaching [...]
Chinese takeover activity in UK and beyond set to accelerate further, despite political rhetoric and Brexit vote December 5, 2016 Edinburgh-based flights search website Skyscanner and West Bromwich Albion Football Club have been among the high-profile UK targets gobbled up by Chinese businesses this year. With most of December still to come, China-to-UK mergers and acquisitions (M&A) activity has already hit record levels. To date, 31 deals worth $7.65bn (£6.01bn) have been agreed, according to [...]
Brexit fallout: Currency market bloodbath was a boon for broker Icap July 13, 2016 The market turmoil that followed Britain's shock decision to leave the European Union was a boon for broker Icap – but that wasn't enough to offset the wider difficulties facing its electronic trading division. The firm, which will soon be called Nex Group, said today that currency trading volume jumped to $200bn on 24 June. It came after [...]
Moody’s issues warning over “fragile five” Opec member Angola July 11, 2016 Moody's issued a stark warning over Angola "going it alone" today, after the fragile five Opec member halted funding talks with the International Monetary Fund. Angola suspended talks over a three-year loan which would've supported its foreign exchange reserves and the government's difficult fiscal adjustments. Longer-term, the cash could've helped it reduce its reliance on oil. Read more: Nigeria [...]
Central banks around the world have moved to try and calm markets in the aftermath of Brexit June 24, 2016 As financial markets adjust to a post-Brexit world, central bankers are rushing to try and restore calm. The immediate reaction to the UK vote to leave the European Union was a harsh sell-off that in which the pound plummeted and markets around Europe followed their Asian counterparts sharply lower. The Bank of England governor Mark Carney has already said he will prop [...]
Watch out, big banks: The claims are coming, and here’s the lawyer who’s bringing them August 21, 2016 Before the rigging scandals started to rock the City, most people would have been wholly unfamiliar with the idea of a 4pm fix or the Libor question. Then, in 2012, Barclays’ chief executive Bob Diamond sent shockwaves through the financial centre, as he stepped down from his role. Just days before, the bank had been [...]
Former Lloyds trader sues for unfair dismissal after Libor probe September 23, 2015 A former Lloyds trader, who was among eight people dismissed after the bank's fine for alleged involvement in libor rigging, has sued the bank for unfair dismissal. John Argent's hearing will start on October 5, according to a schedule for a London employment tribunal released today. Lloyds paid £218m in fines to regulators on both [...]