UK current account deficit £18bn bigger in 2015 than previously thought says Office for National Statistics (ONS) August 21, 2017 The UK’s mammoth current account deficit was £18bn larger than previously thought in 2015, according to revisions to the national accounts released today by government statisticians. The Office for National Statistics (ONS) released the revisions today ahead of changes to how the national accounts are collated, which will be begin with revised national accounts figures [...]
Deutsche Bank plans to expand UK wealth management operation following appointment of former Coutts chief executive August 21, 2017 Deutsche Bank is planning to expand its wealth management operation in London. The planned growth of its private bank comes at a time when the firm is mulling moving thousands of other jobs away from the UK because of Brexit. But Peter Hinder, Deutsche Bank’s head of wealth management for Europe, the Middle East and [...]
Warehouse REIT heads for London Stock Exchange as it seeks to capitalise on the rise of e-commerce and consumer demand for fast deliveries August 21, 2017 A warehouse investment company that works with Amazon and Asda is planning to float on the London Stock Exchange. The real estate investment trust (REIT) is newly incorporated and will be seeking to raise £150m. After flotation, Warehouse REIT will seek to invest in UK assets in urban areas. It has already agreed to deal [...]
Transport for London (TfL) sets wheels in motion for new trading arm Transport for London Consulting set to bring in tens of millions August 21, 2017 Transport for London (TfL) has set the wheels in motion to establish a consultancy providing its expertise to operators around the world. London mayor Sadiq Khan has confirmed TfL is in the process of setting up a trading arm, Transport for London Consulting, after establishing there was “significant scope” for the transport body to pursue [...]
At this stage, the UK and EU can’t afford to delay trade talks August 21, 2017 After a summer dominated by hyped-up talk of cabinet divisions and a Brexit in peril, plans are beginning to emerge and a strategy is starting to take shape. That it took over a year to reach this point is lamentable evidence of a civil service caught with its trousers down by the referendum result and, [...]
Fintech startup Prodigy Finance lands $240m funding led by Index Ventures to expand post-graduate loans August 21, 2017 Prodigy Finance, a fintech startup that provides online funding for students embarking on postgraduate courses at top institutions such as Cambridge and Harvard, has landed multi-millions of pounds in fresh funding from leading investors. Index Ventures has led a series C equity round of $40m, with previous investor Balderton Capital also participating and AlphaCode also [...]
The City must prepare for an £135bn per year Brexit boost August 21, 2017 IN 1553, London merchants funded a naval expedition to China via the North East passage. It got trapped in the ice in Russia’s White Sea and was forced to travel overland to Moscow where Ivan the Terrible granted it exclusive trading rights. The group returned to London to set up the Muscovy Company. This became [...]
Global dividends hit record highs, according to Janus Henderson Global Dividend Index, as oil prices rally and banks begin to heal August 21, 2017 Global dividends have hit an all-time quarterly record of $447.5bn (£347.6bn) in the second quarter of this year, according to Janus Henderson’s Global Dividend Index, notching up the highest growth rate since 2015. The amount in dividends paid out by companies across the globe rose 5.4 per cent year-on-year, or 7.2 per cent when exchange [...]
Two-thirds of FTSE 350 board members lack cyber hack training August 21, 2017 The majority of board members at Britain’s biggest public companies have received no training in how to handle a cyber attack despite it rapidly rising up the business agenda, according to a new survey. Some 68 per cent of board members in the FTSE 350 said they have not been trained in responding to a [...]
Macquarie exec defends Green Investment Bank deal and talks up commitment to green finance and the UK August 21, 2017 The new Australian owner of the UK’s Green Investment Bank has dismissed concerns about its commitment to environmental issues as “way off track”. An executive at investment bank Macquarie, which led a £2.3bn consortium acquisition of the former state-owned entity, has also talked up the firm’s commitment to investing in the UK after Brexit. The [...]