LME to hike fees eight per cent next year October 16, 2019 The London Metal Exchange (LME) is set to hike its trading and clearing fees for the first time in five years in 2020. The historic exchange has said it will raise fees by eight per cent at the start of next year, as its owner, Hong Kong Exchanges and Clearing (HKEX), looks to regain some [...]
Poll: Most Brits want to honour Brexit referendum result October 16, 2019 A majority of people want the UK to respect the Brexit referendum result, according to a new poll. The Comres survey revealed today that 54 per cent of people wanted to respect the Brexit referendum result and leave the European Union, with 32 per cent preferring to remain. Read more: Britain would now vote to [...]
Watchdog launches investigation into Amazon’s Deliveroo investment October 16, 2019 The competition watchdog has launched a probe into Amazon’s investment in food delivery app Deliveroo. The Competition and Markets Authority (CMA) today said it would investigate whether Amazon’s investment would “result in a substantial lessening of competition”. The e-commerce giant led a $575m funding round in Deliveroo in May. Read more: CMA puts brakes on [...]
Banks struggle with PPI claims after deadline surge October 16, 2019 Customers who lodged complaints over the mis-selling of payment protection insurance (PPI) may have to wait until next summer for a final response. Read more: PPI costs account for over half of all conduct and litigation in UK banks Britain’s competition watchdog has said it is challenging banks to deal with complaints as quickly as [...]
What are the three mindsets of the best investing teams? October 16, 2019 | City Talk Which mindsets correlate with investment success? The overarching answer — psychological safety — may be surprising. The investment profession tends to favour the ‘hard’ skills of discipline and process over ‘softer’ counterparts such as self-awareness and empathy. So the centrality of psychological safety to effective mindsets may raise eyebrows, especially among the quantitative practitioners who [...]
Brexit secretary: New political declaration drafted October 16, 2019 Brexit secretary Steve Barclay has this morning confirmed a new political declaration with the EU has been submitted, as the UK government attempts to secure an 11th-hour deal. Speaking this morning before the Brexit committee, Barclay said changes to the Irish backstop meant it necessarily followed that “there would be changes to political declaration”. The Cabinet [...]
Brexit negotiators will keep talking until ‘one minute to midnight’ as summit looms October 15, 2019 Brexit talks will stretch until “one minute to midnight” in order to secure a last-minute deal at this week’s European Council, Downing Street sources said yesterday. Negotiators were locked in talks throughout the night after EU chief negotiator Michel Barnier said a legal text must be on the table by this morning at the latest, [...]
Timeline: Here’s when everything went wrong for Neil Woodford October 15, 2019 The removal of Neil Woodford from his flagship Equity Income Fund and the announcement of the fund’s closure marks a major blow for the former star stockpicker. City A.M. has taken a look at the rise – and fall – of the famed money manager. Read more: How Woodford’s star came crashing down to earth [...]
Seplat Petroleum expands production with £382m purchase of Eland Oil & Gas October 15, 2019 Nigerian oil company Seplat Petroleum is set to acquire London-listed Eland Oil & Gas for £382m. The West African oil group will pay 166 pence per share for Eland, which translates into a premium of 28.5 per cent from the company’s closing price on Monday. Read more: Afren in talks to recapitalise after Seplat deal [...]
London’s creative industries provides £40bn spending boost to economy: new report October 15, 2019 London’s creative industry sector adds £40bn a year to its various supply chains, according to a new report. Previous figures from the Department for Digital, Culture, Media and Sport indicated that creative industries boosted London’s economy by £52bn. Read more: Anna at the National Theatre review However, a new report – commissioned by mayor of [...]