Libor broker banned by regulator for dishonest trades May 29, 2019 A broker who was acquitted of helping jailed former UBS trader Tom Hayes rig the Libor benchmark has today been banned by the regulator for dishonesty. Terry Farr, who was formerly a manager on the Japanese Yen desk at brokerage Martins, has been banned by the Financial Conduct Authority (FCA) from regulated financial activity. Read [...]
UK regulators cautiously welcome EU backtrack on no-deal share trading rules May 29, 2019 UK regulators have welcomed a move by their EU counterparts to backtrack on rules that would have stopped European investors from trading shares in some of the biggest British companies in London after a no-deal Brexit. Read more: EU leaders tell UK the Brexit deal cannot be renegotiated However, the Financial Conduct Authority (FCA) said [...]
Service sector sentiment and profitability drops as Brexit uncertainty drags on May 29, 2019 Firms across the UK’s service sector have struggled with falling profits, business volumes and sentiment in the last three months as Brexit uncertainty continues to take its toll. Business and professional service companies saw profits drop 24 per cent, at the fastest pace since November 2011, while consumer service firms said profitability fell 25 per [...]
From taxes to cats, Theresa May’s government has been an affront to Conservative ideology May 29, 2019 Theresa May has finally announced her resignation. How can we capture the flavour of her tenure in office? This can be found in the dry and measured content of the Economic and Fiscal Outlook from the Office for Budget Responsibility (OBR). The OBR stated in its latest publication in March 2019 that: “the tax receipts-to-GDP [...]
Trainline IPO: Rail app seeks to raise £75m from June float May 29, 2019 Trainline hopes to raise at least £75m when it floats on the London Stock Exchange next month, it said today. Read more: Trainline confirms intention to float in London IPO The ticket-booking app expects to launch its initial public offering (IPO) next month, when it is confident of raising enough capital for a listing on [...]
Westerners are taking the benefits of globalisation for granted May 29, 2019 One of the many bizarre political twists of recent years has seen conservative leaders and voters take a less favourable approach to globalisation and free markets than some of their left-leaning rivals. Across the pond the Republicans have provided the most glaring example by electing a nationalist tariff-enthusiast, but even on this side it has [...]
Employers intend to hire despite confidence being at record lows, survey shows May 29, 2019 Employers’ confidence in the UK economy in May stayed close to the record low figure recorded in April, a survey has shown, as the Brexit deadlock continues to weigh on sentiment. Read more: UK wages rise again as employment rate stays at record high Confidence among bosses in making hiring and investment decisions also stayed [...]
Lonmin shareholders vote for £226m sale to Sibanye-Stillwater May 28, 2019 Shareholders in Lonmin today passed a lower bid from Sibanye-Stillwater which will create the world’s second-largest producer of platinum. Investors owning nearly 99 per cent of the stock in Lonmin voted for the £226m deal, which was £60m lower than the original proposal. Read more: Lonmin's chief operating officer has resigned The all-share deal gives [...]
Miners lift London Stock Exchange’s FTSE 100 as iron price hits record in China May 28, 2019 A rising iron ore price pushed up London-listed miners today, helping lift the FTSE 100. Rio Tinto rose 3.3 per cent by the early afternoon, while Fresnillo was up 2.8 per cent, putting both in the top five blue-chip risers. Read more: Charged: Chinese giant takes £14m stake in London lithium miner Bacanora It comes [...]
Gloomy UK drags down economic confidence in the EU May 28, 2019 Economic sentiment in the UK fell dramatically in May as confidence in the industry sector hit its lowest level in 11 months, according to figures from the European Commission. Read more: UK business confidence lowest since 2012, says BDO British gloom held down sentiment in the European Union as a whole, with the Commission’s economic [...]