Charles Schwab UK fined £9m for failing to protect client assets December 21, 2020 The UK’s financial watchdog has fined investment firm Charles Schwab £9m for failing to adequately protect client assets and making a false statement to the regulator. Schwab’s breaches occurred between August 2017 and April 2019 when it moved client money from the UK arm to a US business. The Financial Conduct Authority (FCA) today said [...]
Liftoff: Boeing’s embattled 737-Max to receive EU flying approval December 21, 2020 The European aviation safety watchdog is expected to give Boeing’s controversial 737-Max aircraft the OK to fly in the New Year. European Aviation Safety Agency (EASA) boss Patrick Ky told the BBC he was “certain” the aircraft was safe to fly. He said his inspectors had “left no stone unturned” in assessing the changes to [...]
Will 2021 be the FTSE 100’s year? December 21, 2020 The FTSE 100 has been playing catch-up for most of this year. After the historic market crash in the spring, the UK’s main stock index – which lacks glittery tech names – has lagged behind. The US’s S&P 500 climbed about 12 per cent from the start of the year to 1 December, while Germany’s [...]
Westminster year in review: Who is up and who is down in 2020? December 21, 2020 As the UK ushered in 2020 it looked as if Boris Johnson had an unshakeable grasp on Westminster and the Conservative party. Johnson’s election landslide win last December and his victory in dragging the UK out of the EU in January made him look infallible. Before the Open newsletter: Start your day with the City [...]
Pound plummets as countries ban UK travel and Brexit talks falter December 21, 2020 The pound fell off a cliff on Monday after France, Germany and others cut transport links with the UK amid fears of a new coronavirus strain, while Brexit talks reached another impasse. Sterling dropped 2.1 per cent against the dollar to $1.323. It also fell 1.2 per cent versus the euro to €1.089. The FTSE [...]
Coveney: Brexit negotiations “not in a good place” December 21, 2020 Ireland’s foreign minister Simon Coveney has said Brexit negotiations are “not in a good place” as trade talks continue. Brexit talks between the EU and UK are ongoing this week. With the end of the transition period looming, the two sides have less than two weeks to strike a deal. Today Coveney said talks between [...]
How the 2020 global share slump and recovery ranks in history December 21, 2020 Stocks saw a record crash followed by a record rebound in 2020, creating some disparity between markets, as Duncan Lamont explains. The global stock market crashed at a record speed in early 2020 (Figure 1). On its way to a total decline of 34%, it clocked up a 30% loss in just 40 trading days. [...]
Macro matters December 21, 2020 Out of control Macro matters are very much back in focus as the European nations have begun to impose travel bans on the UK after it reported a more-infectious and “out of control” coronavirus variant. The BBC reported that Ireland, Germany, France, Italy, the Netherlands and Belgium are all halting flights. The measures vary and [...]
New: ‘Health protocol’ to be put in place in hours to get freight moving, says French transport minister December 21, 2020 “A solid health protocol” will be put in place in the coming hours so flows of goods between the UK and France can resume, the French transport minister has said. There has been chaos at Dover this morning after the French government banned all travel from the UK for 48 hours, including freight drivers, prompting [...]
Sainsbury’s warns of gaps on shelves if Dover chaos is not sorted December 21, 2020 Sainsbury’s has warned that gaps will start to appear on shelves within days if transport ties are not quickly restored with mainland Europe. The transport of freight across the English Channel has been disrupted after France suspended travel links with Britain yesterday to try to curb a new faster spreading strain of Covid-19. The supermarket [...]
