UK banks still vulnerable to a “toxic cocktail” of taxpayer bailout risks says Treasury Select Committee chair December 19, 2016 The UK’s banks are still vulnerable to a “toxic cocktail” of risks for which the taxpayer may have to foot the bill, according to the head of the Treasury Select Committee (TSC). TSC chair and Conservative MP Andrew Tyrie is launching a new inquiry into the sector, stating that the public has a right to know [...]
Deutsche Bank mulls axing bonuses to pay loans fine December 18, 2016 Deutsche Bank could axe bonuses for some of its senior staff as scrambles to shore up cash to pay a potentially massive fine over toxic US loans. The bank, which has spooked investors in recent months with warnings over lower for longer interest rates and red tape pushing up costs, will not make a decision [...]
Murdoch swoops: 21st Century Fox agrees Sky takeover deal December 15, 2016 Rupert Murdoch's 21st Century Fox today agreed a takeover deal for UK broadcaster Sky. Fox, which already owns 39 per cent of Sky, has made a £10.75-per-share offer, worth £11.7bn. The approach values the whole of the UK media giant at £18.5bn. Fox said it would be using a scheme of arrangement, meaning it would need 75 [...]
Football’s new arms race: leading clubs looking to sell shirt sleeve sponsorship for £10m a year ahead of Premier League rule change December 14, 2016 They routinely adorn the biceps of Lionel Messi and Neymar and flutter on the jerseys of Bayern Munich and Paris Saint-Germain, yet until now they have been forbidden in the Premier League. Sponsors’ logos on football clubs’ shirt sleeves are on their way to England’s top division from next season, however, as teams look to [...]
The price of bitcoin has hit highs not seen since 2014 December 13, 2016 The price of bitcoin has hit a near three year high as global and political uncertainty continue to make the cryptocurrency an increasingly attractive safe haven for investors. The price of bitcoin versus the dollar surpassed its 2016 high of $781.31, reaching highs not seen since early 2014 and creeping closer toward the $800 mark. It hit a high of [...]
Ex-Barclays boss Antony Jenkins is joining bitcoin wallet startup Blockchain December 13, 2016 The former boss of Barclays, Antony Jenkins, is getting deeper into the world of fintech, joining the board of the largest bitcoin wallet startup in the world, Blockchain. “Blockchain technology has the potential to reinvent the way we use money and contribute to a finance system that’s high quality, low cost, secure, fair and transparent,” said [...]
Japan’s Asahi will buy AB InBev’s eastern European brands for €7.8bn December 13, 2016 Japan's Asahi has just announced it will buy five of Anheuser-Busch InBev's eastern European beer brands for €7.3bn (£6.1bn). The former SABMiller brands include the Czech Pilsner Urquell, Poland's Tyskie and Hungary's Dreier. AB InBev is working to close the deal as part of its efforts to pass competition regulations after its £79bn takeover of SABMiller. Asahi, on [...]
Barclays says au revoir to French retail division in latest non-core asset sale December 12, 2016 Barclays has today agreed to sell its French retail business, marking the bank's final departure from retail operations in continental Europe. The lender has agreed to sell the 74 retail branches, life insurance business, wealth and investment management arm, and brokerage operations in France to private equity firm AnaCap Financial Partners. No price was disclosed for the deal, but Barclays noted [...]
13 years of returns: history’s lesson for investors December 12, 2016 There is no guaranteed route to success when it comes to investing, but the data below illustrates why it is important not to hold all your eggs in one basket. 13 years of asset class performances A widely-held belief is that shares deliver the best returns over the very long term, at least among the [...]
At the close: FTSE 100 boosted by late Sky surge on 21st Century Fox takeover bid December 9, 2016 The FTSE ended the week looking very healthy indeed – its best week since July. It was up 22.66 points to 6,954.21 bolstered by a Sky surge. US media firm 21st Century Fox tabling a takeover bid for Sky of £10.75 per share in cash, prompted shares to rise sharply. Sky’s share price shot up [...]