Brexit crowns Amsterdam Europe’s top trading hub, ousting The City February 11, 2021 Amsterdam surpassed London as Europe’s largest share trading centre last month, as Brexit led London to lose business. Some €9.2bn shares a day were traded on Euronext Amsterdam and the Dutch arms of CBOE and Turquoise, the London Stock Exchange’s platform, last month – a more than fourfold increase from December, the Financial Times reported. [...]
Exclusive: Brexit hit to London may top £9.5bn a year without EU financial services deal February 10, 2021 As the heart of the UK's service sector economy, London is in line to lose up to £9.9bn a year if a post-Brexit deal on financial services doesn't protect the City, new research out this morning finds.
Heathrow ‘key’ to success of UK’s freeports push, airport says February 8, 2021 Heathrow Airport has said that the UK’s biggest air travel hub has a “key role in facilitating the successful implementation of the UK’s freeports policy”. In its application for freeport status, which was submitted on Friday, the airport said it played “a central role in facilitating Britain’s position as an independent trading nation by enabling [...]
Exclusive: Capital raising startup HUBX completes $5.5m fundraising February 8, 2021 Private capital raising platform HUBX has completed a $5.5m (£4.2m) fundraising round after a surge in demand during the pandemic. Founded in 2015 the London-based B2B platform claims to democratise capital raising by using automation and data to help organisations execute its transactions faster. The platform works with startups as well as more established sell-side [...]
British banks set to hand out hundreds of millions in staff bonuses February 6, 2021 Britain’s largest banks are finalising plans to hand out hundreds of millions of pounds in staff bonuses next week, at the same time loan losses are expected to catapult during the pandemic. Taxpayer-backed lender Natwest Group has informed the Treasury that it is poised to distribute more than £200m in staff bonuses for 2020. The [...]
Tomorrow will be a better day is a mantra for business, too February 5, 2021 “Tomorrow will be a better day.” Words of comfort from the late Captain Sir Tom Moore that will inspire a nation in the days to come. The news of his passing hit me harder than I had any reason to expect. I admired him greatly for the life he led and the dignified positivity and [...]
Feast in the East: UK’s Pacific tie-up could be world’s first digital alliance February 5, 2021 Last week the government announced that it was applying to join the Comprehensive and Progressive Trans-Pacific Partnership or CPTPP. The trading group circles the Pacific with 11 members, including major economies like Japan, Mexico and Australia, and the UK’s trade with it already stands at over £100 billion. The cabinet’s current rising star, international trade [...]
Barclays CEO on the future of the City: ‘Forget Frankfurt and Paris’ February 5, 2021 Jes Staley, the CEO of Barclays, has said the UK financial services industry should focus on competing with the US and Asia, rather than the EU. Staley reportedly said that although jobs that would have been created in the Square Mile may have been moved to the EU, Brexit has given one of the UK’s [...]
Exclusive: ‘Pool Re’ style scheme could help insurers fund Covid-19 cover, says Beazley CEO February 5, 2021 The CEO of insurer Beazley is hopeful that insurers will be able to provide cover against infectious diseases like Covid-19 in the future, but said a government backstop may be needed to press ahead. It is not possible to get insurance on Covid-19-related cancellation cover on events this year, because the chances of an event [...]
City A.M. TV: Daily Market Snapshot February 5, 2021 With such a strong rally this week, and a marked retracement of recent losses, the key near term question is whether this is a ‘dead cat bounce’ – OR – simply a resumption of the medium term uptrend. From a price action perspective, the jury is still out. In particular, despite a strong rally in [...]