Asset managers call for urgent action on Libor transition February 3, 2021 Investment managers are calling on FTSE 350 companies to “step up” their efforts to transition away from Libor-linked bonds worth £108bn. “With the deadline now fast-approaching, there remains a significant number of outstanding Libor-linked bonds which have not yet transitioned to a new rate,” The Investment Association (IA) said in a letter to companies issuing [...]
Gamestops? Shares plunge more than 50 per cent as Reddit rally retreats February 2, 2021 Reddit day traders’ hold on the market seemed to be running out of steam on Tuesday as the price of silver stalled and Gamestop shares plunged more than 50 per cent on the open. Gamestop has dominated the headlines in the past week after r/wallstreetbets took the fight to Wall Street’s hedge funds. The bricks-and-mortar [...]
Paykey launches trading functionality to compete with ‘wild west’ app market February 2, 2021 The Gamestop frenzy last week not only showed the power of retail investors but the popularity and risks associated with free trading apps. Robinhood, which promises no user fees, faced backlash from investors after sharp swings in the value of stocks meant it was forced to restrict trading. It has sparked debate over whether these [...]
The rise of TikTok ‘finfluencers’ offers lessons for the investment industry February 2, 2021 No longer just a platform for teenage dance challenges, TikTok is becoming the number one spot for financial advice.
Future Fund: Early-stage startups missed out on funding February 2, 2021 Startups in their earliest stage missed out on funding with the majority of the government’s Future Fund investment going to companies at a venture or growth stage. The Future Fund was launched in May to provide support to startups ineligible for the government’s other support schemes. It was designed to provide support to startups through [...]
Robinhood raises $2.4bn in second cash injection as Reddit investors overwhelm app February 1, 2021 Robinhood has raised another $2.4bn from its shareholders after a turbulent week amid a surge of new investors piling into Gamestop. The online trading app today confirmed it had raised $3.4bn to invest in “record customer growth” including a $1bn injection on 29 January. Last week Reddit day traders flocked to Gamestop lifting its share [...]
Nearly a million people receive first dose of vaccine over the weekend February 1, 2021 Nearly a million people were vaccinated over the weekend bringing the total number of first dose jabs administered to 9.2m. In a Downing Street briefing, health secretary Matt Hancock confirmed 931,204 first dose jabs were administered over the weekend. Almost 9 in 10 of all over-80s have now received the jab and as of today [...]
CMC restricts ‘memestock’ shorting amid Gamestop frenzy February 1, 2021 Trading platform CMC Markets has restricted short selling in Gamestop, AMC and other so-called “meme stocks” following an attack on hedge funds by Reddit traders. Last week day traders in r/wallstreetbets flocked to Gamestop lifting its share price to new heights in what some called a war against hedge funds. Gamestop is the most shorted [...]
First-time investors push profits higher at Hargreaves Lansdown February 1, 2021 A surge in younger investors investing for the first time have helped push up profits at the UK’s largest investment platform Hargreaves Lansdown. Hargreaves Lansdown reported a 10 per cent increase in pre-tax profit in the six months to December, to £188.4m, compared with the same period a year earlier. Net new business was up [...]
UK mortgage approvals reach highest level since 2007 February 1, 2021 The number of mortgage approvals reached their highest level since 2007 last year as buyers took advantage of the stamp duty holiday. The housing market remained resilient in the face of volatility and essential closure of the market during the first lockdown. There were 818,500 mortgage approvals over 2020, up from 789,100 the previous year, [...]
