Labour shadow chancellor John McDonnell quizzes UK chancellor Philip Hammond on Saudi Aramco November 14, 2017 Shadow chancellor John McDonnell has written to the chancellor to demand more information about talks taking place between the government and Saudi Arabia’s state oil company. Saudi Aramco is currently exploring its options for a flotation on a foreign stock exchange, and London and New York are the front-runners in the race to host the [...]
Deliveroo wins case confirming delivery riders are not workers November 14, 2017 Meal delivery app Deliveroo has won a case in the Central Arbitration Committee (CAC) to confirm that its delivery riders are not “workers”. The Independent Workers Union of Great Britain (IWGB) had sought to argue that riders were workers so that they could claim union recognition. This would also have afforded them certain rights, such [...]
David Davis sets out post-Brexit vision for financial services November 14, 2017 David Davis has committed to protecting talent within financial services after Brexit, as he gives his clearest indication of the government’s thinking for the sector yet. Speaking at UBS this morning, the Brexit secretary set out his vision of the City’s future relationship with the EU after March 2019, based on three key planks: protecting [...]
London taxi drivers to receive training from Mytaxi to help deal with emergencies November 14, 2017 Taxi hire app Mytaxi is launching an initiative to ensure London cab drivers are equipped to help in emergency situations in the capital. The campaign is aiming to teach more than 17,000 black cab drivers skills in health and safety, psychology and handling crisis situations. Read more: London Taxi Company loses black cab trademark appeal [...]
Venezuela is in default says influential ratings agency S&P Global November 14, 2017 The Venezuelan state is technically in default, in a development which threatens to compound the unfolding economic disaster in the country, according to an influential ratings agency. The South American nation failed to make $200m (£153m) in coupon payments for its global bonds due in 2019 and 2024 within a 30-day grace period, according to [...]
Theresa May is meeting Angela Merkel ally Manfred Weber this week – but he’s already said Brexit deal unlikely this year November 14, 2017 Theresa May is meeting a key ally of Angela Merkel this week, as the Prime Minister attempts to break the impasse on Brexit ahead of December’s crunch meeting with EU leaders. Manfred Weber, the leader of the European People’s Party (EPP), told reporters in a press conference in Strasbourg that May had requested the meeting, [...]
ICG shares rocket as it announces a 2017 record private debt fundraise of €5.2bn November 14, 2017 Specialist asset manager Intermediate Capital Group (ICG) saw its shares rocket today as it revealed it has raised €5.2bn (£4.7bn) for its latest private debt fund, the largest of its kind in 2017. The fundraising, which gathered €4.2bn of new commitments for the London-listed firm, took place over just five months. It means that ICG [...]
Bitcoin gets watchdog warning: FCA urges caution by highlighting dangers of cryptocurrency contracts for difference November 14, 2017 The UK’s top financial regulator today warned Britons of the dangers of investing in cryptocurrency contracts for difference (CFDs). The Financial Conduct Authority (FCA) issued a statement calling the investments “extremely high-risk, speculative products”. CFDs allow investors to bet for or against the price of a raft of financial and non-financial products. Using leverage, they [...]
Brent crude prices are below $63 as the IEA says oil market could tip out of balance on rising non-Opec output November 14, 2017 Brent crude oil prices dipped below $63 a barrel today as the International Energy Agency (IEA) revised its oil demand forecast down due to mild early winter temperatures and rising production from some countries. The Paris-based IEA revised demand growth down by 100,000 barrels per day (bpd) for both 2017 and 2018, for an increase [...]
“Apocalypse, tragedy, catastrophe” – Italian media reacts with fury to World Cup qualification failure as Gianluigi Buffon retires November 14, 2017 Legendary Italian keeper Gianluigi Buffon said he was “sorry for all Italian football” as he announced his retirement from the international game in the aftermath of Italy’s failure to reach next summer’s World Cup. Buffon’s pronouncement was a typically grandiose example of a dramatic national reaction to Italy’s failure to overcome a 1-0 aggregate loss [...]