Global authorities to quiz Facebook on Libra September 15, 2019 Facebook will be grilled by global central banks over its proposed Libra digital currency project as the social media giant faces increasing European opposition to its plans. Libra representatives will head to Basel, Switzerland tomorrow to face representatives of 26 central banks including the Bank of England and the Federal Reserve, according to the Financial [...]
Consortium led by Dalmore in talks to buy stake in UK’s £6bn nuclear power stations September 14, 2019 A consortium is in talks to buy a 20 per cent stake in the UK’s nuclear power stations. Dalmore, Equitix and GLIL Infrastructure are the funds closing in on a deal for a share in the power stations, which are valued at about £6bn, according to Sky News. Read more: Energy group Wood to sell [...]
Local Government Pension Scheme under pressure to drop active fund managers September 14, 2019 The Local Government Pension Scheme (LGPS) has said it is under pressure from government officials to switch to passive management after the suspension of the Woodford Equity Income fund in June. LGPS, which is the largest public-sector pension scheme in the UK with almost 6m members, has 60 per cent of its holdings in active [...]
Saudi Arabia oil facilities engulfed in flames after drone attacks September 14, 2019 Two major oil facilities in Saudi Arabia have burst into flames following drone attacks, state media reports. Footage has emerged of flames and smoke engulfing Abqaiq, the site of state-owned company Aramco’s largest oil processing plant. Read more: Opec faces daunting global oil surplus and nosediving prices in 2020 A separate attack also set alight [...]
Wework IPO: Firm cuts founder’s supervoting power to save float September 13, 2019 Wework is set to slash the supervoting power of its co-founder to assuage fears of investors as it tries to save the company’s initial public offering (IPO). The firm will also appoint a lead independent director by the end of the year as well as cut Neumann’s voting power from 20 votes per share to [...]
Pound jumps past $1.24 on reports DUP could soften backstop stance September 13, 2019 The sterling surged through the $1.24 barrier on Friday morning on renewed hope of a Brexit deal following reports that the DUP could be willing to soften its stance on the Irish backstop. The pound rose by 0.6 per cent to hit a seven-week high despite the ongoing prorogation of parliament. It comes after a [...]
SSE sells energy services business to Ovo in £500m deal September 13, 2019 SSE has sold its energy services business to Ovo Energy in a deal worth £500m, creating one of the UK’s largest power suppliers and a new rival to British Gas. Read more: SSE in talks to sell energy retail business to Ovo energy The Big Six energy supplier today said it had agreed to offload [...]
The great British sell-off: Three ways for investors to profit September 13, 2019 As the final act of the Brexit saga approaches, investors are still locked in a state of perpetual uncertainty. We can’t know what will unfold, but what business is continually telling the government is how difficult it is to plan in the current environment. Brexit is the moment when we will receive some clarity, for [...]
Currency and commodities trades to be taxed under new Labour proposal September 12, 2019 The Labour Party today endorsed a proposal which would levy a £2.1bn a year tax on currency and commodity trading. Shadow Chancellor John McDonnell said the party will adopt a plan proposed by the Progressive Economy Forum think tank. Read more: Labour pushes for parliament recall after Operation Yellowhammer sheds light on no-deal Brexit It [...]
Donald Trump lashes out at ECB over euro’s fall September 12, 2019 US President Donald Trump has reacted furiously to the euro’s fall against the dollar following the European Central Bank’s (ECB) decision to cut interest rates for the first time in over three years. Read more: Donald Trump demands ‘boneheads’ at Fed slash rates to zero The euro fell as much as 0.7 per cent following [...]