Euronext launches new listing for family-owned firms February 21, 2017 Euronext has launched a new listing dedicated to family businesses, covering 90 companies across France, Belgium, Portugal and the Netherlands. The launch is part of initiatives designed to provide support for family-owned firms and promote financial markets as a source of financing. Read More: Euronext shareholders approve clearing deal as company awaits LSE-DB news The 90 [...]
HSBC slashes its bonus pool for the year, but chief exec Stuart Gulliver’s annual handout rises February 21, 2017 HSBC has cut its bonus pool by 12.3 per cent following a worse-than-expected 2016, although chief executive Stuart Gulliver saw his annual bonus grow. The banking giant revealed its total group variable pay pool for the year was slightly over $3bn (£2.4bn), down from $3.5bn in 2015. Meanwhile, bonuses to go around investment bankers fell to [...]
Brazen French presidential candidate Emmanuel Macron tells London – I want your banks to move to Paris after Brexit February 21, 2017 French presidential candidate Emmanuel Macron has said he wants to lure banks from London to Paris in the aftermath of Brexit, striking a bullish and undiplomatic tone during a visit to Downing Street. "I was very happy to see that some academics and researchers in the UK because of Brexit are considering coming to France [...]
Private equity houses battle it out for £500m UK IT services firm Claranet February 21, 2017 Private equity houses Blackstone and Inflexion are battling it out for a stake in a £500m-valued British IT services company, City A.M. has learned. US-based private equity firm Abry Partners is in the process of selling Claranet, which it invested in in 2012. Read more: Private equity giant buys majority stake in London cloud tech company [...]
HSBC profits plunge 62 per cent as one-off costs eat into bottom line, and bank mulls moving 1,000 jobs to Paris because of Brexit February 21, 2017 HSBC revealed this morning that its profits have dropped dramatically after a series of one-off hits eroded its bottom line, and added that it was considering moving 1,000 jobs from London to Paris because of last year's Brexit vote. Shares in HSBC Holdings dropped 4.5 per cent at the open and were down 6.5 per [...]
Gresham House launches a platform for pension funds that want to make an impact February 21, 2017 Mammoth pension funds are to be able to invest into smaller, socially responsible projects through a new platform announced today. The initiative has been created by AIM-quoted investment house Gresham House and has attracted cornerstone interest from Berkshire's local government pension fund, alongside a 20 per cent shareholding the fund has agreed to take in Gresham House itself. Larger pension funds [...]
Now Gatwick Airport workers are being balloted for strike action over “poverty pay” February 21, 2017 Gatwick workers who help passengers with reduced mobility will vote for strike action in a dispute over pay, Unite said today. The ballot, of 200 members, opens on Thursday 23 February and closes on Thursday 9 March. The union has warned that "significant strike action" will go ahead if members back industrial action in the ballot. Unite said [...]
Stoke-on-Trent by-election: All you need to know about the vote on 23 February February 21, 2017 There's a hotly contested by-election looming in Stoke-on-Trent, with Labour facing a crucial battle against Ukip. With the vote fast approaching, we've rounded up all the vital information. When is the by-election taking place? Voters will go to the ballots on Thursday 23 February. Polls will open at 7AM and close at 10PM. Who's in [...]
In full: The letter Sadiq Khan sent to chancellor Philip Hammond on business rates February 21, 2017 London mayor Sadiq Khan has joined forces with a host of business groups to write to chancellor Philip Hammond, warning him about how business rate changes will hit the capital. Business rates changes will come into effect on 1 April, and the new taxes are tied to rents across the UK. As rents have jumped [...]
Oil prices are climbing as Opec claims it will deliver further output cuts February 21, 2017 Oil prices have climbed today as Mohammad Barkindo, secretary general of the Organisation of the Petroleum Exporting Countries (Opec), said the group and non-members including Russia will boost compliance with agreed oil production curbs. Benchmark Brent crude prices are trading 1.73 per cent higher, or $0.97, at $57.15 per barrel. West Texas Intermediate prices are up [...]