BoE boss says Rishi Sunak right to spend big on Covid November 26, 2020 Bank of England governor Andrew Bailey backed chancellor Rishi Sunak’s approach to the public finances, saying he is right to throw the might of the state behind the coronavirus suppression effort. “It is absolutely sensible that public resources, resources of the state, are being used to cushion the huge impact of this absolutely unprecedented shock,” [...]
Evergrande Property ‘prices at lower end’ in $1.8bn Hong Kong IPO November 26, 2020 Evergrande Property Services Group – part of China’s second-biggest property developer – reportedly achieved the lower end of expectations to raise $1.8bn in its major Hong Kong IPO. The public offering priced at HK$8.80 (85p) per share, according to sources who spoke to Reuters. The marketed range was HK$8.50 to HK$9.75. It comes with Evergrande [...]
IFS says Sunak likely to end up spending more than planned November 25, 2020 Chancellor Rishi Sunak is likely to end up spending more than he said he plans to in his spending review today amid “lasting damage” to the economy, the leading Institute for Fiscal Studies (IFS) think tank and other experts have said. Sunak today said he would ramp up public spending to tackle coronavirus next year [...]
UK borrowing to hit record £394bn as economy shrinks 11.3 per cent November 25, 2020 Government borrowing is set to soar to a peacetime record of £394bn this year while the economy will contract at the fastest pace since the 1700s thanks to the coronavirus pandemic, according to bleak predictions from the UK’s budget watchdog. The figures from the Office for Budget Responsibility (OBR) show that unemployment is expected to [...]
ECB says banks still vulnerable to corporate coronavirus debt November 25, 2020 The Eurozone’s banks are likely to have to put aside more cash to pay for loan losses as the recovery from the coronavirus crisis enters a new stage, the European Central Bank (ECB) has said. “Bank profitability is expected to remain weak. Provisions have increased but look optimistic in some cases,” said Luis de Guindos, [...]
EU watchdog: Commission failed in vetting Blackrock climate contract November 25, 2020 The EU watchdog has given the European Commission a slap on the wrist for failing to weigh up possible conflicts of interest when it hired Blackrock to help look into green banking rules. EU ombudsman Emily O’Reilly asked the Commission – the executive branch of the bloc – to consider toughening up its conflict of [...]
HMRC: 2.7m people still on furlough at end of September November 25, 2020 Around 2.7m people were still on furlough in the UK at the end of September, HMRC has estimated, as the UK’s incomplete economic recovery was knocked back by rising coronavirus cases. HMRC said the arts, recreation and entertainment sector had the highest proportion of workers on furlough, at 23 per cent. Food and accommodation was [...]
JD Health set for $3.5bn IPO in biggest Hong Kong launch of the year November 25, 2020 Chinese healthcare giant JD Health is set for a $3.5bn (£2.6bn) IPO in Hong Kong next month, in what would be the city’s biggest listing this year. JD Health is China’s largest healthcare platform by revenue, bringing in $1.6bn last year, and now has more than 70m active users. It is a subsidiary of Chinese [...]
FTSE 100 edges higher amid vaccine hopes and Biden picks November 25, 2020 The FTSE 100 rose for the second day as markets continued to be buoyed by positive vaccine news, president-elect Joe Biden’s cabinet picks, and stronger-than-expected US economic data. The FTSE rose 0.1 per cent in early trading, hitting 6,441 points. Its little brother, the FTSE 250, fell 0.5 per cent however. Market optimism yesterday sent [...]
UK capital raising hits decade-high amid coronavirus crisis November 25, 2020 The coronavirus pandemic has driven UK companies to raise the most money on public markets in a decade, with firms scrambling for cash returning to traditional fundraising methods, analysis shared exclusively with City A.M. has shown. Listed companies have raised more than £26bn this year from London Stock Exchange’s (LSE) main and AIM markets, analysis [...]
