Bank of England launches new £20 note featuring JMW Turner October 10, 2019 The Bank of England (BoE) has launched a new polymer £20 note featuring British painter JMW Turner. BoE governor Mark Carney announced that Turner would be replacing 18th Century economist Adam Smith as the face of the banknote at an event at the Turner Contemporary gallery in Margate. Read more: Britain’s financial system ‘prepared’ for [...]
Venture capital investment in fast-growing UK businesses surges October 10, 2019 Venture capital (VC) investment in fast-growing British businesses surged 19 per cent in the third quarter to over £2.4bn, new figures have shown, meaning the UK is on target to smash last year’s record investment levels. Over £7.4bn was invested by VCs in UK scaleup firms during the first nine months of 2019, almost equalling [...]
Government warned SMEs can’t live off ‘kind promises’ after Brexit finance council meeting October 9, 2019 The Federation of Small Businesses (FSB) has said small businesses can’t “live off kind promises for the future” after the UK leaves the EU after the first meeting of a new finance council designed to support small and medium sized enterprises (SMEs) secure lending post-Brexit. The finance council – made up of representatives from banks, [...]
Cayman Islands to introduce public ownership register in money-laundering crackdown October 9, 2019 The Cayman Islands will introduce a public register showing the beneficial owners of companies based in the jurisdiction by 2023. The register – part of the EU’s 5th Anti Money Laundering Directive (5AMLD) – will show the beneficial owners of all financial entities domiciled in the territory, which is key to showing who is behind [...]
Britain’s financial system ‘prepared’ for worst case Brexit scenario, says Bank of England October 9, 2019 Britain’s banks and financial system are prepared for a “worst case disorderly Brexit”, the Bank of England (BoE) said, although it warned there could still be disruption, particularly for borrowers from the European Union (EU). Extensive preparations by UK authorities and businesses have mitigated “most risks to UK financial stability that could arise from disruption [...]
Investment firm responsible for £1bn assets goes into special administration October 9, 2019 Reyker Securities, an investment management firm responsible for £1bn of assets, has entered special administration amid “financial difficulties” following a failed attempt to sell the firm. The company, which has around 15,000 clients, had been pursuing an accelerated sales process, but the Financial Conduct Authority (FCA) confirmed this fell through. Read more: UK fund outflows [...]
African trade finance group Afreximbank eyes London listing October 9, 2019 The African Export-Import Bank, is considering an initial public offering (IPO) of global depositary receipts on the London Stock Exchange (LSE), in what could be a rare boost for the UK’s stock market. The bank, which is also known as Afreximbank, said it was weighing a listing on London’s main exchange. It is already listed [...]
Bank of England sets out strict regulatory conditions for Facebook Libra October 9, 2019 The Bank of England (BoE) has set out the rules of engagement that Facebook’s Libra cryptocurrency and other similar digital payment providers would have to satisfy before they can launch in Britain. “Libra has the potential to become a systemically important payment system,” the BoE’s Financial Policy Committee (FPC) said in a policy statement released [...]
European private equity buyouts climb to 12-year high October 9, 2019 Private equity buyout investment in European companies grew significantly during the third quarter, with UK buyouts jumping almost 70 per cent. The total volume of buyouts across Europe reached a 12-year high during the period with 296 deals, according to research released today by Unquote Data. Total deal value increased 28 per cent on the [...]
Softbank executive suggests Wework should stay private until it can ‘demonstrate cash flow’ October 8, 2019 The tech world has been rocked by a string of disappointing or cancelled IPOs this year, as companies failed to convert huge private valuations into success on public exchanges. One Softbank executive has suggested a novel solution: firms should wait until they can demonstrate suitable levels of cash flow before listing publicly. Asked about the [...]
