JP Morgan raises probability of no-Brexit to 40 per cent as chance of no deal shrinks to 10 per cent December 5, 2018 There is now a 40 per cent chance of the UK staying in the European Union, according to a research note published by a JP Morgan economist this morning. Citing the European Court of Justice’s top legal advisor, who said yesterday that Britain could unilaterally perform a U-turn on Article 50 if it wanted, JP Morgan economist [...]
UK economy ‘flatlining’ as services sector records weakest growth since the aftermath of the EU referendum December 5, 2018 Business activity fell to its lowest rate of growth since the aftermath of the Brexit vote, according to a closely followed measure of services sector activity. The slowdown in both ongoing business and new work saw the UK services purchasing managers’ index (PMI) hit 50.4 last month, down from 52.2 in October to count as [...]
Podcast platform Acast secures $33m funding amid rise in on-demand listening December 5, 2018 Podcast startup Acast has secured $33m (£25.9m) in Series C funding as it cashes in on the surging popularity of on-demand listening. Acast, which helps podcast makers distribute and monetise their content, said the funding will be put towards growth as the platform looks to expand internationally. “This has been the biggest year in our [...]
From Northern Rock to lunch tables, no one is immune from the herd mentality December 5, 2018 The Bank of England and Federal Reserve held a two-day conference last week in London on big data and machine learning. All very interesting stuff. There was an intriguing vignette as we emerged from the conference room for the frugal lunch on the first day. Straight ahead was a table with sandwiches, fruit and the like. [...]
Let’s look beyond Brexit to a world of British opportunities December 5, 2018 Today, we assume our positions leading Britain’s £40bn maritime sector and count ourselves among its 1,000,000 employees. Britain is an island, a maritime nation, and our sector fuels trade with the rest of the world – some 95 per cent of imports and exports, worth over £500bn. For almost three years, national debate has been [...]
Dow Jones takes a tumble amid trade truce doubts and recession fears December 4, 2018 US stocks fell sharply today amid uncertainty over the country’s trade war truce with China. The Dow Jones tumbled more than 800 points as initial enthusiasm about the trade ceasefire between President Trump and President Xi began to wane. On Monday the Dow saw large gains after Trump agreed to delay a rise in tariffs [...]
Royal Mail, Kier Group and Thomas Cook set to lose out in tomorrow’s FTSE reshuffle, as insurer Hiscox looks set to join the big league December 4, 2018 Royal Mail will need a miracle to avoid relegation from the FTSE 100 Index tomorrow, as insurer Hiscox looks ready to step into its place as a blue chip firm. The winners and losers of the last FTSE reshuffle of the year are to be announced tomorrow afternoon, with Thomas Cook, Kier Group and the [...]
Pound falls after government loses contempt vote December 4, 2018 Sterling fell today after Theresa May's government was found in contempt of parliament for failing to publish Brexit legal papers. The pound had climbed back from fresh lows earlier in the day after the European Court of Justice (ECJ) suggested the UK could change its mind about Brexit by unilaterally withdrawing Article 50. But the [...]
Exxon and Chevron plan to sell stakes in ‘contract of the century’ oil field December 4, 2018 Exxon Mobil and Chevron are looking to sell their stakes in a BP-operated oil field in Azerbaijan once dubbed the “contract of the century”. Exxon Mobil is hoping it can raise up to $2bn by selling its 6.8 per cent holding in the field by the Caspian Sea, sources told Reuters yesterday. The move is [...]
Outsourcers’ woes continue as construction giant Kier Group braces for potential drop from FTSE 250 December 4, 2018 The beleaguered UK outsourcing industry could suffer another blow in coming days with construction giant Kier Group looking set to drop from the FTSE 250 index. Kier’s stock was down another eight per cent this morning as the spectre of Wednesday’s round of FTSE index relegations and promotions loomed. City A.M. understands Kier is one of several [...]