Pound rises to 10-week high as fears of a no-deal Brexit recede January 23, 2019 Sterling rose to above $1.30 today reaching a 10-week high as fears of a no-deal Brexit eased. The pound also rose against the Euro to its highest level in a month, rising to near €1.15. Sterling’s rise was helped by hopes that the Labour Party would move to prevent a no-deal Brexit. Labour MP Yvette [...]
Liam Fox blasts Brexit delay, warning it would be worse than no deal January 23, 2019 Delaying Brexit would be a worse outcome for the UK than no deal at all, international trade secretary Liam Fox warned today. Extending Article 50 beyond the end of March would prove “calamitous” for politicians by breaching the public’s trust, Fox said. Read more: WTO members block UK bid to fast-track post-Brexit entry Meanwhile,cancelling the [...]
UK takes in $140bn over three years to top Europe for foreign investment January 23, 2019 The UK topped Europe for foreign direct investment (FDI) between 2015 and 2018 – taking in more than second- and third-placed Germany and France combined. Around $140bn (£108bn) in capital was brought in across nearly 4,000 inward investment projects, according to an analysis by audit firm Deloitte. “The report highlights the key drivers that have [...]
London startup supporter Tech Hub grabs new Shoreditch venue in City expansion January 23, 2019 Europe’s longest-running tech workspace and startup support organisation Tech Hub has made a fresh commitment to London, revealing a £2.2m investment in a brand new home in Shoreditch. Launched in 2010 with Google as a founding sponsor, Tech Hub will move its 400 resident companies from its current spaces in London’s Silicon Roundabout and in [...]
Despite apocalyptic Brexit warnings, the good news keeps on coming January 22, 2019 As the twists and turns of this long drawn-out Brexit drama continue, possibly the most surprising aspect of all is just how resilient the good news about UK business continues to be. I know this is tempting fate, I know many experts keep saying that the economic cycle suggests we should have had a recession [...]
Contract enforceability the ‘elephant in the room’ in Brexit discussions says MP January 22, 2019 Uncertainty around the enforceability of contracts is the “elephant in the room” in Brexit discussions, the chair of the justice select committee said today. Speaking to City A.M., Conservative MP Bob Neill cited insurance contracts and derivatives as examples of areas where there was still a great deal of uncertainty about post-Brexit contract enforceability. EU-based firms [...]
‘No deal’ Brexit would lead to hard border with Ireland, confirms EU January 22, 2019 A no deal Brexit would lead to a hard border between the UK and Ireland, the European Commission has confirmed in a departure from previous claims the crossing would remain invisible. Margaritis Schinas, spokesperson for the Commission, issued the warning in a press conference in which he also quoted the Spice Girls as he urged [...]
Davos: Brazil’s Bolsonaro promises prudence while US secretary of state Pompeo hails populist wave January 22, 2019 Brazil’s newly elected right-wing populist President Jair Bolsonaro today tried to reassure an audience at the Davos world economic forum that his new regime would be business-friendly and fiscally disciplined. Bolsonaro said he would move to open up Brazil’s economy, reduce and simplify taxes, fight corruption and privatise state companies. “We will reduce the tax [...]
Dyson to move its company headquarters to Singapore as Asian success rises January 22, 2019 British billionaire James Dyson will be moving the corporate office and tax registration of his vacuum business to Singapore. The firm said the decision was motivated by a desire to be closer to the eponymous brand's fastest-growing markets, and was unrelated to the UK's upcoming exit from the EU or any tax implications. James Dyson has been [...]
Davos: Citigroup CEO admits London focus will wane after Brexit January 22, 2019 Citigroup has warned that it will do less work in London after Brexit. Speaking at Davos today, chief executive Michael Corbat warned that the firm will move jobs to the EU in preparations for Brexit, adding that “the outcome is that we will be doing less there [London]”. Read more: Citigroup appoints new investment bank [...]