Investment in London’s commercial property market drags as economic woes deepen July 25, 2022 London’s commercial property market took a hit in the second quarter of 2022 as investment declined amid a weakening economic outlook, according to data by BNP Paribas. Central London properties experienced an eight per cent investment drop at £4.5bn compared to Q2 last year, with the number of office deals transacting at less than half [...]
Liz Truss promises post-Brexit bonfire of EU rules that hinder UK growth July 22, 2022 Tory leadership candidate Liz Truss has vowed to seize the opportunities posed by Brexit by scrapping EU regulations that hinder the UK’s growth. The Conservative MP said that if she becomes prime minister, she will scrap any EU rules that hinder investment or fail to support growth in the UK economy by 2023. If Truss [...]
Claro Money tells customers to withdraw cash after suspending flagship app July 22, 2022 Financial planning company Claro Money has told customers to withdraw their money from its platform after announcing the suspension of its flagship app. In a letter to customers, Claro chief executive Rob Brockington set out plans to “refocus” the financial advice firm’s efforts, with a view to delivering in-person financial planning courses. The company chief [...]
Stamp seller Stanley Gibbons sets out plans to delist from AIM July 22, 2022 Collectable stamp seller Stanley Gibbons today put forward plans to pull itself off of London’s Alternative Investment Market (AIM), as it announced the resignation of its CEO. The London stamp dealer said it will allow shareholders to vote on plans to delist Stanley Gibbons from the AIM stock exchange, at an extraordinary general meeting on [...]
Government’s plans for Solvency II shakeup will force insurers to hold more capital on their books, sector warns July 21, 2022 Insurers have called on the UK government to reconsider their plans to shake up the Solvency II rules that govern the country’s insurance sector, after warning the current plans could backfire. The government’s current plans to reform the European Union’s Solvency II regulations could see life insurers forced to hold more capital than they are [...]
Demand for alternative assets to rise 46 per cent over next 12 months July 13, 2022 Demand for alternative assets is set to soar by 46 per cent over the next 12 months as rising inflation sends investor interest surging. In a survey by alternative investment platform AssetTribe and market research firm Survation, 53 per cent of the 580 investors surveyed across the UK and Europe said their appetite for alternative [...]
Chicago Mayor: Brexit could be ‘real opportunity’ to forge closer ties with London July 13, 2022 The Mayor of Chicago said Brexit could be a “real opportunity” to forge closer ties with London today as she looks to court fintech firms on a trip to the Capital this week.
Theranos president Sunny Balwani convicted on 12 counts for role at collapsed health tech firm July 8, 2022 The former president of Theranos has been convicted on all 12 counts brought against him over his role at the now discredited health technology firm. Sunny Balwani’s conviction marks the end of years of legal troubles for the exec after Theranos collapsed in 2016. Following a 13-week long trial, the 57-year year executive was convicted [...]
Savings rates still too low to tempt regular investors to move more money into cash July 8, 2022 Regular UK investors believe savings rates are still not high enough to tempt them to move more money into cash. Just 35% say they have put more of their investments into cash accounts since the Bank of England started hiking the base rate in December last year with five increases taking it from 0.1% to [...]
Russian oligarch backed fund LetterOne files lawsuit against private equity firm that cut ties following war in Ukraine July 7, 2022 The Luxembourg headquartered investment fund founded by sanctioned Russian oligarchs Mikhail Fridman and Petr Aven has filed a lawsuit against the London private equity firm that manages $5bn (£4.2bn) of it’s money. Multi-billion-dollar investor LetterOne is taking legal action against Pamplona Capital Management, in calling on the private equity firm to open its books, after [...]