Davis Cup reboots, Wembley sale talk and Premiership Rugby takeover bids: how private investment is shaking up a sports industry at a crossroads November 22, 2018 From plans for a breakaway Super League in European football to takeover bids for Premiership Rugby, the collapsed sale of Wembley Stadium and the $3bn revamp of the Davis Cup, there is a common thread running through some of the biggest sports stories of recent months. Change is sweeping through the industry at breakneck pace [...]
Greater government powers over takeover deals could be used for political purposes, critics warn November 21, 2018 Leading investors, trade bodies, lawyers and banks have criticised proposals to give the government greater powers to intervene in mergers and acquisitions (M&A), raising concerns that new rules could be exploited for political purposes. The proposals would give officials greater scope to scrutinise deals on security grounds. A senior minister could call-in any merger, acquisition or [...]
October deficit reaches three-year high despite Hammond’s promise to end austerity November 21, 2018 The UK recorded a much larger than predicted deficit for October, according to official data released today, the same month in which the government signalled an end to austerity measures. Public borrowing rose to £8.8bn last month, up from £7.2bn in October last year, amounting to the largest October deficit for three years, according to [...]
Should other countries take a leaf out of Trump’s economic playbook? November 20, 2018 Global growth in 2017 was characterised by synchronised expansion by the world’s major economies. This was largely because robust global trade growth created a rising tide that lifted all boats. Since global trade has waned in 2018, economic growth has become less coordinated. While China, Europe and Japan have all seen their growth rates cool, [...]
Mark Carney says a no-deal Brexit would be the ‘worst outcome’ for the Bank of England November 20, 2018 Mark Carney today told the Treasury Select Committee that a "no-deal" Brexit would be the "worst outcome" for the Bank of England. The BoE governor said he expected May's draft withdrawal agreement to "support economic outcomes" and welcomed the transition period, which is due to end in 2020. The transition period begins on 29 March 2019 and lasts [...]
How worried should we be about the slowdown in German manufacturing? November 19, 2018 German industrial production contracted by 1.2% in Q3 and is behind the general slowdown being seen in eurozone manufacturing. What is causing the decline and how concerned should investors be? Kaputte Autos Taking a closer look at the breakdown of Germany’s production data reveals that most of the economy’s manufacturing sub-sectors are performing well. The [...]
George Soros takes £20m short position on Aston Martin after carmaker’s lukewarm flotation November 18, 2018 George Soros, the billionaire investor and philanthropist, has taken a £20m short position in Aston Martin, whose share price has dropped by a quarter since its flop float last month. Disclosures to the Financial Conduct Authority (FCA) show both Soros and French fund Carmignac Gestion have bet against the carmaker, which has seen £1bn wiped [...]
Mortgage approvals up for first-time buyers as market moves away from large deposits November 15, 2018 The market share of first-time buyers and small deposit borrowers increased in October as young buyers take advantage of low rates and slowing house price growth. A total of 67,011 mortgages were approved last month, an increase of 2.7 per cent since September and 3.5 per cent above levels in the same month last year. [...]
London house prices: Homes in the capital lose value despite the UK’s resilient property market November 14, 2018 London house prices fell 0.3 per cent in the year to September, according to Office for National Statistics (ONS) data released today. Growth in the capital lagged far behind the UK-wide average, which was 3.5 per cent, a small increase from 3.1 per cent last month. The growth puts the average house price across the country [...]
Productivity is still a problem: Five takeaways from today’s economic data November 13, 2018 Wages are up even as unemployment grew in the three months to the end of September, according to the latest statistics released today. If you missed our news story earlier today, here are the biggest takeaways from the latest tranche of economic data. Productivity is still problematic UK productivity dropped in the third quarter as [...]