Editor’s Notes: End of the road as Bell Pottinger shuts up shop, Jeremy Corbyn’s Venezuela shame and Old McDonnell had a strike September 8, 2017 For staff at Bell Pottinger the weekend probably can’t come soon enough. The disgraced PR firm’s fall from grace and into likely administration has been breathtakingly fast. For the 200 UK employees, the vast majority of whom had nothing to do with the scandal that sank the company, an uncertain few weeks await them. Some [...]
Westminster pressure on City watchdog over Saudi Aramco: Nicky Morgan and Rachel Reeves quiz FCA on new listing rules September 8, 2017 Two political heavyweights have cranked up the pressure on the City watchdog over its plans to shake up listing rules which could pave the way for a Saudi Aramco mega-float. The chairs of the influential Treasury and Business, Energy and Industrial Strategy select committees, Nicky Morgan and Rachel Reeves, have written to Financial Conduct Authority [...]
Crash ahead? Crispin Odey’s hedge fund Odey Asset Management is increasing it short stake in used car business Auto Trader September 7, 2017 Crispin Odey’s eponymous hedge fund Odey Asset Management has been upping its short stake in Auto Trader over recent weeks. On Tuesday, the fund increased its short position in the used car business to 1.3 per cent from 1.26 per cent, implying that Odey may just be banking on a crash ahead for Auto Trader’s [...]
Rupert Murdoch’s News Corp invests in student tabloid news startup The Tab September 7, 2017 Rupert Murdoch’s News Corp has led a $6m (£4.6m) investment round in online student news startup The Tab. Founded as a tabloid news alternative for the students of Cambridge University in 2009, The Tab has now spread to 80 institutions across the UK and US. Now with offices in London and New York, Tab Media [...]
Managers wanted earlier transfer deadline, says Premier League executive chairman Richard Scudamore September 7, 2017 Discontent among managers was the driving force behind the Premier League’s decision to close the transfer window before the season starts, says its executive chairman Richard Scudamore. The move, which will take effect from next year, was approved after 14 clubs – the minimum required to pass the change – voted in favour on Thursday. [...]
Government discount rate U-turn set to hand insurers £2bn boost September 7, 2017 Ministers today handed Britain’s insurance sector a £2bn boost after deciding to row back on a controversial decision to change the way personal injury claims are calculated. Lord Chancellor David Lidington unveiled a number of changes to the Ogden discount rate, which determines how much is paid to claimants. Included in the government proposals is [...]
Brevan Howard London fund chief resigns September 7, 2017 One of Brevan Howard’s top London fund chiefs resigned last week, City A.M. has learned. Rajesh Amin has quit his position as head of investment at the Brevan Howard Liquid Portfolio Strategies Fund. Bin Ren, who worked alongside Amin at Brevan, will step up as his replacement. In 2015, the pair moved from Decura, a [...]
Former BoE deputy governor Charlotte Hogg appointed as chief executive of Visa Europe September 7, 2017 Charlotte Hogg, who was forced to resign as the deputy governor at the Bank of England (BoE) earlier this year, has been appointed the chief executive of Visa Europe. Hogg left the BoE in March after a four-year career there following criticism over her failure to declare the potential conflict of interest of her brother’s [...]
Barclays and Lloyds in £10bn borrowing boost from Bank of England term funding scheme stimulus | City A.M. September 7, 2017 Barclays and Lloyds Bank borrowed more than £10bn from the Bank of England’s term funding scheme in the second quarter of this year, ahead of the removal of the lending stimulus early next year. Barclays borrowed £6bn between April and June, while Lloyds drew on £4.5bn, according to the Bank of England’s latest data, published [...]
Mario Draghi says investors must wait until October for quantitative easing taper decision as European Central Bank (ECB) holds policy September 7, 2017 Mario Draghi today told investors they will have to wait until at least October for a decision on the future of its quantitative easing bond purchases, as the European Central Bank (ECB) left monetary policy unchanged. Speaking at the ECB’s headquarters in Frankfurt, ECB president Draghi said: “This autumn we will decide on the calibration [...]