Jim Ratcliffe’s Ineos ‘nearing deal’ to build car in Bridgend September 16, 2019 Billionaire entrepreneur Jim Ratcliffe is said to be closing in on a deal to build a sport utility vehicle (SUV) in Bridgend, the town where Ford is bringing down the shutters on an engine factory which employs 1,700 people. Ineos, Ratcliffe’s chemicals firm, has been in negotiations for months over where to build the car, [...]
London tightens grip on FX market in three years since Brexit vote September 16, 2019 London has increased its dominance of global foreign exchange (FX) trading in the three years since Brexit, new figures have shown, in a sign that the City remains a top-two financial centre. Read more: Hong Kong vows to chase London Stock Exchange after £32bn bid rejected Between 2016 and April of this year, the share [...]
Mike Brown hits out at ‘bonkers’ TfL borrowing limits September 16, 2019 Transport for London (TfL) boss Mike Brown has criticised the government for imposing “bonkers” limits on its borrowing and for failing to provide it with long-term certainty over its funding. The TfL commissioner told City A.M. that the organisation’s borrowing caps, which are set by government, were based on “no logic other than discussions within [...]
Issues with no-deal Brexit preparations ‘still to be resolved’, warns City watchdog September 16, 2019 The head of the UK’s financial regulator has struck a cautious tone over the City’s preparations for a no-deal Brexit, warning that while progress is “welcome”, there are “issues still to be resolved”. Financial Conduct Authority (FCA) boss Andrew Bailey said earlier that overlaps between UK and EU share trading regulations post-Brexit would damage both [...]
Row breaks out over Boris Johnson’s ’empty podium’ moment in Luxembourg September 16, 2019 Boris Johnson has been forced to cancelled a press conference with his counterpart in Luxembourg, after local aides refused to move it away from a protest. The Prime Minister was scheduled to give an update on Brexit talks following a bilateral with Xavier Bettel, as well as the President of the European Commission Jean-Claude Juncker [...]
‘We had to respond’: ECB defends move to splash cash in Eurozone September 16, 2019 European Central Bank (ECB) chief economist Philip Lane has defended the institution’s decision to turn the stimulus taps back on, despite some public opposition from members of its governing council. The bank relaunched its massive bond-buying programme known as quantitive easing (QE) and cut its deposit rate by 0.1 percentage points to minus 0.5 per [...]
Barnier to resume Brexit talks as Johnson swerves press conference September 16, 2019 Jean-Claude Juncker has given the go-ahead for the EU’s chief negotiator to resume meetings with the UK’s Brexit secretary, following a meeting today with Boris Johnson. The Prime Minister lunched with the President of the European Commission in a Luxembourg restaurant – the first time the two have met since Johnson took the keys for [...]
Ocean Outdoor snaps up Swedish ad firm Visual Art for €63m as European drive continues September 16, 2019 Outdoor advertising stalwart Ocean Outdoor has bought Swedish digital ad firm Visual Art for €63m (£56m) as it continues to beef up its presence in the European market. As part of the deal, Ocean, which operates major advertising locations including Piccadilly Lights, has also set up a joint venture with the operators of Visual Art [...]
Gresham House reports jump in assets under management September 16, 2019 Gresham House has reported an 8.1 per cent increase in assets under management (AUM) for the first half of 2019, which the asset manager said was driven by an increase in organic growth, pushing its income up over 200 per cent. The specialist alternative asset management firm had £2.5bn AUM at the end of June, [...]
Profit slips at City of London Investment Group September 16, 2019 The City of London Investment Group has reported a drop in pre-tax profit, as the group’s efforts to diversify its business against a “volatile market backdrop” hit earnings. The Group reported a profit before tax of £11.4m for the year ending 30 June, a drop of almost 11 per cent compared to the previous year’s [...]