London Stock Exchange boss appointed as new FCA chief June 22, 2020 Chancellor Rishi Sunak has today appointed Nikhil Rathi, the current chief executive of the London Stock Exchange, as the permanent boss of the Financial Conduct Authority. Rathi will replace Christopher Woolard, who was serving as the FCA’s interim chief executive following former boss Andrew Bailey’s move to become governor of the Bank of England. The [...]
German banks press EU for action on Brexit equivalence June 22, 2020 The Association of German Banks (BDB) has called for the EU to prioritise equivalence rules in discussions surrounding the UK’s upcoming exit, arguing they are vital for achieving market and financial stability on both sides. “Clarity regarding future market access arrangements should be provided at the earliest possible date,” the BDB said in a position [...]
Virgin Galactic signs private space travel deal with Nasa June 22, 2020 Richard Branson’s Virgin Galactic said today it has signed a deal with Nasa to develop a programme to promote private missions to the International Space Station (ISS). Shares in Virgin Galactic spiked more than 14 per cent on the news. Virgin will help identify and train new candidates to become astronauts for commercial space flight, [...]
PM expected to relax social distancing measures tomorrow June 22, 2020 Prime Minister Boris Johnson is expected to reveal the outcome of a review into social distancing measures tomorrow, which could see the two-metre gap relaxed. Non-essential stores have already been allowed to reopen in England, while some services will resume in Wales today. Meanwhile a mandate to wear face coverings on public transport comes into [...]
JD Sports lines up administrators for Go Outdoors June 22, 2020 JD Sports has today confirmed to investors that it is weighing up administration for Go Outdoors, after speculation that an official appointment could come within days. JD Sports said this morning that it has “considered a number of strategic options for Go and that Go’s directors have lodged the notice [to appoint administrators] in court”. [...]
Guinness owner Diageo delays full-year results on pandemic impact June 22, 2020 Diageo is pushing back the publication of its full-year results by five days to allow more time for its auditors to assess the impact of the coronavirus pandemic. “[The delay] will allow Diageo and its auditors, PwC, sufficient time to complete the process of preparing and reviewing the results, given the practical challenges of remote [...]
Cineworld lands additional $250m lifeline as it prepares for re-opening June 22, 2020 Cineworld has today said it has secured an additional $250m in financing, as it gears up to reopen venues and face a costly legal battle with former deal partner Cineplex. The UK cinema chain told traders this morning it had agreed terms on a new $250m secured debt facility with a maturity of 2023, in [...]
Asian stocks wobble on US fears of coronavirus second wave June 22, 2020 Stocks in Asia had a rocky start to trading today, as concerns about rising coronavirus cases in the US prompted fears of a second economic lockdown on the horizon. Japan’s Nikkei index recovered from early losses to trade either side of flat, while US S&P 500 futures were at a gain of 0.3 per cent after [...]
Softbank Vision Fund expands minority founder programme to Europe June 18, 2020 Softbank’s Vision Fund has today said it will be expanding its programme to uplift minority founders to Europe, after completing its first cohort in the US. Launched in partnership with Wework Labs, the Emerge programme is an eight-week intensive startup accelerator designed to help early-stage founders from underrepresented backgrounds. Each participating startup must have at [...]
Nintendo shares level up to 12-year high June 18, 2020 Shares in Japanese gaming giant Nintendo surged today as investors took stock of the company’s successes during the coronavirus pandemic. The firm’s share price reached ¥50,180 during trading, before closing at ¥50,110. Analysts pointed to news of a new Pokemon game as piquing traders’ interests, as well as hopes that Nintendo will continue to benefit [...]