OECD tells UK to ‘hold fire’ on new tech giants tax January 22, 2020 The UK has been told by the OECD to “hold fire” on a new tax on big technology companies planned for April. The secretary general of the organisation, which is tasked with brokering a global compromise on the issue of tech giants not paying enough tax, said there would be the risk of “a cacophony” [...]
London-based Blossom Capital launches $185m Europe-focused fund January 22, 2020 London-based venture capital firm Blossom has launched a second $185m (£142m) fund to invest in European tech startups, less than a year after its first raise. The new fund, which Blossom Capital said was “heavily oversubscribed”, will invest in European tech startups at an early stage, and takes the total raised by the company to [...]
Billionaire Icap founder Michael Spencer backs £100m fintech fund January 20, 2020 Michael Spencer, City grandee and founder of interdealer broker Icap, has become the cornerstone investor of a new UK fintech fund that is aiming to raise up to £100m. Spencer will contribute at least £25m to the new fund, Element Ventures, via his investment vehicle IPGL. The fintech fund will focus on emerging firms that [...]
AFH financial reports strong earnings growth January 20, 2020 AFH Financial has reported strong growth in revenue and funds under management (FUM) following after the financial adviser consolidator completed a string of acquisitions. Revenue at the AIM-listed firm jumped to £74.3m for the year ending 31 October, fuelling an 82 per cent jump in profit after tax, which hit £10.8m. Read More: Ashmore assets [...]
Ukraine to press Iran for return of crashed plane’s black boxes January 20, 2020 Ukraine will press Iran to hand over the black boxes from the Ukranian airliner that crashed in the country earlier this month, foreign minister Vadym Prystaiko said. Prystaiko told reporters he would tell Iranian urban development minister Mohammad Eslami, who is visiting Ukraine, that returning the black boxes would show Iran wanted an unbiased investigation [...]
Over 1000 EU financial firms planning to open UK offices after Brexit January 20, 2020 More than 1000 banks, asset managers, payments firms and insurers from the European Union are planning to open offices in post-Brexit Britain so they can continue to serve UK clients. The new offices would help financial firms counter the loss of business as unrestricted two-way access between the UK and EU comes to an end [...]
UK bond chief expresses doubts over green gilts January 20, 2020 The head of the UK’s debt management office (DMO) has questioned the case for issuing “green” government bonds, calling it a “symbolic” step unless investors were willing to pay more for the gilts. Sir Robert Stheeman told the Financial Times the issuing of “green gilts” — government debt where proceeds are spent on environmentally-sustainable projects [...]
Gold is the new gold: Why the safe haven investment could shine in 2020 January 18, 2020 The start of 2020 has certainly been a rude awakening for traders returning to work after the Christmas break. Oil prices spiked after the US assassination of Iranian general Qasem Soleimani ignited tensions in the Middle East. Equities were shaken, and investors flocked to safe haven assets in a bid to shelter from the storm. [...]
First Travelex UK customer-facing systems restored after cyber attack January 17, 2020 The chief executive of Travelex has spoken out for the first time following a cyber attack two weeks ago that caused a global blackout in the foreign exchange provider’s online services. In a scripted video uploaded to a backup Travelex website, Tony D’Souza said the IT system used by staff was now working again. D’Souza [...]
HSBC reportedly set to cut around 100 jobs in equities business January 17, 2020 HSBC is reportedly cutting around 100 roles in its equities business, with the bulk of the layoffs expected to fall on continental European trading floors. The cuts will be across the bank’s equities research, sales, trading, and back office businesses, Reuters reported, citing sources familiar with the matter. The lender is planning to refocus its [...]
