SPACs: The blank cheque vehicles loved by Richard Branson, Tidjane Thiam and Wilbur Ross February 4, 2021 With backing from the likes of Richard Branson, former US commerce secretary Wilbur Ross, City grandee Martin Gilbert and even the boss of the LSE, the vehicles known as special acquisition companies (SPACs) provide a quick and easy way for private companies to go public.
Global investors set to pump £46bn into ‘resilient’ London office market this year February 4, 2021 International investors are gearing up to pump £46bn of capital into London’s office market this year in a vote of confidence in the long-term resilience of the sector, according to the latest research. London’s reputation as a safe haven and leading global city remains attractive to global investors, with the removal of the risk of [...]
Calls to ‘send Philip Green the bill,’ as pension lifeboat fund begins Topshop assessment February 4, 2021 There have been fresh calls for the government to step in and demand retail tycoon Philip Green to plug Arcadia’s pension deficit, as the pensions lifeboat fund begins assessing the scheme. Earlier this week online retailer Asos said it had bought Topshop, Topman, Miss Selfridge and HIIT brands from Arcadia, which fell into administration in [...]
All eyes are on the Bank of England today February 4, 2021 Calm has been restored to equity markets as the violent swings that were witnessed due to the Reddit-retail investor mania have waned. Volatility in Gamestop – the stock at the centre of the saga – has cool greatly and that has in turn brought the temperature down in the markets. “Trader’s attention drifted back to [...]
The financial case for Scottish separatism doesn’t bear real scrutiny February 4, 2021 The story goes that in 1787, as Russian Empress Catherine the Great travelled in the Crimea, her minister Grigory Potemkin erected fake portable villages along her route as a façade to hide deep-seated poverty in the region. The Potemkin Villages, as they became known, were the means by which the gilded monarch was persuaded that [...]
Which Covid vaccines has the UK government ordered? February 4, 2021 The UK passed a significant milestone yesterday after health secretary Matt Hancock announced that more than 10m people across the country have now received their first dose of the coronavirus vaccine. The news buoyed hopes of a return to normality by the summer, with Britain now firmly ahead of targets to vaccinate the most vulnerable [...]
Almost half of UK exporters hurt by Brexit, says new survey February 4, 2021 Almost half of Britain’s exporters have been negatively affected by the end of the Brexit transition period on 1 January, according to a new survey. The YouGov/HSBC poll found that 42 per cent of exporters said the UK’s exit from the EU’s single market and customs union on 31 December had a “negative impact” on [...]
Exclusive: City law firm chief warns Brexit may damage Square Mile’s ecosystem February 3, 2021 Since the turn of the year, London’s outward-looking legal community has rushed to adapt to the new post-Brexit arrangements. In a wide-ranging, two-part interview, City A.M. sits down with Natasha Harrison, the Chancery Lane-based managing partner of global law firm Boies Schiller Flexner, to discuss the changes that Britain’s departure from the EU has brought [...]
UK urges EU to extend grace period to 2023 in bid to soften Brexit impact February 3, 2021 Britain has asked the EU for a grace period extension until 2023 on checks made on trade moving between Northern Ireland and the rest of the UK. Cabinet Office Minister Michael Gove has written to the European Commission vice president Maros Sefcovic to ask for urgent political solutions on a number of issues at the [...]
Grant Shapps: Sadiq Khan cannot ‘raid national budget’ to fix TfL finances February 3, 2021 Grant Shapps has this morning said that Sadiq Khan cannot “just raid the national budget” to fix Transport for London’s ailing finances. Speaking to the Transport Select Committee, the transport secretary said that it would not be fair on taxpayers to fund services and concessions that were not available outside of London. The comments raise [...]