UK economic growth expected to slow as Brexit and global tensions bite June 27, 2019 The UK’s economic growth is expected to slow as prolonged uncertainty over Brexit and global headwinds take their toll. Audit firm KPMG said today it expects the UK’s gross domestic product (GDP) growth to reach 1.4 per cent in 2019, falling to 1.3 per cent in 2020 – down 0.2 per cent since its last [...]
London business confidence recovers on improved domestic and export sales June 27, 2019 London business confidence bounced back in the second quarter (Q2) as domestic and export sales recovered, according to data published today. A survey from the London Chamber of Commerce and Industry (LCCI) showed 20 per cent of businesses reported increased domestic sales in Q2, up from 14 per cent in Q1. The number of businesses [...]
Carney warns that Woodford-style funds are ‘built on a lie’ June 26, 2019 The governor of the Bank of England Mark Carney blasted funds like Neil Woodford’s today which he said were “built on a lie”. Woodford’s flagship £3.7bn Equity Income Fund was frozen earlier this month after it was hit by a wave of withdrawals it could not meet. Carney told MPs on the Treasury Committee that [...]
Asset manager H20 says redemptions are falling after it was hit by a wave of outflows June 26, 2019 Under fire asset management firm H20 said today that there had been “substantial inflows” of funds in recent days and redemptions had fallen to five times less than they were at their peak last Friday. The firm had been hit by a wave of clients withdrawing their money after the Financial Times last week questioned [...]
US ambassador says letting Huawei access the UK’s 5G network would be like ‘letting a kleptomaniac into your house’ June 25, 2019 US ambassador Woody Johnson took an apparent swipe at Chinese tech firm Huawei today, saying that inviting the company into key sectors of the UK’s economy would be “like letting a kleptomaniac into your house”. “If we let untrustworthy countries in the heart of our economies, and infrastructure, what could they do? We have to [...]
London exchanges tell clients they may have to delist Swiss stocks in EU equivalence row June 25, 2019 London-based exchanges have warned clients that they will be unable to trade Swiss stocks after 30 June because of a spat between Switzerland and the European Union. Cboe Europe, Aquis Exchange and UBS have all told clients they will be unable to trade Swiss stocks in London starting next week. In a note to clients [...]
Queen set for an extra £3m after strong profits for Crown Estate June 25, 2019 The Queen is set to receive a £3m revenue boost after The Crown Estate today announced its income for 2018/19 grew 4.3 per cent. The Crown Estate said it was returning £343.5m to the Treasury, up from £329.4m in 2017/18. The Royal Family is set to receive 25 per cent of that money through the [...]
Swiss to ban EU exchanges in row that could have implications for City post-Brexit June 24, 2019 The Swiss government said today it was ready to ban stock exchanges in the European Union from trading Swiss shares, in a row that could have repercussions for the City post-Brexit. The move follows the EU refusing to extend stock market equivalence for Switzerland after Brussels grew frustrated with a lack of movement on an [...]
Trump says he is not looking for war with Iran as further sanctions imposed June 23, 2019 US President Donald Trump said he was “not looking for war” with Iran in an NBC interview broadcast today. Trump said he will impose further sanctions on Iran from today, but also said he would be willing to find a deal to help Iran’s struggling economy. “I think they want to negotiate. And I think [...]
Bitcoin surges past $11,000 for first time since 2018 June 23, 2019 Bitcoin jumped past the $11,000 (£8,640) barrier over the weekend for the first time since January 2018. The cryptocurrency passed $10,000 on Saturday for the time since March 2018 before surging to a high of $11,121, according to data from Coindesk. Late last night it was trading just above $11,000. Last night’s price puts the [...]