Intercontinental Exchange ups stake in Euroclear | City A.M. February 2, 2018 Intercontinental Exchange (Ice) has increased its stake in Euroclear, Europe’s biggest settlement house for securities, to 10 per cent. The US-based firm bought more shares from members of the consortium of banks that own group, building its stake in the financial infrastructure group. The Financial Times first reported the purchase. The Ice bought a €275m [...]
Spotify is a sure hit as it pursues New York initial public offering January 31, 2018 With Spotify reportedly planning on floating on the New York Stock Exchange this spring, it’s a good time to look at how consumers view the brand in the UK. The music streaming service’s impact and growth over the past decade is impressive, all the more so as there haven’t been many global internet successes out [...]
C: Citi shares rise after it takes humongous $22bn Trump tax hit but beats underlying earnings expectations January 16, 2018 Citigroup today announced an enormous $22bn (£16bn) charge from Donald Trump’s tax changes which pushed the US bank to its first loss since 2009, but distracted from otherwise above-expectations results. Banks with earnings overseas have been forced to account for a fundamental change to the way in which the US taxes profits. A tax credit [...]
London on Saudi Aramco listing shortlist along with Hong Kong and New York say reports January 11, 2018 London has made it onto the shortlist for potential listing venues for Saudi Aramco, as the state-backed oil giant looks to list in late 2018, according to reports. New York and Hong Kong are also on the shortlist, with a dual- or even triple-listing on the cards, according to Reuters. Saudi Arabia’s Tadawul exchange will [...]
Bitcoin futures being considered by Deutsche Boerse after Chicago success December 14, 2017 The operator of the German stock exchange could be the next to launch a bitcoin futures after their success on the Chicago exchange. A spokesperson for Deutsche Boerse told German media: “We are thinking about futures, with which private investors and institutional investors can protect existing investments in bitcoin or set for falling prices of [...]
Barclays chairman John McFarlane: Moving euro clearing away from London threatens global financial services December 6, 2017 Moving euro clearing away from London could send shockwaves across the global financial community, forcing up transaction costs and causing capital requirements headaches, one of world banking’s most influential voices has warned. Speaking at TheCityUK annual dinner at London’s Plaisterers’ Hall, chairman John McFarlane said Brexit in March 2019 is a reality that needs to [...]
From Xero to Hero: Gary Turner has his head in the cloud December 4, 2017 It is the dream of every startup to overtake the incumbent, dominant player in its field. Facebook swallowed Myspace; Uber is usurping taxis; Spotifykilled the CD. London’s fintechs are chipping away at just about every area of financial services. We are witnessing an era of great technological change. Some of the present disruption is quite [...]
Labour shadow chancellor John McDonnell quizzes UK chancellor Philip Hammond on Saudi Aramco November 14, 2017 Shadow chancellor John McDonnell has written to the chancellor to demand more information about talks taking place between the government and Saudi Arabia’s state oil company. Saudi Aramco is currently exploring its options for a flotation on a foreign stock exchange, and London and New York are the front-runners in the race to host the [...]
Sabre insurance reveals plans for £213m float with boss saying: “It’s not all young drivers in hot hatches” November 13, 2017 Quirky British car insurer Sabre today announced plans to raise £213m from a London stock market listing. The move will enable private equity firm BC Partners to realise part of its investment into the Dorking-based firm. BC, which paid £240m in 2013 for the firm, will retain a “significant stake” in Sabre post-float. Sabre specialises [...]
The government is offering Saudi Aramco a $2bn loan guarantee November 9, 2017 The UK government is finalising a $2bn loan guarantee for the most valuable company in the world – and one which it is currently hoping will list in London. UK Export and Finance (UKEF) is close to signing off a “significant” finance facility with Saudi Aramco, hoping it will be used to support making purchases [...]