David Cameron tells Sunak not to raise taxes in Budget next week February 25, 2021 Former Prime Minister David Cameron has urged Rishi Sunak not to hike taxes in next week’s Budget amid speculation he is set to increase corporation tax to help pay off the UK’s Covid spending. Cameron said increasing corporation tax “wouldn’t make any sense at all” before the UK’s economic recovery is further advanced and compared [...]
Soho House mulls $3bn New York listing amid IPO boom February 25, 2021 Private members’ club Soho House is the latest company reportedly mulling a New York listing with a valuation of up to $3bn. Soho House, which operates 27 clubs around the world, first considered a Wall Street listing in 2018. This time round the company has hired JP Morgan and Morgan Stanley and is looking to [...]
City A.M. TV: Daily Market Snapshot (video) February 25, 2021 City A.M. TV: Daily Market Snapshot (video)
Anglo American profit tumbles but metal prices keep earnings steady February 25, 2021 Mining giant Anglo American this morning said that profit slipped 40 per cent in 2020, falling from $3.5bn to $2.1bn, as the coronavirus dried up demand for commodities around the world. However, its earnings – Anglo American’s preferred metric – came in at $9.8bn, ahead of the $9.4bn predicted by analysts. That’s just short of [...]
Govt should step back and let free markets drive pandemic recovery, says CPS February 24, 2021 Centre for Policy Studies report argues for less government intervention by spending less.
UK vaccine rollout has no effect on latest BoE economic forecast, says Andrew Bailey February 24, 2021 The UK’s vaccine rollout and new roadmap out of lockdown will not affect the Bank of England’s 2021 economic forecast, according to its governor Andrew Bailey. Bailey said that the latest forecasts, which were done late last year, predicted that economically the UK would be “back to where we were” in early 2022 and that [...]
FTSE 100 creeps up as surging pound dents exporters February 24, 2021 The FTSE 100 crept back into the black today as the index’s exporters were hit by the pound rising to its highest levels since 2018. Having opened down 0.6 per cent at 6,599 points, London’s premier index was up 0.3 per cent at 6,643 points just after midday. The slight rise came as sterling neared [...]
Pound soars to pre-pandemic heights against euro amid vaccine rollout February 24, 2021 Pound soars to pre-pandemic heights against euro amid vaccine rollout
City A.M. TV: Daily Market Snapshot (video) February 24, 2021 Sector behaviour in the global markets is currently unusually divergent. Key cyclical sectors across the globe are making new highs: UK & US airline sectors, for example, have rallied sharply in recent trading sessions to new multi month highs; the UK’s FTSE basic materials sector is at new multi-year highs, while the global banks sector [...]
Anglo-Pacific snaps up Canadian cobalt resource for $205m February 24, 2021 London-listed miner Anglo-Pacific has today made its first push into cobalt with the $205m (£144.9m) acquisition of a share in a commodity stream at a mine in Canada. Under the deal, the firm will take control of a holding company that holds a 70 per cent interest in cobalt streams from the mine at Voisey [...]