ECB ramps up bond-buying programme by €500bn December 10, 2020 The European Central Bank (ECB) has ramped up its bond-buying programme by €500bn (£456bn) in an effort to limit the economic damage from rising coronavirus cases and new restrictions across the continent. ECB governor Christine Lagarde said the central bank expects the Eurozone economy to have contracted in the final quarter of the year. She [...]
Morgan Stanley to move €100bn of assets to Frankfurt amid Brexit December 10, 2020 Wall Street giant Morgan Stanley is planning to move around €100bn (£92bn) in assets to Frankfurt in Germany to protect its business amid Brexit. Bloomberg reported that the bank plans to move the assets in the first quarter of next year, to the subsidiary Morgan Stanley Europe. Morgan Stanley is the latest lender to transfer [...]
No-deal Brexit would worsen UK productivity crisis, CBI warns December 10, 2020 UK business investment will be nine per cent below its pre-coronavirus level by the end of 2022, causing “long-term scarring” and the country’s productivity crisis to drag on, the CBI has predicted. The business lobby group said that a no-deal Brexit would make the situation even worse, causing more uncertainty and disruption for businesses while [...]
Dutch court to probe UBS boss over ING money laundering problems December 9, 2020 UBS has backed its new chief executive Ralph Hamers after a Dutch court ordered an investigation into him relating to money laundering at ING, where he was CEO until earlier this year. ING paid a €775m – or roughly £700m – settlement to Dutch prosecutors in 2018 after it failed to notice money laundering and [...]
FTSE 100 rises ahead of PM’s Brexit trip to Brussels December 9, 2020 The FTSE 100 opened higher as Prime Minister Boris Johnson prepared to fly to Brussels for key Brexit talks and after the administration of Donald Trump in the US suggested a $916bn (£685bn) stimulus package. The index climbed 0.3 per cent to 6,580 points in early trading. Britain’s FTSE 250 index of mid-cap firms rose [...]
Tesco to complete £8bn sale of Thai and Malaysian units this month December 9, 2020 Tesco is set to complete the sale of its Thailand and Malaysia businesses later this month after all conditions for the deal were satisfied. The UK supermarket giant announced in March that it was going to sell the two Asian businesses to Thai conglomerate CP Group. The deal is worth £8bn. Tesco is seeking to [...]
Aberdeen Standard to buy 60 per cent of logistics property investor Tritax December 9, 2020 Aberdeen Standard Investments (ASI) will acquire 60 per cent of logistics real estate manager Tritax for an undisclosed sum, the two companies announced today, as it seeks to benefit from the boom in online shopping. Tritax is a fund manager that focuses on investing in logistics real estate such as warehouses in the UK and [...]
UK firms worry about readiness as Brexit deadline approaches December 9, 2020 UK firms are increasingly anxious about Brexit, with more than half of those affected saying their ability to adequately prepare hinges on the ongoing trade talks, according to a new survey. The Institute of Directors (IoD) business lobby group which carried out the survey called on the government to “pull out the stops to land [...]
FTSE 100 falls along with pound amid Brexit impasse December 8, 2020 The FTSE 100 fell and the pound slipped again as Brexit talks continued, with Prime Minister Boris Johnson set to fly to Brussels for last-ditch talks. The London stock index was down 0.5 per cent, hitting 6,521 points. The FTSE 250 – made up of smaller firms – was also down 0.5 per cent. Read [...]
Government calls on banks to advise on first green gilt December 8, 2020 The UK government has asked banks to bid for contracts to advise on the launch of the country’s first green gilt. Chancellor Rishi Sunak unveiled plans last month to issue climate-focused securities for the first time. He said the bonds would contribute to a “new chapter for financial services” in the UK. Green government bonds [...]
