Ex-Labour MP Chuka Umunna hired by JPMorgan in new ESG role February 10, 2021 Chuka Umunna has been hired by JPMorgan to head up its environmental, social and governance (ESG) work in Europe, the Middle East and Africa. The newly created role will pull together all the existing client-facing ESG efforts across the banking business in the region. The appointment was announced within the bank in a memo seen by [...]
Before the Bell: Focus on Andrew Bailey speech later today February 10, 2021 It was quiet in the markets yesterday as the overall outlook did not change. The same stories were circulating: vaccine rollouts and the prospect of additional stimulus from the US. Late last week, it was revealed the Democrats decided to try and implement the proposed $1.9 trillion spending package without receiving approval from the Republicans [...]
London leaders urge government to let TfL keep £500m in vehicle duty ahead of new bailout talks February 10, 2021 The leaders of the London Assembly’s political parties have come together to urge transport secretary Grant Shapps to allow the capital to keep the £500m it raises in Vehicle Excise Duty (VED) every year. Led by Mayor Sadiq Khan, the leaders have written to the government asking that London receive its “fair share” of the [...]
Burnley and Asda are unlikely warnings of debt-driven troubles February 10, 2021 It has been a week of mixed messages. Not just on the release from lockdown, but on the economy. The Bank of England indicated that banks have been given six months to prepare for negative interest rates. The Monetary Policy Committee was quick to clarify that this did not mean that they would necessarily cut [...]
The City and Zurich can set a positive tone for free market competition February 10, 2021 The decision that trading firms, regardless of where they are situated, will be able to trade Swiss shares on UK exchanges should not just be seen as a political football, On the contrary, this agreement should be a symbol of a return to a more competitive market. Whilst rules such as MiFID II have sought [...]
Be careful of stepping into trouble when market fundamentals are still so shaky February 10, 2021 Yogi Dewan is CEO and founder of Hassium Asset Management. Many investment houses are again forecasting a bull market in 2021. Whilst I am neither bullish or bearish this feels like an accident waiting to happen. Whilst we remain positive near term, markets now look very overvalued and very overbought. Investor sentiment seems once again to be [...]
Half of the UK’s exporters facing difficulties due to Brexit February 10, 2021 Just under half of the UK’s exporters are having difficulties with new post-Brexit regulations, according to a new survey. A survey released today from the British Chambers of Commerce showed 49 per cent of British exports “reported issues” with the post-Brexit regime, while 51 per cent of manufacturers also said they were facing difficulties. Three-in-ten out [...]
JD Sports eyes EU warehouse as boss warns Brexit ‘worse than feared’ February 9, 2021 JD Sports is set to open an EU-based distribution centre to cope with increased Brexit red tape and tariffs. The decision could see up to 1,000 jobs moved to the continent amid concerns over delays in shipping goods and red tape just a month after post-Brexit trade rules came into effect. Chairman Peter Cowgill told [...]
Disgruntled client ordered to pay law firm £25,000 over Trustpilot review February 9, 2021 A man who left an angry review of a legal firm on Trustpilot has been ordered to pay £25,000 in damages after a judge ruled he had committed libel. Philip James Waymouth hired Summerfield Browne to represent him in a dispute concerning the enforcement of a court order, paying a fixed fee of £200. Waymouth [...]
City A.M. TV: Daily Market Snapshot (video) February 9, 2021 With a number of US equity indices pushing out to new highs yesterday, the key near term question is: Are markets about to top? Or does the upside move just gets going? In this brief clip, we think about the answers to those questions and examine the evidence. On one hand, for example, it’s well [...]