Labour pushes for parliament recall after Operation Yellowhammer sheds light on no-deal Brexit September 12, 2019 Labour has urged Prime Minister Boris Johnson to recall parliament after the release of Operation Yellowhammer documents the party said showed “severe risks” of a no-deal Brexit. MPs voted to force Johnson’s government to release the document before he prorogued parliament earlier this week until 14 October. Read more: Yellowhammer: Government’s no-deal Brexit documents revealed [...]
Morrisons extends Amazon partnership as it delivers flat half-year sales September 12, 2019 Morrisons has posted flat sales in the first half as it unveiled a new multi-year partnership with Amazon Prime amid challenging conditions in the grocery sector Read more: Morrisons to expand Amazon online delivery service across the UK The figures Morrisons like-for-like sales excluding fuel and VAT ticked up 0.2 per cent in the six [...]
Fewer deaths hurt profits at The Co-op September 12, 2019 The Co-operative Group saw profits drop dramatically in the six months to July as the firm’s funerals business took a hit from an unexpected drop in the number of deaths. The figures Profit before tax sank to £25m, from £44m the year before owing to the funeral division’s poor performance. Revenue, however, rose 12 per [...]
It’s tempting, but the devil’s in the details September 12, 2019 The Stockholm Stock Exchange, the Toronto Exchange, Germany’s Deutsche Boerse, Australia’s Macquarie and the American giants Nasdaq and ICE have all danced the dance with the London Stock Exchange at one time or another. Deutsche Boerse has been the most persistent and the Americans have kept an eye on Paternoster Square. And who can blame them? [...]
Yellowhammer: Government’s no-deal Brexit documents revealed September 11, 2019 A no-deal Brexit will cause some disruption to cross-border financial services, while wider business preparedness remains low, according to the government’s own worst-case scenario planning. The Operation Yellowhammer document, which is dated one day later than the version which was previously leaked, warns of “significant” disruption at the borders, the worst of which will last [...]
Hong Kong’s bid for London Stock Exchange whips up a storm September 11, 2019 A blockbuster plan to merge the London Stock Exchange with its Hong Kong counterpart faces an uphill battle after being met with scepticism from politicians and investors alike today. Read more: Hong Kong bourse proposes merger with LSE Hong Kong Exchanges and Clearing (HKEX) shocked the City this morning after revealing a surprise £32bn bid [...]
South African drinkers get their whisky fix with post-Brexit trade deal September 11, 2019 The whisky will keep flowing in Cape Town’s bars and restaurants even after Brexit as the UK initialled a trade deal with South Africa and its neighbours. The economic partnership agreement, which has been agreed in principle, with the Southern African Customs Union and Mozambique will give British business access to a major African market. [...]
Analysis: Could HKEX’s shock £32bn grab for London Stock Exchange actually succeed? September 11, 2019 Talk about a blockbuster day in the City. Investors expecting a quiet morning were caught off guard when the London Stock Exchange received a shock £32bn offer from Hong Kong Exchanges and Clearing (HKEX). Read more: Hong Kong bourse makes audacious £32bn offer for London Stock Exchange The bid, which puts the LSE’s own £20bn acquisition [...]
Audit bigwigs say lack of timetable for reform of troubled regulator is ‘a concern’ September 11, 2019 The heads of two leading audit bodies have expressed concern about perceived government inaction on the reform of the troubled accountancy regulator. Chief executive of the Institute of Chartered Accountants in England and Wales, Michael Izza, said slow progress on the reform of the Financial Regulatory Council (FRC) “is something of a concern”. Ian Peters, [...]
Angela Merkel still thinks there’s ‘every chance’ of an orderly Brexit September 11, 2019 Angela Merkel has said she still believes there is “every chance” of striking a Brexit deal before Halloween. Prime Minister Boris Johnson is now pinning his hopes on the European Council summit, which starts on 17 October, as a way to avoid having to ask for another extension, after parliament bound his hands earlier this [...]