Pound falls to 11-day low on uncertainty over Brexit deal November 12, 2018 The pound was hit by fears over Brexit this morning, as it dropped almost one per cent against the dollar to an 11-day low. The currency slumped by 0.94 per cent to $1.285 in the early morning, after a three-week high of $1.316 last Wednesday. Sterling took a hit on Friday after transport minister Jo [...]
Sadiq Khan: UK must remain clearing king after Brexit November 12, 2018 London mayor Sadiq Khan will weigh in on the debate over Europe's post-Brexit clearing industry today, warning the EU that it must guarantee firms continued access to the UK in the event of a “no deal” scenario. Khan will tell German finance minister Olaf Scholz that EU banks and traders should not be permanently “locked out” [...]
Star trader Neil Woodford sells an estimated £1.4bn of shares in six months November 11, 2018 Top fund manager Neil Woodford has reportedly sold £1.4bn of shares in the last six months. The ex-Invesco star trader has sold down positions in companies such as pharma business Astra Zeneca, brickmaker Forterra and travel website Hostelworld. According to estimates from the Sunday Times, Woodford’s selling spree totals £1.4bn since the end of March. [...]
Showdown: Barclays boss set to meet troublesome activist investor November 11, 2018 Ever since the activist investor Edward Bramson revealed his 5 per cent stake in Barclays in March of this year, the two sides have danced around each other. The bank's chief executive, Jes Staley, aspires to lead an investment banking powerhouse. Bramson, on the other hand, wants that operation scaled back – favouring, in its [...]
Theresa May to face crunch Cabinet meeting as EU rejects key customs plan November 11, 2018 Theresa May faces a last-minute battle to formulate a Brexit deal to present to her Cabinet this week. The Prime Minister is scheduled to hold a Cabinet meeting on Tuesday yet is still as loggerheads with the EU, and is coming under increasing pressure at home. May endured a tough weekend following the resignation of [...]
Top Tory MP Tom Tugendhat eyes leadership bid following Brexit November 11, 2018 Senior Tory MP Tom Tugendhat has said he would consider running for Conservative Party leadership. The MP for Tonbridge and Malling told Sky News that voters will want a change of leadership following Brexit, but added that he would wait to see “what deal the prime minister brings back.” Tugendhat, a former army officer, added: [...]
Barclays bosses to meet activist investor Edward Bramson over calls to scale back investment bank November 11, 2018 Barclays chief executive Jes Staley and chairman John McFarlane will meet activist investor Edward Bramson in New York this week over calls to downsize the investment bank’s markets division. The meeting comes as Barclays received backing from top shareholder James Lowen, who told the Sunday Times that a decision to scale back the division would [...]
Keir Starmer brands Theresa May’s no-deal warnings a ‘political hoax’ November 11, 2018 Shadow Brexit secretary Keir Starmer has said threats of leaving the European Union without a deal are a "political hoax". Starmer, who has called for a second referendum or people's vote, said MPs were not duty-bound to vote through a "bad deal" in parliament and must instead "take back control". Writing in the Sunday Times, Starmer said the [...]
JP Morgan predicts Brexit deal to be agreed in coming days – but parliamentary approval won’t come until 2019 November 9, 2018 Banking heavyweight JP Morgan revealed today that it believes a transitional Brexit deal is likely to be signed between Britain and the EU within the coming days. JP Morgan economist Malcolm Barr said in a note to clients: “Agreement in time for a November 17-18 summit appears to remain possible even if odds are slightly [...]
Sir Martin Sorrell’s S4 Capital confirms deal talks as it chases US-based Mightyhive November 9, 2018 S4 Capital has confirmed deal talks are underway following rumours that it is making a play for a US advertising firm. Sir Martin Sorrell’s new venture told investors this morning that “it is in discussions with the owners of several digital marketing services businesses about a possible acquisition”. Media reports suggest that S4 is close [...]