BoE rules out big capital reduction for insurers after Brexit February 10, 2021 The Bank of England has told insurers not to expect any big reductions in capital requirements after Brexit, adding that more capital could be “part of the answer” to meeting a £1.7bn bill for Covid-19 claims. Solvency II rules, inherited from Britain’s membership of the EU, are under review, amid calls from insurers and lawmakers [...]
City A.M. TV: Daily Market Snapshot (video) February 10, 2021 On the surface, risk assets appear to be bullet proof. Commodities including copper and oil, for example, keep trending higher and made new highs yesterday, while certain equity indices such as the Russell 2000 have extended their recent gains (the index is now up 16 per cent YTD). In this brief clip, though, we dig [...]
Pound sterling touches three-year high against US dollar at $1.38 on vaccine success February 10, 2021 GBP hit a three-year high against the US dollar this morning, with vaccine optimism boostong pound sterling
UK financial services sector maintains stable tax contribution amid Brexit and COVID-19 uncertainty February 10, 2021 A new report published by the City of London Corporation today (10 February), shows that the UK’s financial services sector contributed a record £75.6bn in tax in the year to March 2020 – a period covering significant uncertainty about the UK’s relationship with the European Union. This contribution remained stable compared to the previous year’s [...]
City Moves for 9 February: Who is switching jobs in the Square Mile this week? February 10, 2021 City Moves provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. This week hosts movements over at Big Four auditor Deloitte, JP Morgan, HMRC and PE firm Dean Street. Meanwhile, green London housing looks to be a focus for 2021 with Public Sector Plc’s new [...]
The pandemic is distorting forecasters’ economic data, argues chief economist February 10, 2021 The pandemic already forced economic forecasters out of their comfort zone, but the terrain is now getting even more perilous. It is no longer sufficient to make a simple assumption about ‘the virus’. According to Neil Shearing, group chief economist at economic research firm Capital Economics, forecasts now have to consider factors such as vaccine [...]
UK admits EU’s ban on shellfish exports was ‘correct’ despite complaints February 10, 2021 The UK government has privately accepted the EU’s ban on British shellfish exports is justified, despite publicly declaring otherwise. Environment secretary George Eustice this week wrote to the EU Commissioner for food safety Stella Kyriakides to say that the ban – which applies to oysters, mussels, scallops, cockles and clams – was “legally wrong” and [...]
Italy blocks Astrazeneca vaccine for over-65s February 10, 2021 Italy has become the latest European country to slap age restrictions on the Astrazeneca vaccine, after officials said there was “insufficient data” to prove it will help protect over-65s against Covid-19. The Italian government said it would only use the jab made by the Anglo-Swedish firm on people aged between 18 and 65 and in [...]
U.S law firm Armstrong Teasdale buys Kerman & Co in London expansion February 10, 2021 U.S law firm Armstrong Teasdale has bought City law firm Kerman & Co, adding 50 lawyers to the American firm. Kerman & Co, which is based in The Strand, specialises in corporate law, mergers and acquisitions, capital markets, commercial and intellectual property, litigation, employment and immigration, sports and entertainment and real estate. “We have [...]
All-time high bonanza for cryptocurrency February 10, 2021 Crypto at a Glance The markets continue to bathe in the glow of Tesla’s warm embrace, with Bitcoin hitting yet another (yawn) new all-time yesterday of over $48,000. It’s still not quite $50,000, but it will do for now. It’s green across the board today, with new all-time highs for Aave and Polkadot yesterday. Cardano [...]