Mercer slams competition watchdog for data errors in pension fund industry investigation September 25, 2018 A leading player in the pension fund industry has slammed the competition watchdog for using inaccurate data in its probe into the sector. The Competition and Markets Authority (CMA) report released in July found that there was a lack of competition in the investment consultancy which could cause "material customer detriment". The UK chief [...]
Whale of a time: Beluga whale ‘seen in River Thames’ September 25, 2018 A Beluga whale has been spotted in the River Thames, with marine rescuers saying it is “swimming strongly”. Ecologist Dave Andrews made the sighting, saying the mammal has been feeding near barges around Gravesend in Kent. He shared videos online, saying it hasn’t moved more than 200m in any direction. Can't believe I'm writing this, [...]
EU to set up special payment channel to bypass Trump’s sanctions on Iran September 25, 2018 The European Union will establish a special payment channel to allow companies to continue to trade with Iran and avoid US sanctions. The 'special purpose vehicle' (SPV) to facilitate payments related to Iran's exports, notably oil, and imports was unveiled following a ministerial meeting at the UN in New York. Britain, China, France, Germany, [...]
Q&A: Adam Tooze on the financial crisis, Trump and the City of London after Brexit September 25, 2018 Ten years after the start of the financial crisis, Columbia University historian Adam Tooze’s epic work of economic history, Crashed, describes a world still coming to terms with its aftermath. He spoke to City A.M. about the US, the City of London, and where the next crash could come from. Why write this book [...]
Drug maker Novartis to close Grimsby factory as it cuts more than 2,000 jobs September 25, 2018 Pharmaceutical giant Novartis will close its Grimsby factory as it sheds more than 2,000 jobs in the UK and Switzerland. The Grimsby plant will close by the end of 2020, putting 395 jobs at risk not including contractors, although the company said it is open to selling the factory. The closure comes as Novartis attempts [...]
Former UBS trader Kweku Adoboli denied bail as deportation order reconsidered September 25, 2018 Former UBS rogue trader Kweku Adoboli has been denied bail and will remain in a detention centre while his deportation order is reconsidered. The 38-year-old was spared deportation just hours before his scheduled flight to his birth country, Ghana, last week after a legal intervention triggered a judicial review. But Adoboli's application for bail, [...]
Anthony Joshua proves the heavyweight division is built on his brilliance with brutal knockout of Alexander Povetkin September 25, 2018 When the referee stepped across Anthony Joshua as fallen challenger Alexander Povetkin crashed on the canvas for the second time in a matter of minutes on Saturday night, it was clearer than ever that the world champion remains the defining figure in heavyweight boxing. The match-up had always been an awkward one for Joshua. [...]
Moments move markets September 25, 2018 | City Talk The last 30 years have been one of extraordinary change in terms of how financial markets and the global economy have evolved. When I first started in the City all the way back in 1988 as a “wet behind the ears” trainee trader, the City of London was a very different place. From chattering [...]
Intensifying trade war could devastate global growth and cost jobs, WTO chief warns September 25, 2018 Continued escalation of the trade war between the US and China could cut global growth by 70 per cent and cost jobs, the director-general of the World Trade Organization (WTO) has said. WTO chief Roberto Azevedo said the “warning lights are flashing” amid the growing trade tensions between the world's two largest economies. The [...]
Michael Kors confirms $2bn Versace deal September 25, 2018 Michael Kors has acquired Italian luxury designer Versace for $2.12bn (£1.61bn), the US fashion brand confirmed today. Michael Kors Holdings will be renamed Capri Holdings, and Donatella Versace, sister of the late founder Gianni, will become a shareholder in the new company along with brother Santo Versace and daughter Allegra Versace. Read more: Fashion kingpin set to walk the runway with [...]