Mike Lynch: Live updates as British tech entrepreneur fights extradition to US February 10, 2021 British tech entrepreneur Mike Lynch, the founder of software firm Autonomy, today begins the second day of his fight against his extradition to the US. Yesterday, the court heard opening arguments from Lynch’s defence team and lawyers representing the US. Lynch is facing charges of securities fraud, wire fraud and conspiracy in the US related [...]
British investors should keep a wary eye on Chinese delisting in the Caymans February 6, 2021 The rise of China is one of the biggest geopolitical issues the West faces and our MPs are rightly becoming increasingly concerned about the regime’s continued human rights and security abuses. The latest threat, however, is very different and strikes at the heart of our financial system; a threat that is being facilitated by of one of Britain’s own [...]
GameStop’s stock slide speeds up as US senator steps in February 4, 2021 The slide in GameStop shares accelerated today as US officials warned they may step in to investigate the trading frenzy that has roiled markets in recent weeks. A surge in buying by amateur traders, fuelled by activity on social media, sparked big moves in shares of companies that were shorted by Wall Street hedge funds. [...]
Gamestop Explained: How Reddit investors took on Wall Street hedge funds February 4, 2021 Reddit investors have started to buy up stocks in a bid to cause a “short squeeze”.
SPACs: The blank cheque vehicles loved by Richard Branson, Tidjane Thiam and Wilbur Ross February 4, 2021 With backing from the likes of Richard Branson, former US commerce secretary Wilbur Ross, City grandee Martin Gilbert and even the boss of the LSE, the vehicles known as special acquisition companies (SPACs) provide a quick and easy way for private companies to go public.
Regulators to meet as brokers call time on Reddit-trader rollercoaster February 3, 2021 Hedge funds, small investors and their stockbrokers are bracing for tougher U.S. markets regulation, with officials expected to meet this week to assess the fallout from a social-media driven trading frenzy that has roiled stocks and silver prices. Mass buying by amateur traders over the past two weeks has driven wild price gyrations in companies [...]
PwC’s new leader of FS: ‘The outcome of Brexit on financial services is still unknown’ February 1, 2021 Last month Isabelle Jenkins was named the new leader of financial services at PwC UK, after spending 17 years as a partner at the firm. Jenkins replaced Andrew Kail, who held the role over the last four and a half years. In her first interview as leader of financial services at the Big Four firm, [...]
Exclusive: S&P Global lays off 700 staff following £33bn IHS takeover February 1, 2021 S&P Global Market Intelligence – the news and data division of credit ratings giant S&P Global – has laid off around 700 people in various offices around the world, including Canary Wharf, Hong Kong and New York City. City A.M. spoke with three London-based employees who confirmed that among the redundancies are S&P GMI’s consumer and [...]
Softbank-backed blank cheque firm eyes $200m stock market float January 29, 2021 A blank cheque firm backed by a top Softbank executive is looking to raise as much as $200m (£146m) in an initial public offering. LDH Growth Corp I, led by Softbank chief operating officer Marcelo Claure and controlled by an affiliate of the Japanese conglomerate, today said it planned to sell 20m shares units of [...]
LSE chief executive says ‘blank cheque’ companies could boost post-Brexit London January 29, 2021 London Stock Exchange Chief Executive David Schwimmer said today: “Britain should replicate New York’s success in listing “blank cheque” companies to boost the City of London’s attractiveness as a global financial centre after Brexit.” “SPACs clearly have taken off in the U.S. markets. There is increasing curiosity and potential interest in seeing more of them [...]