No fireworks: Bank of England and Federal Reserve set to hold interest rates next week January 27, 2017 With both the Bank of England and the Federal Reserve set to meet it’s a big week for monetary policy, but don’t expect fireworks, economists say. Since the collapse of Lehman Brothers sparked the financial crisis, the top 50 central banks have cut rates over 700 times, according to JP Morgan. While Brexit and the [...]
More jobs go in “extremely challenging and upsetting” cost-cutting at newspaper publisher Trinity Mirror January 27, 2017 Newspaper industry cuts are showing little sign of abating this year, with Trinity Mirror announcing more cuts. Shortly after the publisher announced it was making dozens of redundancies across its regional newsrooms, it has emerged there will be more jobs lost at its national newspapers operation. Read more: Trinity Mirror's cutting dozens of jobs in a [...]
Criminals made €8.6m of fake “Bin Laden” banknotes at the end of last year January 27, 2017 The European Central Bank (ECB) said it withdrew €8.6m worth of so-called "Bin Laden" banknotes in the final six months of last year. The notes, worth €500, are in the process of being phased out because of their association with money-laundering and terror – but they nevertheless made up just under five per cent of all [...]
Some peace at last? Alliance Trust to buy back activist investor Elliott’s shares January 27, 2017 Relief at last for Alliance Trust’s management team: the company announced this morning it has reached a deal to buy its shares back from activist shareholder Elliott. The US hedge fund became a shareholder in the investment trust in 2011, and has, to put it mildly, shaken things up a little. The drama peaked in [...]
Tube strike deadline day is here: Union boss warns of more walkouts if London Underground dispute isn’t resolved today January 27, 2017 London Underground conciliation talks over staffing levels at stations have to reach a resolution by the end of today or else the capital will need to brace itself for more Tube strike action. The boss of the Transport Salaried Staffs' Association Manuel Cortes warned on Wednesday that progress needed to be ramped up – and [...]
This architect has already designed a Mexican border wall for Donald Trump January 27, 2017 Now Donald Trump is all systems go on his border wall, here's one step he can skip: the design stage is already in the bag, thanks to Mexican architecture practice Estudio 3.14. In conjunction with the University of Connecticut, the firm has helpfully created a design for a giant wall between the US and Mexico, [...]
Tesco unveils £3.7bn merger with Budgens and Londis owner Booker January 27, 2017 Supermarket Tesco has reached a deal to merge with wholesaler Booker, owner of Budgens and Londis, with both firms stating an ambition to create the UK's leading food company. The groups will combine in a share and cash deal worth £3.7bn, after discussing a combination for almost a year. They said today that there are [...]
Behind the deal: These are the bankers and advisers working on the £3.7bn Tesco-Booker tie-up January 27, 2017 Tesco’s £3.7bn deal for wholesaler Booker is an early boost for the UK’s 2017 M&A market, following a rather subdued 2016. Below are details of the bankers and advisers behind the deal. Tesco advisers It’s increasingly difficult to find a big UK deal without a boutique investment bank at its centre. And this £3.7bn merger proved [...]
London’s first-ever prosecco festival is happening this year January 27, 2017 Here's something worth popping your cork for: someone in the capital has managed to entice eight of Italy's best prosecco producers, meaning London's first-ever prosecco festival is happening in May. The three-day Prosecco Springs festival will take place in Oval Space in Hackney, and will feature both prosecco producers and creators of Italian delicacies such as [...]
Donald Trump’s wall prompts investor stampede for infrastructure January 27, 2017 Donald Trump’s promises to build a massive wall with Mexico as well as to revive oil pipelines have prompted an investor rush to gain exposure to infrastructure assets. Inflows into funds focused on investments in the infrastructure sector surged in the last week, according to data provider EPFR. On assuming the US presidency, Trump signed [...]