Luxembourg finance minister warns EU against strict Brexit approach letting the City of London ‘drift away’ October 23, 2017 Luxembourg’s finance minister has warned EU leaders that taking a hard line approach towards a Brexit deal risks letting the City “drift away into the Atlantic”. Pierre Gramegna urged leaders to strike a collaborative accord allowing the “number one financial centre in the world” to stay well connected to Europe. “I think that it is [...]
London won’t be replicated as a financial centre after Brexit, says Bank of England deputy governor Jon Cunliffe October 23, 2017 The Bank of England’s deputy governor for financial stability has expressed confidence in the City of London’s standing as a financial hub post-Brexit, saying he does not see its success being replicated on the continent. Sir Jon Cunliffe, a member of the Bank’s Monetary Policy Committee (MPC), told the Western Mail, that while some job [...]
BT pension deficit could reduce by £4.4bn as expectations of an interest rate hike mount October 23, 2017 BT’s troublesome pension black hole is set to reduce by billions of pounds as expectations of an interest rate rise mount, analysts said today. Previously, consensus opinion has been that BT’s retirement deficit would swell from £8.7bn to around £11bn. But in a report by RBC Capital Markets, analysts said BT’s shortfall could halve to [...]
Arqiva shuns private sale in favour of raising £1.5bn from London float October 23, 2017 Arqiva, the firm that owns the majority of Britain’s UK TV and radio masts, today revealed plans to raise £1.5bn through a London stock market float. The announcement comes after an attempt at a private sale fell apart on Friday. The listing would be the City’s largest of 2017. Owned by Canadian Pension Plan Investment [...]
Amber Rudd’s plan to register EU citizens is illegal, say MEPs October 23, 2017 The government’s plan to register citizens from the EU may be illegal and could be blocked by European parliament, a group of MEPs have claimed. In a letter to home secretary Amber Rudd, a group of cross-party MEPs argue that the plan to register some individuals from the start of the so-called implementation period could [...]
Lewis Hamilton: How vegan diet has helped me towards a fourth Formula One title October 23, 2017 Britain’s Lewis Hamilton believes his switch to a vegan diet has helped propel him to the brink of a fourth F1 world title. Hamilton’s victory at the United States Grand Prix on Sunday means he is likely to wrap up the drivers’ championship this week in Mexico City. The Mercedes racer, 32, insists his success [...]
Bitcoin’s the next Enron says billionaire Saudi prince Alwaleed bin Talal October 23, 2017 Billionaire investor and Saudi prince Alwaleed bin Talal has slammed bitcoin and called it “Enron in the making”. He predicts the cryptocurrency, which is on a streak hitting all time highs over the weekend will “implode” in a scathing comment on the nearly $100bn market. Read more: Bitcoin’s back below $6,000 “It just doesn’t make [...]
European banking sector continues painful path to recovery but bad loans still loom October 23, 2017 Europe’s banks took further steps on the painful recovery path last year, but non-performing loans still loom over the sector, according to European Central Bank (ECB) data published today. The number of credit institutions in the Eurozone fell from 2,379 in 2015 to 2,290 last year, the ECB said, with almost 7,000 branches closed over [...]
British manufacturing order growth wobbles despite continued export strength October 23, 2017 Orders for the British manufacturing sector softened in the three months to October, with growing signs of nerves for the coming quarter, according to a survey published today. A negative balance of two per cent of firms reported order books were above normal, representing a sharp drop from the 10 per cent balance found in [...]
London house prices: The 10 London neighbourhoods with the most £10m plus homes | City A.M. October 23, 2017 London’s high-end housing market may be struggling, but more than 50 homes worth more than £10m have been sold so far this year, new analysis has suggested. Not surprisingly, the place with the most ultra-high end deals is Belgravia, where seven sales worth more than £10m have taken place, totalling £151m. Meanwhile, Knightsbridge came second, [...]