(Banco) Popular decision? Shares rise as chairman Angel Ron ousted December 1, 2016 Shareholders can be a harsh bunch sometimes; shares in Spain's Banco Popular shot up today after the board voted to oust its long-serving chairman. Angel Ron has sat at the helm of the struggling bank for more than a decade, but his leadership, include poor progress in ditching the lender's toxic assets, has recently sparked grumbles from [...]
UK immigration reached 650,000, its highest levels ever, in the year before the Brexit vote, but cuts to immigration could harm the public finances December 1, 2016 Immigration to the UK reached 650,000, the highest level estimate ever recorded, in the year before the Brexit vote, but influential economists have warned that attempts to reduce net migration could harm Britain’s public finances and even result in higher taxes. European Union immigration also reached its highest ever level, at 284,000, an increase of [...]
UBS wraps most of its wealth management business into Frankfurt hub December 1, 2016 UBS today revealed it is consolidating the majority of its wealth management business into one legal entity in Frankfurt. The move will merge together the Swiss banking giant's subsidiaries across Germany, Italy, Luxembourg (which included the branches in Austria, Denmark and Sweden already), the Netherlands and Spain. UBS hopes the move will help to simplify its [...]
Oil prices hit $50 around the world as Opec’s production cut decision continues to make waves in markets worldwide December 1, 2016 The trading frenzy sparked by Opec’s historic deal on Wednesday to agree a production cut has continued to make its presence felt throughout markets worldwide, with oil-related shares gaining further and futures prices rising beyond the levels seen after the announcement. Prices for both Brent crude and West Texas Intermediate (WTI) traded well above $50 per [...]
Has the plunging pound pumped up Bridgestone tyre prices? December 1, 2016 First the cost of a holidays abroad, then a pot of Marmite. Now the price of tyres is on the rise. One of Britain's best known automotive brands, Bridgestone, today said it would be increasing the price of its tyres. Read more: #Marmitegate: Tesco boss warns suppliers against hiking prices An extra three per cent would [...]
Treasury to introduce £1m penalty for breaching financial sanctions December 1, 2016 Those who breach serious financial sanctions could be slapped with a seven figure penalty as of next year. The Treasury's Office of Financial Sanctions Implementation (OFSI) will, from next April, be able to impose penalties of £1m or 50 per cent of the value of the breach, whichever is higher, for such breaches. The UK currently has [...]
Pound shoots up as Davis says UK could pay for single market access December 1, 2016 The British pound rose sharply to break $1.26 after Brexit secretary David Davis said in a speech the UK may continue to pay money into the European Union budget in order to preserve Single Market access. The pound/dollar spot exchange rate had opened the day at $1.2506, but rose sharply this morning to reach intraday highs [...]
US manufacturing PMI shows world’s biggest economy is strengthening before Trump presidency December 1, 2016 The US economy’s growth is gaining pace according to an important measure of manufacturing activity, further signalling the strength of the nation’s recovery as the Barack Obama administration comes to an end. The manufacturing purchasing managers’ index (PMI) rose to 54.1 in November, an increase of 0.7 percentage points since last month’s survey, compiled by [...]
KPMG boss Simon Collins won’t be seeking re-election after five year tenure December 1, 2016 KPMG's UK boss will step down in March after five years at the helm of the accountancy giant. Simon Collins told fellow partners of his plans on Thursday and is expected to put his hat in the ring to step up and lead the global network of the firm, according to reports by Sky News. Read more: [...]
CBRE completes property fund merger creating new £1.47bn fund December 1, 2016 The CBRE UK Property Fund (UKPF) is merging with the Electricity Supply Pension Scheme (ESPS) UK property portfolio to create a new £1.47bn fund. The new fund, which has been authorised by the Financial Conduct Authority, will be operated as a Property Authorised Investment Fund (PAIF). Read more: The City of London is getting taller [...]