FCA head of strategy and competition warns of asset management “market failure” November 24, 2016 The financial watchdog’s director of strategy has branded competition within the asset management industry “a market failure”, after carrying out an interim report into its workings. Speaking at the Tax Incentivised Savings Association’s (TISA) annual conference, Chris Woolard of the Financial Conduct Authority (FCA), said: “We are for the first time proposing to use our powers [...]
UK rail reliability figures driven off track by Southern rail chaos November 24, 2016 A new report from the Office of Rail and Road looking into the punctuality of UK rail service has found performance was “generally poor”, marred by ongoing troubles with Southern rail. Southern owner Govia Thameslink Railway (GTR) proved the biggest trouble to performance ratings – it carries a fifth of passengers across England and Wales and [...]
El Salvador shaken by magnitude 7.0 offshore quake prompting tsunami warning November 24, 2016 A 7.0 magnitude earthquake off El Salvador's Pacific Coast has prompted warnings of tsunami waves from US monitoring agencies. The country's civil defence agency said there were no immediate reports of damages or injuries, but the country's environment minister said there was a tsunami alert. Waves reaching three metres high might hit the coastal areas within 300km [...]
Lufthansa pilots extend strike into a fourth day as thousands of flights are cancelled November 24, 2016 Pilots are set to cause Lufthansa and travellers more headaches into the weekend, after saying they intended to extend strike action until Saturday. It started on Wednesday, after last-ditch efforts by the airline to secure an injunction from a German court failed, with 900 flights cancelled then and a further 912 today. Now the pilots' [...]
The City will remain at the vanguard of financial innovation post-Brexit November 24, 2016 A year ago, London Stock Exchange celebrated the first Green Bond from China to be listed internationally, a landmark renminbi and dollar issuance by the Agricultural Bank of China. I wrote here at the time how London was leading the world in financing the global shift to a low carbon economy – a transition endorsed [...]
Companies House puts plan to erase millions of public records on hold November 24, 2016 The government's company registration agency won't be wiping more than 2.5m records, after controversial plans provoked criticism when they were made public this summer. Proposals were being considered that would mean millions of public records – used to find white collar criminals and tackle money laundering – would be deleted. Companies House has a database on [...]
With Italians set to vote no in a key political reform referendum, should we now expect “Italeave”? November 24, 2016 Tim Worstall, senior fellow at the Adam Smith Institute, and author of Chasing Rainbows: Economic Myths, Environmental Facts, says Yes. Failure by Prime Minister Matteo Renzi to win the Italian constitutional referendum should indeed lead to Italy’s exit from the EU. Renzi has said that he will resign if he loses, which will almost certainly [...]
Flybe records spike in last-minute flights after Storm Angus travel chaos November 24, 2016 Storm Angus has caused havoc for the UK over the past few days, after the nation braced itself for 80mph winds and flooding. But Flybe's found a silver lining – well, for itself anyway. The Exeter-based airline reported a 77 per cent increase in last-minute sales this week for routes from Cardiff and Exeter to London City [...]
Euro and pound get a Thanksgiving relief from the stronger dollar November 24, 2016 The euro is enjoying a small rally on as the US celebrates Thanksgiving, after it hit its lowest level since March 2015 against the US dollar, still riding high as investors continue to adjust in post-election market turmoil. The pound held off the dollar in Thursday’s trading to rally slightly back towards $1.25 while US traders are on holiday. [...]