Fears of new variants drives FTSE down two per cent April 20, 2021 London’s main market plunged two per cent today, wiping out last week’s gains amid a bad day for big tobacco. The index joined in a global stock market rout on Tuesday, ending the day at 6,859.87, down 140.21 points. The drop pushed the FTSE 100 back through the symbolic 7,000 point mark it smashed last [...]
Explainer: Why has the UK intervened in Nvidia’s $40bn Arm merger? April 20, 2021 Ever since it was announced in September last year, Nvidia’s proposed $40bn (£30bn) takeover of British chipmaker Arm has proved controversial. Critics including rival tech firms and former Arm executives were quick to hit out at the deal, warning of a negative impact for Britain and the semiconductor industry more widely. Yesterday the government made [...]
Drinking around the world: Romanian wines to die for April 20, 2021 My introduction to Romanian wine was inauspicious. It came in one of Count Dracula’s tourist castle hotels in Transylvania. We sat around a coffin-shaped table as a black-suited waiter approached and smiled, revealing not particularly threatening canines. As he brandished the wine list he said, “May I have the pleasure of providing sir with a [...]
Brexit and European Union Trade Mark registrations April 20, 2021 On 1 January 2021, as part of Brexit, the UK left the EU Trade Mark (EUTM) system administered by the EU Intellectual Property Office (EUIPO). Since it was established in 1996, several thousands of UK and non-UK businesses have taken advantage of the cheap system for registering a brand across the EU. With the UK [...]
UK scraps post-Brexit Kent permit for lorries April 20, 2021 The UK has decided to scrap the post-Brexit Kent Access Permit required for lorry drivers to enter the county on their way to the EU. The government has said the permit is no longer necessary as lorry companies are now used to new customs rules and are coming prepared with the right paperwork for border [...]
The hidden impact of Brexit: Supply chains are failing UK trade and construction firms April 20, 2021 Since the reopening of the construction sector in the summer of 2020, confidence has been sky high, with last month’s the highest on record since 2014. According to figures from IHS Markit/CIPS, the growth of output had grown in line with increased commercial, domestic and civil engineering projects. These works have largely come in the form of restarting delayed projects, critically [...]
Chinese police arrest two BP venture staff in fuel trade probe April 20, 2021 Chinese police have arrested two senior staff members of a BP joint venture, in connection with an investigation into suspected illicit fuel trading. The detentions, along with several more arrests in Guangdong, came after the province launched an investigation into suspected illicit trading of light cycle oil (LCO) between 2018 and 2020. The Guandong police, [...]
Barclaycard defends decision to cut customers’ credit limits by 95 per cent April 20, 2021 Barclaycard has defended cutting some customers’ credit limits after a backlash from people complaining they had been reduced by over 95 per cent. Some customers complained that their limits had been significantly reduced despite having never missed a payment. It was pointed out that Barclaycard had made the reductions at a time when some people [...]
UK reviews core banking rules as it seeks to bolster the City post-Brexit April 20, 2021 An independent review has been launched into capital and proprietary trading rules that were introduced following the global financial crisis more than a decade ago, as the government seeks to bolster the City of London’s global competitiveness after Brexit. The UK requires banks to “ring-fence” the retail arms of their operations to shield them from [...]
SocGen: UK fintech is at a post-Brexit crossroads and must forge global links to retain its position April 20, 2021 The UK’s position as global fintech leader is facing a pivotal moment as it confronts the dual challenges of fending off competition in a post-Brexit world and capitalising on Covid accelerated digital adoption opportunities across the globe. The UK has had a proud history of leading the way in financial innovation, from its global reputation [...]