Commerzbank raises outlook as it posts surprise first quarter profit May 12, 2021 Commerzbank raised its revenue outlook this morning as it surprised investors by posting a profit after a period of strong trading commissions. The German bank said its better-than-expected performance came down to higher net commission income from securities trading. It posted a net profit of €113m in the three months to 31 March, against a [...]
TP ICAP reports revenue drop in the first quarter after market volatility May 12, 2021 TP ICAP reported a decline in first-quarter revenue, reflecting the extent of the impact of the pandemic on markets. The interdealer broker posted a nine per cent fall in revenue to £483m from £530m a year earlier, which the company said reflected the volatility of the market in March last year. It noted revenues in [...]
FCA launches formal probe into Greensill’s UK operations May 11, 2021 The City regulator has launched a formal investigation into the UK operations of collapsed supply chain firm Greensill Capital as part of wider global probes. The Financial Conduct Authority’s chief executive Nikhil Rathi gave the first confirmation the regulator is investigating Greensill seen it collapsed into administration in March. Greensill Capital was the brainchild of [...]
JP Morgan’s UK staff set to return to office from next month May 11, 2021 JP Morgan has told its UK staff that more of them will return to the office from next month as restrictions start to ease. The American bank told staff to prepare for a “consistent schedule” which combines both remote and office working but offices will operate at maximum 50 per cent of capacity, according to [...]
Hedge fund ExodusPoint takes short position in Deliveroo after disappointing IPO May 11, 2021 Hedge fund ExodusPoint Capital Management has reportedly taken a short position in Deliveroo after the delivery firm’s disastrous market debut. The New York hedge fund’s bet makes up approximately 0.56 per cent of Deliveroo’s shares, Financial News reported. The short position, which could be worth as much as £26m based on its closing price, marks [...]
British Airways owner IAG boosts liquidity with €800m convertible bond May 11, 2021 British Airways owner IAG is tapping investors for €800m to strengthen its balance sheet and take advantage of the easing of restrictions this summer. The FTSE-listed company has been hit hard by the pandemic with most of its fleet grounded due to travel restrictions. It has a weekly cash burn rate of €175m meaning its [...]
Curve follows Series C with crowdfunding round to pursue global expansion May 11, 2021 London fintech Curve has launched a new crowdfunding campaign five months after closing its £72.5m Series C round. Founded in 2015, the company allows users to consolidate all their credit and debit cards into one smart card and app and now boasts more than 2m customers. Its Crowdcube campaign is set to go live later [...]
Natwest boss Alison Rose: I’m optimistic about this nation of SMEs May 11, 2021 The economic consequences of the pandemic have been severe, not least on the UK’s smallest businesses, but for Natwest boss Alison Rose it has shown just how resilient the country’s SMEs are. Rose, who was appointed chief executive towards the end of 2019, has spent the majority of her tenure tackling the impact of the [...]
King Khan: Mayor wants City Hall stay to last until 2040 May 10, 2021 Sadiq Khan has said he hopes to be Mayor of London in 2040 after sweeping to victory in the recent mayoral election. Earlier today Khan said he hopes to be in his current position when the 2036 or 2040 Olympics take place, after recently pledging to launch an “exploratory committee” to look at a potential [...]
Impact investing becomes the hot topic but terminology confuses investors May 10, 2021 UK investors are prioritising responsible investment but remain confused when it comes to investment terminology, new research shows. Nearly two thirds of investors surveyed by Close Brothers Asset Management, who currently have an average of £320,000 invested, are prioritising responsible investment over ‘traditional’ returns. Interest in so-called impact investing has surged in recent years and [...]
