Fintech startup wants individual investors to buy big corporate bonds August 1, 2016 Fintech start-up wiseAlpha wants smaller investors to take a bite out of the multi-billion pound corporate bond market. The online investment platform is widening access to individual corporate bonds for UK companies such Enterprise Inns, Vue Entertainment and New Look for as little as £100. wiseAlpha will issue notes, which are backed by loans or bonds it [...]
Uber is merging its China business with arch rival Didi Chuxing August 1, 2016 Ride-hailing app Uber is merging its Chinese operations with its biggest rival in the region, Didi Chuxing, signalling an end to a long-standing and expensive rivalry. Didi has confirmed earlier reports of a deal between the two, saying it will acquire Uber's China assets. In return, Uber will take a 17.7 per cent stake in Didi, while Uber China's shareholders [...]
In numbers: Remain campaigners and Downing St aides to get gongs – but how does Cameron’s honours list compare to previous PMs? August 1, 2016 Former Prime Minister David Cameron is facing fury over this morning over honours expected to be delivered to former members of staff and EU referendum campaigners. The Sunday Times reported that Cameron will hand out 48 gongs in his resignation honours, with exactly half predicted for former Downing Street staff. The nominations have led to the [...]
UK manufacturing PMI sinks even lower after EU referendum August 1, 2016 The most up-to-date measure of economic output among UK manufacturers has slumped to its lowest level in more than three years following the EU referendum. The manufacturing purchasing managers' index (PMI), which is closely watched by policymakers at the Bank of England, dropped to 48.2 in July, from 52.4 in June. That was even lower than a [...]
Pension deficits reach a new high before interest rate decision August 1, 2016 The pension deficits of UK private companies reached the record level of £390bn at the end of July, having leapt by £80bn in the last two months alone. Public companies fared no better in the JLT Employee Benefits Index, as FTSE 350 companies’ defined benefit schemes deficits increased from £114bn in May to £156bn in July. “Markets may [...]
Qatar Airways just bumped up its stake in British Airways and Aer Lingus owner IAG August 1, 2016 Qatar Airways said this morning it had bumped its stake in the owner of British Airways up to 20 per cent. The company, which announced last month it had bought a 15.67 per cent stake in the airline, said it now owns 20.01 per cent of International Airlines Group (IAG), which also owns Aer Lingus [...]
Princess Beatrice to launch new career as business consultant with backing from Sandbridge Capital August 1, 2016 Princess Beatrice is reportedly set to launch a startup and begin her new career as a business consultant. Beatrice, 27, is said to have the backing of Sandbridge Capital – where she recently worked as an associate. Investment group Sandbridge focuses on lifestyle and fashion companies, including online retailer Farfetch and iconic British brand Topshop. "(Beatrice) is creating [...]
Burberry puts more emphasis on the Chinese market as it buys up the remaining stake in its retail operation there August 1, 2016 Asia has proved a mixed bag for UK businesses in recent months, with some banks doing everything they can to manoeuvre out of the continent as volatility continued to rock markets. But now Burberry has taken the bold decision to move further into the Chinese market, buying the remaining 15 per cent stake in its Chinese [...]
Fresh delay for US rate hike on weak growth figures August 1, 2016 The prospect of a second US interest rate rise since the recession has slipped back following weak GDP data and some dovish comments from one of the Federal Reserve's key rate-setters. Futures markets now indicate the probability of a rate rise by the end of the year is less than one in three, down from around [...]
UBS rogue trader Kweku Adoboli is sorry but warns it could happen again August 1, 2016 UBS rogue trader Kweku Adoboli has warned banking culture still has a lot to answer for. Adoboli was convicted on two counts of fraud in 2012 after his unauthorised trading lost Swiss banking giant UBS £1.4bn. He was released from prison last summer after serving around half of his seven-year sentence. Now, Adoboli has told [...]