Doubts grow over the UK’s preferred post-Brexit model for financial services June 4, 2018 The government's preferred post-Brexit trading model for the City remains uncertain amid growing concerns that Brussels is not prepared to compromise. Mutual recognition, the post-Brexit system heavily promoted by the financial services sector as well as Whitehall, has failed to win the support of EU chief negotiator Michel Barnier. One Square Mile source familiar with [...]
Exclusive: Doubts grow over UK’s preferred post-Brexit model for City June 3, 2018 Uncertainty is growing over the City's preferred post-Brexit trading model for financial services, amid growing concerns that Brussels is not prepared to compromise. Mutual recognition, the post-Brexit system heavily promoted by the financial services sector as well as Whitehall, has failed to win the support of EU chief negotiator Michel Barnier. One Square Mile source familiar with [...]
Exclusive: Cabinet ministers poised to back max fac customs option as Irish border solution breaks Brexit deadlock June 1, 2018 Ministers charged with determining the UK’s position on post-Brexit customs are poised to argue for a modified version of the “max fac” option, after making a breakthrough on the Irish border issue, City A.M. understands. For nearly a month, Cabinet ministers have been analysing the two options – the new customs partnership, or NCP, initially [...]
Exclusive: Cabinet ministers poised to back max fac customs option as Irish border solution breaks Brexit deadlock May 31, 2018 Ministers charged with determining the UK’s position on post-Brexit customs are poised to argue for a modified version of the “max fac” option, after making a breakthrough on the Irish border issue, City A.M. understands. For nearly a month, Cabinet ministers have been analysing the two options – the new customs partnership, or NCP, initially [...]
Exclusive: Putin critic Bill Browder blasts UK over arrest May 30, 2018 Financier and anti-Kremlin campaigner Bill Browder has accused the UK government of failing to protect him after he was arrested in Spain yesterday morning. The Hermitage Capital founder, who was detained in Madrid under a Russian Interpol arrest warrant, told City A.M. Russia was using the system “to track down enemies of the Putin regime”. He added: [...]
Donald Tusk slaps down EU commissioner after Italy comments May 29, 2018 European Council President Donald Tusk has slapped down one of the bloc's commissioners for suggesting that Italian voters may be pressured into changing their minds by market movements. Markets across Europe were in flux today, with the so-called fear index the Vix up 17 per cent on the back of political uncertainty unfolding in Italy [...]
Standard Life Aberdeen’s share price falls as firm reveals plans to return £1.75bn to shareholders May 29, 2018 Standard Life Aberdeen's share price fell this morning after the firm revealed plans to return £1.75bn to its shareholders following the sale of its UK and European insurance business to Phoenix Group. The finance giant this morning announced plans to gift £1bn to shareholders via a B share scheme, in which new B shares will [...]
What Italy’s political situation means for Brexit May 29, 2018 The chaotic political situation in Italy is putting the country's membership of the euro front and centre – and with it, the longer term question of the European Union. Over the weekend, unelected former IMF official Carlo Cottarelli — dubbed “Mr. Scissors” because of his support for austerity — was named interim Prime Minister. President [...]
Marks & Spencer’s share price falls as FTSE100 demotion looms May 29, 2018 Pressure is piling on troubled retailer Marks & Spencer, which faces being demoted from the FTSE100 after the index closes today, as its share price tumbled this morning. Officials will reshuffle indices based on close of business market values today, ahead of an announcement tomorrow. As things stand, Mediclinic and G4S both look to be [...]
Smell the coffee: Pret A Manger sold after 10 years with Bridgepoint May 29, 2018 Sandwich chain Pret A Manger has been sold by its private equity owners for an undisclosed sum, with reports suggesting it could be as much as £1.5bn. JAB Holdings has snapped up the ubiquitous cafe from its owners Bridgepoint, who have been looking to offload it for some months. JAB is acquiring its stake in [...]
