EU trade boss Phil Hogan apologises for attending ‘golfgate’ dinner August 24, 2020 EU trade commissioner Phil Hogan apologised for attending a golf dinner that has caused outrage in Ireland as he tried to ride out pressure to resign. Adding to the scrutiny on Hogan, it also emerged that he had been stopped and cautioned by Irish police for using his phone while driving to the dinner. The [...]
The Wirecard scandal is a warning to the EU to think twice before cutting itself off from London’s financial expertise August 24, 2020 “The last place we expected something like this to happen was Germany,” said Peter Altmaier, the German economy minister in the wake of the Wirecard fiasco. But is it really? City A.M. readers will likely now be fully familiar with the Wirecard debacle. But for those who are not, here is a potted history. Since [...]
The City’s partnerships abroad will help drive the Covid recovery — whatever its shape August 24, 2020 There has been much debate in recent weeks as to what the Covid-19 recovery will look like. But whether the shape is V, U, W, or even a “Nike swoosh”, one thing that will be integral to any economic rebound is international trade. In normal circumstances, I would visit over 20 countries during the year [...]
Cabinet draws up plans for simultaneous no-deal Brexit and second Covid wave August 23, 2020 The government has drawn up plans to deal simultaneously with a second coronavirus wave and the effects of a no-deal Brexit after December 31. The Cabinet Office’s emergency plans include telling the Navy to protect the UK’s waters from illegal EU fishing boats and deploying the army on Brtain’s streets to quell civil unrest. The [...]
Jeremy Corbyn aides believed he sabotaged his 2019 election campaign August 23, 2020 Jeremy Corbyn’s closest aides thought he was sabotaging himself during the 2019 General Election campaign, according to a new book on Labour’s disastrous defeat. Corbyn reportedly intentionally missed events by making his schedule run over time during the campaign as the party’s leadership squabbled over campaign tactics. The revelations come from the soon-to-be-released Left Out [...]
From protein to plastics – EU funding continues to flow (for now) August 21, 2020 Portugal’s off the list. Croatia’s on the list. Spain and France have been on the list for a while. As far as Europe is concerned, the headlines are dominated by the latest quarantine rules for people returning to Britain from holiday hotspots. It’s tough to keep track of the changing rules and timings. On a [...]
Wall Street ticks up as FTSE 100 sinks into red amid Covid-19 case worries August 21, 2020 Wall Street crept marginally higher this afternoon and the FTSE 100 dropped again as investors weighed up the global economic recovery and pockets of rising coronavirus cases. London’s blue-chip index closed down almost 0.19 per cent at 6,001 points, while the FTSE 250 climbed 0.24 per cent. US markets opened in the red before reversing [...]
Brexit negotiations: Deal ‘will not be easy to achieve’ August 21, 2020 The UK’s chief Brexit negotiator David Frost said an exit deal with the European Union “will not be easy to achieve,” following the latest round of talks. “We have just concluded the seventh round of negotiations with the EU. As I said last week, agreement is still possible, and it is still our goal, but [...]
Are the Democrats sleepwalking into the US election? August 20, 2020 The first three days of the Democratic National Convention have progressed in the same conservative, risk averse manner of Joe Biden’s campaign so far. Despite having addresses from three former presidents, one former presidential nominee and a host of party grandees, there will be little if anything that will be remembered from the past three [...]
London’s grip on clearing continues as Frankfurt’s progress slows August 20, 2020 Deutsche Boerse’s Eurex Clearing said its euro clearing division had grown less quickly than expected, demonstrating that London will remain the centre of the industry for some time after Brexit. Eurex said it accounted for €19 trillion (£17 trillion) of the enormous €100 trillion notional outstanding value in euro interest rate derivatives and forward contracts. [...]