Brexit latest: Government suffers worse-than-expected defeat over EU Withdrawal Bill during first test in Lords April 18, 2018 The government has lost the first test of strength in the Lords, with a bigger margin of peers approving an amendment to the EU Withdrawal Bill. Those who backed Lord Kerr’s amendment outnumbered those who backed the government by a majority of 123, forcing the motion over whether the UK should have the option to [...]
International Monetary Fund (IMF) warns on record global debt load driven by China April 18, 2018 The International Monetary Fund (IMF) today warned that global debt levels have reached unprecedented levels as it urged governments to fix their roofs while the sun is shining. The world’s debt load reached $164 trillion (£115 trillion) in 2016, equivalent to 225 per cent of global GDP, the IMF said in its latest fiscal monitor, [...]
JP Morgan teams with Blackrock to create new bond market indices focused on the environment and governance April 18, 2018 JP Morgan has teamed with asset management giant Blackrock to create a new suite of indices based on environmental, social and governance (ESG) factors. The JP Morgan ESG (JESG) index will integrate these concerns into a benchmark, and will help bond investors find issuers with strong ESG practices. It will initially be available for three [...]
Beaufort Securities administration could cost £100m April 18, 2018 The administration of collapsed stockbroker Beaufort Securities could cost as much as £100m, its administrator warned. Audit firm PwC confirmed that in the worst case scenario the administration process could cost anything between £80m and £100m over four years. The High Court appointed PwC’s Russell Downs, Douglas Nigel Rackham and Dan Yoram Schwarzmann as joint [...]
Trudeau wants Canada-UK trade deal to “flip over” the day after Brexit April 18, 2018 Canadian Prime Minister Justin Trudeau has said he wants a trade deal with the UK “that will flip over the day after Brexit” – and indicated that he would build on that for a subsequent agreement in the following months. Speaking to the BBC ahead of his bilateral with Theresa May today, Trudeau said he [...]
EU ups pressure on exemption from Trump’s steel tariffs April 18, 2018 The EU has thrown down the gauntlet to the US over steel and aluminium tariffs, warning they threaten economic growth and are “distorting” global trade. Cecilia Malmstrom, the European Union’s trade commissioner, said this morning the bloc would not offer any concessions in order to be exempt from President Trump’s act of “pure protectionism” as [...]
Woodford-backed Crystal Amber builds stake in De La Rue following passport company’s “own goal” April 18, 2018 Activist investor Crystal Amber has increased its stake in beleaguered banknote producer De La Rue this morning, City A.M. understands, as the company released its second profit warning in less than a month. De La Rue, which also told investors today that it would not be pursuing a claim against the UK government for handing [...]
London Marathon 2018 could be the hottest on record as temperatures in London soar April 18, 2018 Runners taking part in this year’s London Marathon will want to stock up on the sun cream, as the 2018 race could be the hottest yet. Temperatures are expected to peak during the week, with London basking in the sun today, and Thursday 19 April forecast to be the hottest day of the year so [...]
Transferwise becomes first non-bank to join Faster Payments in landmark competition boost April 18, 2018 Transferwise last week became the first non-bank to join the UK’s Faster Payments system, in a landmark step which the Bank of England (BoE) hopes will boost competition in the payments sector. The fintech unicorn, which provides foreign exchange services, joined the system last Friday, the BoE announced today, giving it access to the same [...]
Inflation falls to lowest in a year: Here’s what economists think the Bank of England will do April 18, 2018 Inflation fell in March in a further boost to British households who have suffered a year of real wage falls, but the Bank of England’s job may have become trickier, according to economists. Consumer price inflation (CPI) fell by 0.2 percentage points in March to hit 2.7 per cent. The Bank targets two per cent [...]