SpaceX’s Starlink to branch out into Asia, says Filipino trade secretary March 31, 2022 Starlink, the satellite broadband service founded by billionaire entrepreneur Elon Musk, has branched out into the Philippines, according to the country’s trade secretary today. Starlink, part of Musk’s SpaceX, is currently scouting out locations for where its ground terminals will be based, while its business permit application is being processed, trade minister Ramon Lopez said. [...]
Brewin Dolphin shares fly following £1.6bn RBC Wealth Management bid March 31, 2022 The Royal Bank of Canada’s (RBC) wealth management business has offered to buy British investment management heavyweight Brewin Dolphin for £1.6bn. London-headquartered Brewin will receive 515p per share, which includes an over 60 per cent premium on yesterday’s closing price of 318p. The bid values Brewin at 2.8 per cent of its £55bn assets under [...]
Members of troubled British Steel Pension Scheme win back over £71m in redress March 31, 2022 The UK’s financial watchdog has agreed that former members of the troubled British Steel Pension Scheme (BSPS) will be able to receive £71.2m worth of compensation, as part of long-awaited redress for workers. The Financial Conduct Authority (FCA), which launched a probe for a redress scheme in late December, has found that almost half (46%) [...]
City Moves: Who’s switching jobs in the Square Mile? March 31, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. IMMO Capital London-based residential investment platform IMMO Capital has appointed a new director. Anna Clare Harper, who launched her career at Big Four firm Deloitte, previously co-founded a boutique investment firm focused on the UK’s private rental sector. Supporting co-founder [...]
Unregulated CBD products to be stripped from UK shelves amid new ‘green wave’ March 31, 2022 A list of the first cannabis-based food products allowed to be sold in the UK is to be revealed by the country’s standards watchdog today, City A.M. understands. The UK’s Food Standards Authority (FSA) will publish a list of nearly 5,000 products which will fall under its regulatory wing. After a year of waiting, products [...]
Canary Wharf to host Europe’s largest commercial lab under new deal March 30, 2022 Canary Wharf is anticipated to host the largest commercial wet lab in Europe, as part of a investment partnership unveiled today. The Canary Wharf Group and Kadans Science Partner have announced a joint venture today to develop the 750,000 square foot life-science focussed hub. While no figure has yet been put on the investment, City [...]
‘A false veneer to a broken system’: British judges resign from Hong Kong’s highest court March 30, 2022 British judges have resigned from Hong Kong’s highest court, in a move which has been welcomed by the foreign secretary and UK-based advocacy group Stand With Hong Kong (SWHK). Two senior judges, Robert Reed and Patrick Hodge, submitted their resignation to the city’s Court of Final Appeal (HKCFA), saying their role was “no longer tenable” because of [...]
Hong Kong’s Covid-19 battle has ‘brain drained’ economy as house prices are forecast to fall March 30, 2022 While some restrictions are due to be eased next month, Hong Kong’s battle with Covid-19 will fuel a shrinking economy and plunging house prices, according to Goldman Sachs economists. House prices are forecast to fall around 20 per cent over the next four years, falling five per cent every year, while mortgage rates are expected [...]
GPE snaps up London’s Fashion Retail Academy building for over £36m March 30, 2022 GPE, formerly known as Great Portland Estates, has snapped up the government and Philip Green-backed Fashion Retail Academy building for £36.5m. While the property development and investment firm has bought the building, in the heart of Fitzrovia, it will remain home to the fashion school until it relocates to a larger building. The building, a [...]
London-listed life sciences firm agrees £150m debt financing facility with HSBC March 30, 2022 Life Science REIT has agreed a £150m debt financing facility with HSBC, in a bid to fund new life science properties across the Golden Triangle: London, Oxford and Cambridge. The deal, in what will be the company’s first borrowing agreement, is made up of a £75m three-year term loan facility and a £75m revolving [...]
