Doves back on top as key Fed member eases on US rate hike September 12, 2016 The chances of the Fed raising rates for the second time since the financial crisis next week has been dealt another blow as a key rate-setter said the case for a hike had fallen away. Lael Brainard, seen as one of the most cautious voices on the rate-setting federal open markets committee (FOMC), said the arguments in [...]
The future of London: Is the city edging towards independence? September 12, 2016 It is increasingly easy to characterise London as a “city state”. Its scale, wealth and multi-dimensional differences (as compared to the rest of the country) mean it has more in common with New York or Toronto than with Yorkshire or Scotland. The creation of the office of mayor of London, a glamorous Americanised form of government, makes [...]
A truly meritocratic society would be an intrusive and cruel dystopia September 12, 2016 Meritocracy. It’s a term beloved by Conservatives, who say they want a “fair” society where people’s outcomes are determined purely by a combination of hard work and talent. This was Theresa May’s rallying cry last week as she turned Tory education policy on its head by outlining the case for a new generation of grammar [...]
Britain’s struggling Border Force is in no state to manage a post-Brexit migration crackdown September 12, 2016 When we leave the EU, we may bring in work permits or some other way of controlling immigration from Europe. The home secretary confirmed that this was on the table this weekend. To do this, however, we will need to overhaul our Border Force. In a new report released this week, I outline the deep [...]
Charity Day lures celebs including Lindsay Lohan, Davina McCall, Mayor of London Sadiq Khan and Joanna Lumley to BGC Partners’ trading floor September 12, 2016 BGC Partners’ trading floor was overrun by comedians, Olympians, film stars and London’s mayor yesterday at the brokerage’s annual charity fundraising day. The gaggle of celebs roaming BGC’s labyrinth of computer screens and phone speakers to clinch the cash for this year’s charities included actor Tom Hardy, garden-bridge pusher Joanna Lumley, supermodel Jodie Kidd, TV [...]
Bank of England corporate bond buying details unveiled September 12, 2016 Electricity companies are set to be big winners from the Bank of England's upcoming corporate bond buying programme, according to official documents published this afternoon. Threadneedle Street has unveiled the details of its £10bn money-printing programme which will see it buy high-quality company bonds, with one-quarter set to be channelled to electricity companies such as [...]
Canadian fertiliser firms Potash Corp of Saskatchewan and Agrium Inc agree to mega-merger September 12, 2016 Canada's Potash Corp of Saskatchewan and Agrium Inc are set to merge in a deal that will create one of the world's largest crop fertiliser companies with an enterprise value of around $36bn (£27bn). The combination entity of Potash, which is the world's biggest crop nutrient company by capacity, and Agrium, the largest farm retailer in North [...]
UK private equity firm’s shares leap after £1bn US takeover offer September 12, 2016 UK private equity company SVG Capital’s share price jumped 15 per cent today after US rival HarbourVest made a more than £1bn takeover offer. The all-cash offer of 650p per share values existing issued share capital at around £1.015bn. The company said the offer is “highly attractive”, saying it represents a 14.7 per cent premium on SVG’s [...]
Travellers opt for urban luxury as posh hostel group Safestay doubles revenues September 12, 2016 Luxury hostel group Safestay's share price suffered today after it said headwinds in the London market will affect full-year trading, despite revenues increasing two-fold in the first half of the year. The figures Revenues at Safestay, which operates premium hostels in Elephant and Castle, Holland Park, York and Edinburgh, rose to £3.29m in the six [...]
David Davis thinks the Brexit talks will be the “most complicated negotiation of modern times” September 12, 2016 Brexit secretary David Davis has said the upcoming negotiations over the UK's exit from the European Union could be the most difficult diplomatic endeavour ever undertaken. Speaking in front of a House of Lords committee, Davis said: "This is likely to be the most complicated negotiation in modern times, maybe the most complicated negotiation of [...]