Ferrari boosts guidance after beating third quarter forecasts November 3, 2020 Luxury carmaker Ferrari has upped its 2020 earnings guidance after beating forecasts in the third quarter with record quarterly volumes, revenues and Ebitda. Chief executive Louis Camilleri said the guidance implied a “very strong” fourth quarter. The company said it expects adjusted core earnings of approximately €1.125bn compared with €1.075-1.125bn previously, assuming conditions are not [...]
IP-Off? Shanghai Stock Exchange suspends Ant Group’s listing November 3, 2020 The Shanghai stock exchange has suspended Ant Group’s public listing, which was set for Thursday. The Chinese fintech firm was set to raise $34.4bn in both Shanghai and Hong Kong through the mammoth dual listing. Ant Group set the price tag for the Shanghai leg of the float at 68.8 yuan (£7.88) per share, while [...]
Close Brothers launches two new sustainable funds as demand grows November 3, 2020 Close Brothers Asset Management has launched two new sustainable funds amid growing demand from investors and clients. The asset manager has today launched the Close Sustainable Balanced Portfolio Fund and the Close Sustainable Bond Portfolio Fund, which will be actively managed. Close Brothers said the funds will look to generate “consistent long-term returns by screening [...]
Regulator extends mortgage payment holiday ahead of lockdown November 2, 2020 The financial watchdog has proposed an extension of the mortgage payment holiday for borrowers struggling to make payments, ahead of a second national lockdown
Supreme Court to hear FCA business interruption insurance appeal this month November 2, 2020 The Supreme Court will this month hear an appeal of the Financial Conduct Authority’s business interruption insurance test case. The test case launched by the watchdog against eight insurance companies was fast-tracked for an appeal earlier this month. The FCA launched legal proceedings in June after it failed to find an agreement with the insurance [...]
Softbank Vision Fund dealt another blow with boardroom exodus November 2, 2020 After a year of hefty losses, Softbank is now dealing with an exodus of executives at its $100bn Vision Fund. The Japanese conglomerate plunged to its worst ever annual performance in March after recording a huge $18bn loss for the Vision Fund. It bounced back in August after strong performances by its tech investments. Softbank [...]
AJ Bell launches first sustainable fund of ETFs November 2, 2020 Investment platform AJ Bell has launched its first sustainable fund investing in “responsibly screened” ETFs . The AJ Bell Responsible Growth Fund will invest in ETFs which remove stocks from controversial companies such as tobacco or alcohol. Any firm that breaches the UN Global Compact, which implements sustainable principles, will also be excluded. “Once these [...]
October saw second highest ever month for ‘mega deals’ November 2, 2020 October was a bumper month for mergers and acquisition activity, with the second-highest monthly tally of “mega deals” on record. Nineteen mega deals – worth $5bn or more – were announced last month, a monthly tally exceeded only once, in May 2007, according to data from Refinitiv. Since 1 January, 93 mega deals have been [...]
Mesut Ozil joins US venture capital firm Class 5 Global November 2, 2020 Mesut Ozil is moving into the world of investment joining San Francisco-based VC firm Class 5 Global, as he looks to a career beyond football. The Arsenal midfielder joins the firm as a strategic adviser having already been an investor in Class 5 Global, according to Bloomberg. “I am excited to shape and work on [...]
Lockdown could last beyond 2 December, Michael Gove warns November 1, 2020 England’s new lockdown could last for more than a month, Michael Gove confirmed this morning. Speaking to Sky News, the minister for the Cabinet Office confirmed that the restrictions could be extended beyond 2 December, when they are due to come to an end. The decision will depend on whether the “R-rate” has been sufficiently [...]
