Facebook Libra’s 2020 launch plan unclear, says board member December 19, 2019 Facebook’s Libra project does not have a solid strategy for how or where it will be introduced next year, a member of the board overseeing the controversial cyptocurreny’s launch has said. Libra is still on track to launch next year, but the scope of the roll out is dependent on progress in talks with regulators, [...]
Wakanda (not) forever: US removes fictional nation from trade list December 19, 2019 The US Department of Agriculture (USDA) has removed the fictional country of Wakanda from an online list of nations that have free trade agreements with the United States. Francis Tseng, a New York-based software engineer, discovered the listing for the made-up home of Marvel superhero Black Panther while researching US agricultural tariffs, and posted a [...]
Farmland-focused investment trust eyes $300m UK float December 19, 2019 An investment trust focused on farmland has set out plans to float in London, aiming to be the UK’s first listed trust offering investors direct access to the asset. The Global Sustainable Farmland Income Trust is seeking to raise $300m from investors to purchase “a diverse portfolio” of farmland around the world. Read more: RBS [...]
RBS clears out senior leadership at Natwest Markets investment bank December 19, 2019 The chief executive and chief financial officer of Royal Bank of Scotland’s (RBS) underperforming investment bank have stepped down, as new chief executive Alison Rose launches a shakeup of the executive team. The departure of Natwest Markets’ chief executive Chris Marks and chief financial officer Richard Place was announced in a statement on Thursday morning. [...]
Rivals ‘can’t compete’ with Google and Facebook on digital advertising, watchdog warns December 18, 2019 Tech giants Google and Facebook dominate Britain’s digital advertising market to such a great extent that rivals can no longer compete with them on “equal terms”, the competition watchdog has warned. The Competition and Markets Authority (CMA) also raised concerns over the pair’s dominance undermining the ability of newspapers and other providers to produce “valuable [...]
Sun Life to buy Infrared Capital for £300m December 18, 2019 Canadian insurance giant Sun Life has announced it will buy a majority stake in London-based infrastructure and real estate investment manager Infrared Capital. Sun Life will buy an 80 per cent stake in Infrared Capital for £300m, with Infrared’s owners retaining the option to sell their remaining stakes to Sun Life four years after the [...]
Chief executive of digital wealth manager Nutmeg to quit December 18, 2019 Martin Stead, chief executive of Nutmeg, is stepping down early next year, the digital wealth manager has announced. Stead, who joined Nutmeg in 2015 and took over as chief executive a year later, is leaving the company to move overseas. He will be replaced by chief financial and operating officer Neil Alexander. Read more: Nutmeg [...]
NMC Health hits back at Muddy Waters following short attack December 18, 2019 NMC Health has hit back at Muddy Waters after an attack by the short seller yesterday wiped around £1.75bn off the value of the FTSE 100 healthcare operator. Shares in NMC plunged as much as 42 per cent yesterday – the most on record – after the US short seller published a 34-page report raising [...]
FCA overdraft rules: What they mean and which banks have hiked fees December 18, 2019 Millions of people may see changes to their available bank balances today as new overdraft rules from the financial watchdog covering how overdrafts are displayed come into effect. The Financial Conduct Authority (FCA) has ordered UK banks to stop including overdrafts in funds marked as “available” to customers, in a move designed to make it [...]
Arrow Global shares rise following €838m fund raise December 18, 2019 Arrow Global shares have risen this morning after the debt recovery specialist announced it had raised €838m (£712m) for its first fund. Of the total capital commitments for the eight-year closed end fund, €628.5m was raised from third party investors. Read more: Arrow underlying profits fall due to rise in costs The fund is targeting [...]
