Evening Read: Investors sit on record levels of dry powder, says Silicon Valley Bank’s UK boss May 12, 2021 In recent months we have glimpsed potential opportunities for the post-Covid economy: the huge acceleration in technology adoption, both corporate and personal. And that’s good news for London’s technology and innovation space. But to get startups’ ambitious growth plans off the ground and put the pandemic recovery into motion, sources of capital are needed: financing [...]
50 days after the Ever Given blocked the Suez canal, supply chains still have not recovered May 12, 2021 On the 29th of March, tug boats and dredgers freed the Ever Given from the banks of the Suez Canal. In just six days the blockage obstructed over $60 billion of global trade, sending disruptive ripples to every corner of the world. The beached container ship, weighing in at 220,000 tonnes and longer than the [...]
Boris Johnson confirms working from home advice set to be scrapped on 21 June May 12, 2021 Boris Johnson has confirmed the government will scrap its work from home advice on 21 June if its roadmap out of Covid restrictions goes to plan. The Prime Minister told MPs today that he is confident office working will come back en-masse and that “I think it’ll come back remarkably quickly, but it does depend [...]
Goldman Sachs director quits after making millions from Dogecoin May 12, 2021 A London-based Goldman Sachs banker has reportedly quit after making millions from investing in Dogecoin. The meme cryptocurrency has surpassed growth of any other digital currency this year, boosting its price by more than 10,000 per cent. Aziz McMahon, head of emerging market sales at the US investment bank, resigned after benefiting from the cryptocurrency’s [...]
France wants to delay UK-EU Brexit financial services pact over fishing row May 12, 2021 France is aiming to block a post-Brexit financial services pact between the UK and the EU over a row about fishing rights. The UK and EU announced in March that it had drafted a regulatory co-operation agreement, known as a Memorandum of Understanding, on financial services, however it is yet to be signed or made [...]
UK GDP falls in Q1 but Sunak confident in recovery after March rebound May 12, 2021 Britain’s economy grew by a stronger-than-expected 2.1 per cent in March, picking up speed in what Chancellor Rishi Sunak expects to be a sharp economic comeback. The monthly growth beat economists’ predictions of a 1.3 per cent leap, the Office for National Statistics said this morning. “Despite a difficult start to this year, economic growth [...]
Frost: Post-Brexit Northern Ireland treaty not ‘sustainable for long’ May 12, 2021 The post-Brexit Northern Ireland treaty will not be “sustainable for long” without significant changes, according to Boris Johnson’s minister for UK-EU relations. Lord David Frost said the Northern Ireland Protocol, which sees Northern Ireland follow EU customs union and single market rules, posed “significant challenges” for businesses, while urging the EU to act with “common [...]
Why Brexit hasn’t put Asian businesses off the UK May 12, 2021 My team recently completed an acquisition of a UK business by an Asian investor. Cross-border relations are thriving and it made me think about a recent survey by AMCHAM South China suggesting a bright future for Asia business, with many companies reporting a higher return on investment, despite the pandemic. Undoubtably Asia is still an [...]
As economies reopen, inflation fears return with a vengeance May 12, 2021 London’s FTSE 100 is on course for its worst day in three weeks this afternoon amid inflation concerns. Inflation has never really been away. It’s been a central theme that has dominated conversations among economists, analysts and bankers over the past few months, and more specifically, the possibility that it is about to take off. [...]
Brexit hit: City of London suffers £2.3 trillion derivatives loss in a single month May 11, 2021 The City of London suffered a loss of £2.3 trillion in a single month in its lucrative derivatives trading market, with Wall Street trading platforms the ones that benefitted. U.S. swap-execution facilities pulled in more trades across euros, pounds and dollars in March while London experienced an exodus compared to last July, while venues in [...]