Wallonia deadlock broken, putting EU-Canada trade deal back on track October 27, 2016 The Belgian government has finally struck a deal with regional representatives from Wallonia to push forward with the landmark EU-Canada trade deal this morning. After a week of talks and multiple failures to negotiate a settlement, the news puts the EU back on course to formally sign the Comprehensive Economic and Trade Agreement (Ceta) with [...]
Spirit of the financial age – 30 years after the City’s Big Bang October 27, 2016 The Big Bang City revolution of 1986 — exactly thirty years ago — was a game-changer that allowed the City to become not only de-regulated but a brave new world of graduate opportunity. Today, it is very different: with much tightened regulation, tough new ‘ring fencing’ of the old casino banking system (separating investment banking [...]
Currency markets aren’t prepared for a Donald Trump victory October 27, 2016 We are less than a fortnight away from the culmination of arguably the most divisive US presidential campaign in history and currency markets are currently preparing themselves for another political spasm. Needless to say, in the same way that sterling was used as a pressure point in the run up to the EU referendum and [...]
Henderson share price falls and blames Brexit vote for July’s retail exodus October 27, 2016 Henderson said that its retail investors scampered for covered following this summer's Brexit vote, with large numbers of withdrawals from its funds during July. Reporting on its third quarter performance, the asset manager said that retail outflows totalled £1bn, of which 70 per cent of them occurred in the immediate aftermath of the Brexit vote. Shares in [...]
The question about ‘grand strategy’ that made Tim Cook unhappy was based on theory that makes uncomfortable reading for Apple October 27, 2016 Last night, Apple CEO Tim Cook gave a terse, unhappy answer to this question from UBS analyst Steven Milunovich: "Does Apple today have a grand strategy for what you want to do?" Milunovich asked the question two different ways, and Cook gave two non-answers, one of which was "as usual, we're not going to talk [...]
Nissan’s staying put in Sunderland, dispelling Brexit woes October 27, 2016 Nissan will build its next Qashqai SUV as well as the X-Trail SUV model in Sunderland, marking a huge vote of confidence in the UK. The department for business, energy and industrial strategy has confirmed the news after months of uncertainty following the Brexit vote. The decision comes following "support and assurances from the UK government", according to Nissan's chief [...]
How seven City analysts reacted to the surprise rise in UK GDP October 27, 2016 Scaremongers were once again proved wrong this morning, after it was revealed the UK's economy grew by 0.5 per cent in the third quarter of 2016. The figure, by the Office for National Statistics, was much higher than the 0.1 per cent analysts had expected. Here's how the City reacted: ps. Today marks the 30th anniversary [...]
Brexit hits trading as C&C revenue falls 8 per cent but cider sales are up October 27, 2016 Drinks Group C&C said its revenue was down more than eight per cent due to investment in marketing and the volatile behaviour of customers after the Brexit vote. The drinks company, who produce Bulmers and Magners cider, said that its half-year performance was "defined by currency headwind and investment in marketing and price support to drive momentum in our core [...]
Attention Philip Hammond: CBI wants longer maternity leave and a £6bn investment boost in the Autumn Statement October 27, 2016 As the unveiling of the chancellor's Autumn Statement draws closer, lobby groups are setting out their proposals in the hope Philip Hammond might listen. The CBI has just unveiled its wishlist and it's calling on the chancellor to take on an £11.5bn shopping list of measures, that would fall to around £7bn by 2020/21. Read [...]
Brexit, what Brexit? UK economy grows by 0.5 per cent – slower than the previous quarter but better than economists had expected October 27, 2016 GDP is estimated to have grown by 0.5 per cent in the third quarter of the year, in a sign the economy has – so far – shrugged off the effects of Brexit. The statistics from the Office for National Statistics (ONS) are the first to cover the full three months after the UK voted to leave the [...]