Remember special relationships? The EU’s chief Brexit negotiator wants one with the City of London January 14, 2017 The EU's chief Brexit negotiator has indicated signs of a softening his previously hardline stance of the UK's exit from the union, letting slip a desire to allow member states access to the City. Michel Barnier wants a "special" relationship with London financial powerhouse as part of any Brexit deal, according to unpublished European parliament [...]
Centrica completed its exit from wind power as it sold its stake in the Lincs offshore wind farm January 13, 2017 Centrica has completed its exit from the wind power generation business with the sale of a 50 per cent stake in its Lincs offshore wind farm to the Green Investment Bank. The UK energy company's joint venture partner Siemens Project Ventures has also agreed to sell its 25 per cent share to the bank, while Dong Energy, [...]
Why banks could actually prove a less stressful part of your portfolio January 13, 2017 Market consensus tells us the banking sector remains a risky place for investors to put their money. After all, the prevailing wisdom runs, banks are cyclical, poorly capitalised and in lousy shape for the next downturn, as and when it comes. Of course, as contrarian investors, we believe market consensus and prevailing wisdom primarily [...]
Out-of-depth traders among reasons for the seriousness of last year’s sterling flash crash January 13, 2017 The bank for central banks has today pointed the finger at inexperienced traders as one of the causes of last October's sterling flash crash. On 7 October last year, sterling plummeted around nine per cent against the US dollar in the early hours of trading in Asia, although it bounced part way back again quickly [...]
Tight labour market should not make Bank of England raise rates automatically says MPC economist January 13, 2017 A tightening labour market should not necessarily prompt the Bank of England (BoE) to raise interest rates, according to a member of the Bank’s rate-setting body. “Monetary policy should not be set in a way that seeks to rule out sub-5% unemployment over time,” Michael Saunders, an external member of the Bank’s Monetary Policy Committee [...]
Why banks could actually prove a less stressful part of your portfolio January 13, 2017 Market consensus tells us the banking sector remains a risky place for investors to put their money. After all, the prevailing wisdom runs, banks are cyclical, poorly capitalised and in lousy shape for the next downturn, as and when it comes. Of course, as contrarian investors, we believe market consensus and prevailing wisdom primarily exist [...]
Editor’s notes: Carney can see what EU officials refuse to: that they need the City January 13, 2017 Mark Carney isn’t the kind of man to lose his temper in public. Perhaps he isn’t even the kind of man to lose his temper at all. Still, if he was ever to come close to doing so it may well have been at this week’s Treasury Select Committee hearing, where he once again came up [...]
Brexit minister confirms bumpy EU departure will hurt Europe as well as UK January 12, 2017 A junior minister from the Brexit department has today become the latest in a string of voices to say a bad Brexit deal will harm Europe. In a grilling with the House of Lords on transition periods, parliamentary under secretary of state Lord Bridges of Headley said: "We want to have a smooth and orderly exit [...]
Alternative lending’s leading founders and chief executives give their predictions for the sector in 2017 January 12, 2017 The road was slightly bumpy for alternative lenders last year. Authorisations for the Innovative Finance Isa were delayed, there was further Financial Conduct Authority (FCA) probing, disappointing results hounded a good handful of the UK’s largest platforms and Goldman Sachs made its foray into the market with in-house platform Marcus. But provided the regulator continues [...]
Why we’re restricting traffic at Bank junction January 12, 2017 Bank junction is one of the City’s most iconic spots. The Bank of England, the Mansion House and Royal Exchange make it an instantly recognisable place. However, those who try and pass through – whether on foot, on bicycle or by vehicle – know that it is incredibly busy, especially at peak travel times. Many [...]