Association of German Banks blasts Mifid II and says it will cost banks €1bn October 18, 2017 Germany’s private banking trade body has today blasted a new piece of EU regulation aimed at increasing transparency and similarity across the EU’s securities markets. The second Markets in Financial Instruments Directive (Mifid II) was welcome in principal, according to the Association of German Banks’ head Michael Kemmer. But he said that the proposals would [...]
Esure and Direct Line founder Sir Peter Wood to flog chunk of Gocompare stock to pursue property investment interests October 18, 2017 Sir Peter Wood, the insurance tycoon founder of Direct Line and Esure, today revealed plans to dump a multi-million slug of Gocompare shares on the market in order to fund his London and US property interests. In an after-market announcement, Wood said he will place 21.3m shares on the market. With Gocompare’s stock trading at [...]
Licence to innovate: Nine new cyber security startups chosen for GCHQ’s accelerator programme with Wayra | City A.M. October 18, 2017 An innovative programme launched to foster fresh technology and ideas that could help Britain’s intelligence agencies fight crime has chosen a second intake of startups. The accelerator from GCHQ and Wayra has picked nine cyber security startups for an expanded programme following the success of the first of its kind accelerator launched last year. Read [...]
Norway’s huge wealth fund calls FCA’s proposed listing changes for companies like Saudi Aramco a “step back” October 18, 2017 The world’s largest sovereign wealth fund has warned the Financial Conduct Authority (FCA) about its proposed changes to its share listing rules, which would accommodate state-backed firms like the Saudi Aramco mega-float. Norway’s $1 trillion (£759bn) fund, which has invested £44bn in equities listed on the London Stock Exchange, joined a chorus of bodies urging [...]
Legal & General (L&G) uses pensioners’ money to fund a huge revamp of Yorkshire County Cricket Club ground Headingley October 18, 2017 Insurance giant Legal & General is to fund a mammoth revamp of Headingley’s iconic cricket and rugby ground. The FTSE 100 firm is to invest £35m from its retirement funds into Yorkshire cricket’s home ground in a deal brokered by Leeds City Council. The West Yorkshire city is proving investment favourite for L&G, which has [...]
Thomas Cook has just launched a new airline in Majorca called Thomas Cook Airlines Balearics with flights planned for 2018 October 18, 2017 Thomas Cook has launched a new airline in Majorca and plans to start its first flights early next year as it looks to combat turbulence in the European short-haul aviation sector. The travel firm, which operates airlines in Germany, the UK and Scandinavia, said the new carrier will supplement its existing operations, starting with at [...]
UK offshore wind: The world’s first floating wind farm has started production offshore Scotland October 18, 2017 Hywind Scotland, the world’s first floating wind farm, has started delivering electricity to the grid today. The 30 megawatt (MW) wind farm, which is operated by Norway-based energy firm Statoil and UAE partner Masdar, is set 25 kilometers offshore Peterhead in Aberdeenshire and will power around 20,000 households. At the opening today, Scotland’s first minister [...]
City’s Brexit blueprint to be used as “starting point” for trade deal, as Brussels gives “very little pushback” say Mark Hoban and Rachel Kent October 18, 2017 The City’s blueprint report for regulation after Brexit is likely to become a foundational document when trade discussions are finally reached, one of the authors has today revealed. Hogan Lovells partner Rachel Kent, who published the International Regulator Strategy Group (IRSG) report alongside former City minister Mark Hoban last month, told a Lords committee this [...]
London council denies Classic FM owner’s plan for £180m Knightsbridge “super-home” | City A.M. October 18, 2017 Westminster council has thwarted plans to knock two homes into one to create a 10-bedroom “super-flat” in Knightsbridge, saying it would be “unconscionable” to accept the proposals while the capital is in the midst of a housing crisis. Ashley Tabor, owner of Classic FM, purchased a £90m penthouse in Knightsbridge next to another apartment he [...]
Google parent Alphabet’s Sidewalk Labs building its own smart city in Toronto. But why not London next? October 18, 2017 Google’s parent company Alphabet is building its own city, where it will tackle some of the most pressing issues facing London: urban growth, energy use, housing costs, and transportation. But it’s the Canadian city of Toronto where 800 acres of waterfront space will be built “from the internet up” by the tech giant, not the [...]