Housebuilders lead the FTSE risers as no-deal Brexit risk fades December 5, 2018 Britain's largest housebuilders saw the value of their shares jump this afternoon as the prospect of a no-deal Brexit began to recede. Property heavyweights such as Berkeley Group, Persimmon and Redrow were among the top 10 FTSE risers today as a frantic 24 hours of political tussling in Westminster fuelled the possibility of a “softer” Brexit [...]
Deutsche Bank shares hit rock-bottom in the wake of police raids December 5, 2018 Deutsche Bank shares dropped to an all-time low this morning before rallying, amid an investigation into possible money laundering. Shares dropped 2.4 per cent to €7.90 (£7.03) as trading opened today, the second time they have dropped below €8 after Friday, when prosecutors raided the lender’s offices for a second day. Police were looking for [...]
Brexit legal advice: No way out of the backstop without a trade deal December 5, 2018 The UK will be locked in a customs union with the EU even if other ways of avoiding a hard border with Ireland are found, according to the government’s top lawyer. The secret legal advice given by the Attorney General to the Cabinet on the proposed Brexit deal makes it clear the UK would struggle to [...]
Thomas Cook share price rebounds after stocks hit a five-year low following profit warnings December 5, 2018 Thomas Cook shares have rebounded after a torrid week, rocketing by as much as a third this morning, clawing back some of the nearly 60 per cent losses in the past eight days. The boom came as Moody’s downgraded the corporate family rating of the travel agents to B2 from B1 and changed the outlook to [...]
JP Morgan raises probability of no-Brexit to 40 per cent as chance of no deal shrinks to 10 per cent December 5, 2018 There is now a 40 per cent chance of the UK staying in the European Union, according to a research note published by a JP Morgan economist this morning. Citing the European Court of Justice’s top legal advisor, who said yesterday that Britain could unilaterally perform a U-turn on Article 50 if it wanted, JP Morgan economist [...]
Deliveroo riders defeated in High Court battle over collective bargaining rights December 5, 2018 A union acting for a group of Deliveroo riders was defeated today in a High Court fight over whether the delivery firm’s drivers were entitled to collective bargaining rights. In a key decision on the future of the gig economy the court ruled that Deliveroo riders are self-employed and therefore would not be allowed to collectively [...]
Three simple answers to the UK’s productivity puzzle December 5, 2018 With political and policy attention focused almost entirely on one complex puzzle, it is easy to forget that there are others requiring urgent attention. Today's Business, Energy and Industrial Strategy (Beis) select committee report is a timely reminder that government action on the productivity puzzle is long overdue. Britain’s growth in productivity lags behind our [...]
Let’s give knife crime a knockout punch December 5, 2018 Last year was the worst year of my life. Seven people I knew were murdered. There have been an estimated 127 murders in London this year, and police statistics show that knife crime is up 12 per cent. Clearly, we have a knife crime epidemic in London. Everyone is responsible and has a part to [...]
Takeda wins shareholder approval for £46bn Shire takeover December 5, 2018 Takeda’s investors have approved the company’s $59bn (£46bn) takeover of Irish drugmaker Shire following months of wrangling with unhappy stakeholders. Despite a chorus of unhappy investors who have gone public with their anger about the deal, 88 per cent of shareholders’ votes came down in favour of the proposal, Takeda said this morning. The deal [...]
UK economy ‘flatlining’ as services sector records weakest growth since the aftermath of the EU referendum December 5, 2018 Business activity fell to its lowest rate of growth since the aftermath of the Brexit vote, according to a closely followed measure of services sector activity. The slowdown in both ongoing business and new work saw the UK services purchasing managers’ index (PMI) hit 50.4 last month, down from 52.2 in October to count as [...]