Citigroup closes in on £1.2bn purchase of Canary Wharf headquarters February 17, 2019 Citigroup is in talks to buy its Canary Wharf headquarters for a reported £1.2bn in a major show of confidence in London’s status as a global financial centre. Citi is looking to secure the purchase of the 25 Canada Square skyscraper, which it currently leases, from owner AGC Equity Partners in a bid to double [...]
John McDonnell says Labour has ‘held the party together on Brexit’ as rumours of split harden February 17, 2019 Shadow chancellor John McDonnell has said the Labour leadership has "held the party together" over Brexit as he addressed reports of an impending split. Jeremy Corbyn's number two said it would be "ridiculous" for the party to be divided over Brexit, saying there was "no need to split". However, a number of MPs, including former [...]
Investment banks in London may need ‘chaperones’ for EU clients in event of no-deal Brexit February 16, 2019 Banks such as Credit Suisse and Nomura have said they would have to loop in EU colleagues when talking to customers in Europe about specific advisory work and regulated products like loans or bonds. In the event of a no deal Brexit, even the cold-calling of company executives to pitch for new business out of [...]
Brexit will not affect European security cooperation, say intelligence chiefs February 16, 2019 Brexit will not affect the UK's security cooperation with NATO allies in France and Germany, intelligence chiefs from all three countries have confirmed. The three cited growing external threats to the continent's stability in a rare joint statement on Friday from the heads of Germany's BND, France's DGSE, as well as MI6. “The chiefs … [...]
US President Donald Trump declares national emergency to fund Mexico border wall February 15, 2019 Donald Trump has declared a national emergency following a fresh row over funding for the President's pledged wall on the US-Mexico border. During a statement in the White House’s Rose Garden this afternoon, Trump said that he was making the move "not because it is a campaign promise, which it is", but as a result [...]
Britain prepared to leave EU with no Brexit deal, says Andrea Leadsom February 15, 2019 The UK government is prepared to leave the EU without a Brexit deal in place, according to Andrea Leadsom. The government's leader in the House of Commons suggested it was increasingly unlikely that there would be any form of extension to Article 50. Read more: Theresa May to back down on backstop demands in Brexit deal [...]
Millennium & Copthorne warns of ‘challenging’ 2019 as profits plummet 28 per cent February 15, 2019 Millennium & Copthorne warned today that it anticipates a challenging 2019 as it revealed that profits fell 28 per cent last year. The figures In its full year results, the hotel company reported that profit before tax for 2018 fell 28 per cent to £106m in 2018, down from 2017's total of £147m. Revenue also slipped [...]
Better-than-expected January sales buck retail fears as discounts lure in shoppers February 15, 2019 Retail sales beat expectations in January, as shoppers seized on New-Year deals despite a wider slowdown in spending amid political uncertainty. According to new Office for National Statistics (ONS) figures which buck a recent trend of gloomy retail surveys, month-to-month sales volumes in the sector climbed one per cent during January, trumping consensus estimates of [...]
Theresa May to back down on Brexit backstop demands with EU February 15, 2019 Prime Minister Theresa May is reportedly set to compromise on demands for the Brexit deal to be renegotiated, with the UK government backing down on its requests for changes to the controversial Irish border "backstop" agreement. Brexit secretary Stephen Barclay told the EU's chief negotiator Michel Barnier that the government is not pursuing a reopening to [...]
RBS raises dividend on booming profits, but warns on cost of Brexit February 15, 2019 Royal Bank of Scotland (RBS) boosted its dividend today on the back of doubling profits, but warned that Brexit could hit the bank’s recovery. The bank said it would return £1.6bn to shareholders, including almost £1bn to the government, which holds a 62 per cent stake in RBS following its financial crisis bailout. Chairman Howard [...]