Insurer Hiscox is planning to move its EU HQ to either Luxembourg or Malta February 27, 2017 Hiscox has narrowed down its shortlist for a new EU base to two countries and says Brexit is unlikely to impact the firm strategically. The insurer today announced record annual results, with profits soaring and its retail operations growing to represent half of the firm's business, and the firm also revealed it is eyeing move to Malta [...]
Primark owner warns benefit of sterling’s fall will only last so long February 27, 2017 Primark owner Associated British Foods' (ABF) share price edged downwards this morning after it warned its boost from the devaluation of sterling will fade later in this year. The figures In its trading update, ABF said it expects Primark sales to be 11 per cent higher, when measured at constant currency, but that this growth would be "driven [...]
The RMT is balloting London Underground workers for strike action over the “victimisation of Tube staff” February 27, 2017 More London Underground walkouts could be on the horizon as the RMT union has announced it's balloting station staff for strike action and action short of a strike. The RMT said it will be balloting station staff across its London Bridge group after one member was fired and two others disciplined for intervening to stop a "serious [...]
“World War II shell” found in Shoreditch High Street was not an explosive device, police say February 27, 2017 Shoreditch High Street was evacuated earlier this morning after a suspected World War II shell was discovered there – but police later said the item was not suspicious. Police were called at 8:35am to Shoreditch High Street, near the junction with Hackney Road, E1 "to reports of ordnance", a spokesperson said. Officers and specialist officers attended the [...]
Top German central banker Andreas Dombret says he wants a “pragmatic” Brexit February 27, 2017 A top German banking executive has said he wants a "pragmatic" Brexit, playing down claims that other member states are looking to punish the UK for voting to leave the EU. Various cities across the EU have been vying to steal away pieces of London's financial sector, as many in the industry fret about what access rights [...]
Oscars Best Picture screw-up: City stalwart is investigating how the award was handed to the wrong film February 27, 2017 Last night's Oscars ceremony took a surprising and extremely awkward turn when the big prize – the Best Picture award – was mistakenly handed to the wrong film. Stars Warren Beatty and Faye Dunaway announced that La La Land had won, as was widely expected. The film's producers were midway through their acceptance speeches when Beatty interrupted [...]
Government cuts discount rate: Insurance sector says “crazy” decision will cost the industry billions February 27, 2017 The UK's insurers were left reeling this morning after the government announced changes to a key insurance sector discount rate, costing them hundreds of millions of pounds. Direct Line said annual profits for 2016 would be cut by up to £230m, while motor insurer Admiral estimated it will take a hit of up £100m and is to [...]
Sterling tumbles against the dollar on speculation over another Scottish independence referendum February 27, 2017 The pound fell during early Asian trading after reports that Scotland could be about to call a second independence referendum. Concerns around a renewed push for Scottish independence have increased in strength since the EU referendum, however yesterday the Times reported that Theresa May is preparing for another vote. The pound tumbled to $1.2392 against [...]
London Stock Exchange expects the EU to block its £21bn mega-merger with Deutsche Boerse February 27, 2017 The London Stock Exchange’s controversial £21bn merger with Deutsche Boerse was thrown into chaos late on Sunday night, after it emerged that regulators in Brussels are likely to block the deal. Shares in the LSE tumbled by more than three per cent this morning after it revealed in a bombshell statement to the market that it [...]
The inside story of how the London Stock Exchange’s mega merger with Deutsche Boerse was suddenly derailed by Brussels February 27, 2017 Everything seemed to be going so smoothly. Nearly a year after the London Stock Exchange and Deutsche Boerse unveiled their latest attempt to merge, many City folk gave the £21bn deal a respectable chance of success. "Better than 50 per cent," one high-profile Square Mile executive said at a lunch earlier this month. The European Commission [...]