TheCityUK: London at risk of losing global financial status in next five years September 7, 2021 The City of London is at risk of losing its status as a global financial powerhouse within five years, the Square Mile’s most influential lobbying body said today. In a new report, TheCityUK worked with 60 financial services groups to set out international strategy proposals to return the UK’s financial capital to being the “world’s [...]
Allianz under investigation by German regulator September 7, 2021 An investigation into insurance giant Allianz has been launched by regulators in Germany, after the loss of some of its US investment funds last year, according to Reuters who first reported the news. The German insurance company is one of the largest money managers globally and has €2.4 trillion ($2.9 trillion) in assets under management [...]
Staycations and Brits socialising propel consumer spending above pre-Covid levels September 7, 2021 Surging demand for staycation holidays amid ongoing travel restrictions, supported by strong appetite among Brits to socialise during the summer months, pushed consumer spending well-above pre-Covid levels last month. Data from Barclaycard shows card spending was 15.4 per cent above the same month in 2019, before the onset of the Covid crisis. The sharp rise [...]
Open-outcry trading returns: London Metal Exchange reopens trading floor after 18 months September 6, 2021 Brokers returned to the UK’s only open trading pen today as the London Metal Exchange welcomed back floor trading for the first time in 18 months. The exchange’s famous “ring” filled with traders and will be seen by many as a symbol of life returning to the Square Mile after trading on the site ceased [...]
Foreign cash influx: UK properties firmly back on the radar of foreign investors September 6, 2021 New and returning overseas investors are poised to enter the UK property market following the disruption caused by the coronavirus pandemic, new figures that were released today suggest. Knight Frank said its web traffic data showed nearly a quarter (24 per cent) of users looking at sales and lettings properties in August were based abroad. [...]
Silver Lake takes stake in breakdown firm RAC September 6, 2021 The RAC this morning said that private equity giant Silver Lake would take a stake in the breakdown assistance firm. The California-based investor will join GIC and CVC Strategic Opportunities I as a co-shareholder in the company. RAC chief executive Dave Hobday said that the new investment offered the firm a “fantastic opportunity to accelerate [...]
Foresight targets £200m sustainable forestry company IPO September 6, 2021 London-listed sustainable investment manager Foresight has announced it is branching out with an IPO of a new fund that will invest solely in UK forestry assets. Incorporated only a week ago, Foresight Sustainable Forestry Company will list on London’s main market with a fundraising target of up to £200m, at a price of 100 pence [...]
Shell and BP: why we’re hopeful for a sensible transition to renewables September 6, 2021 | City Talk The devastating effects of unchecked global warming were laid bare by this week’s landmark report from the Intergovernmental Panel on Climate Change (IPCC). UN secretary-general António Guterres described the report’s findings as “a code red for humanity”. The world’s major energy companies were already on the front line of the climate change battle, but following this [...]
The Analyst: Inflation is coming, and advertisers too September 6, 2021 Ian Whittaker has been a City analyst for more than two decades, and what he doesn’t know about media, advertising and the creative services industry isn’t worth knowing. Here’s his third monthly column for City A.M. Inflation is coming for you. Companies such as P&G, Unilever, Kelloggs and Nestle have highlighted the rising cost of [...]
Goldman to list Petershill Partners on the London Stock Exchange September 6, 2021 Petershill Partners has announced plans for an Initial Public Offering on the London Stock Exchange with an expected valuation above $5bn (£3.6bn), according to industry sources. Petershill, an investment group which specialises in buying stakes in alternative asset managers, was created by Goldman Sachs in 2007. Petershill Partners will launch as a standalone company, offering [...]