UK bonds suffer biggest monthly fall in years February 26, 2021 UK bond prices recorded their sharpest fall in years this month, as investors bet on a rebound in growth and possibly inflation. The fall comes just days before the budget, in which Chancellor Rishi Sunak will set out his economics plans for the UK. The month’s sharp declines largely reflect a global sell-off led by [...]
HSBC to cut jobs in London-based equities team February 26, 2021 HSBC plans to cut jobs in its London-based equities division, in a further shake up to the UK office. In the last two days, the holdings company informed staff of its plans to make cuts to the London equities team, Financial News first reported. The job cuts are part of HSBC’s ongoing restructuring work, first [...]
London to lose out to New York under draft EU financial services agreement February 26, 2021 The City of London’s finance industry would be worse off than New York under an early draft for a cooperation agreement in financial services between Britain and the EU. An early draft of the memorandum of understanding (MoU), first seen by Reuters, has less substance than a deal the EU agreed with the United States [...]
Back of the net: Beckham-backed cannabis company scores soaring market debut February 26, 2021 UK-based Cellular Goods, a cannabis company backed by David Beckham, has seen its stock price soar on its first day trading on the London Stock Exchange (LSE). The company’s share price rocketed 310 per cent in early trading, continuing the trend of cannabis-related companies listing on the stock market in the UK and then soaring [...]
Hopes of economic revival buoys business confidence February 26, 2021 Business confidence has crept into positive territory for the first time since March 2020. Confidence across all UK regions and nations, Lloyds Bank found, with the North West, East Midlands and London businesses the most positive. Lloyds surveyed businesses in the first half of February, before Prime Minister Boris Johnson announced the ‘roadmap’ out of [...]
Airbnb reports better than expected revenue drop amid biting pandemic restrictions February 25, 2021 Airbnb suffered a better than expected 22 per cent revenue drop in Q4 2020, having at one stage predicted 2020 revenue could be less than half of what it was in 2019. Airbnb’s total revenue of $3.4bn for 2020 decreased by only 30 per cent compared with $4.8bn in 2019. In Q4 2020, revenue of [...]
More woe for Boeing as new $6.6m fine compounds jet repair bill February 25, 2021 Boeing faces a fresh fine from US regulators, a payment it will have to make as it shells out cash on repairing its 787 Dreamliner jets. The new $6.6m fine is part of an expected settlement with US regulators over quality and safety-oversight lapses going back years – a setback that comes as Boeing wrestles [...]
United States may boycott 2022 Winter Olympics in Beijing February 25, 2021 The White House has not made a final decision on whether the US will participate in the Winter Olympics in Beijing, a decision that could see the United States boycott the games in 2022. “There hasn’t been a final decision made on that and of course we would look for guidance from the U.S. Olympic [...]
GameStop trading halted 10 minutes after Wall St opens as stock gears up for volatile day February 25, 2021 Trading of GameStop stock was halted within the first 10 minutes of Wall Street’s opening bell, after the stock rocketed 104 per cent yesterday and a further 83 per cent in after-hours trading. The share price of American videogame retailer GameStop jumped 77 per cent on Wall Street’s open today, after amateur traders again [...]
KPMG splits chief exec and chair roles following ‘stop moaning’ controversy February 25, 2021 KPMG will split the role of chair and chief executive, following the furore surrounding comments made by Bill Michael, its former senior partner and chair. Michael resigned earlier this month after a video surfaced online of the boss telling staff to “stop moaning” and “playing the victim”. In the video, Michael also dismissed unconscious bias [...]
