UK M&A deal values more than halve as global tensions take their toll August 6, 2019 The value of merger and acquisition (M&A) deals in Europe slumped during the first six months of 2019, as geopolitical concerns took their toll on the continent’s financial services industry. In the UK investors completed 97 deals totalling £6.3bn over the first half of 2019, plunging by more than half from £13.5bn when 103 deals [...]
Rolls-Royce boss still cannot call time on Trent 1000 engine issue August 6, 2019 Rolls-Royce’s chief executive Warren East was today unable to predict when he will draw a line under a long-running engine problem which has grounded hundreds of passenger jets and already cost the firm billions of pounds. The blue-chip engineer today announced a further £100m loss on the Trent 1000 engine, which powers the popular long-haul [...]
Foreign secretary Dominic Raab pledges to take UK’s relationship with Canada ‘to next level’ after Brexit August 6, 2019 The UK’s foreign secretary has said he wants to “take our friendship with Canada to the next level” after Brexit, during his first international trip as part of the new government. Dominic Raab, who served briefly as Brexit secretary under Theresa May, used the meeting with his counterpart Chrystia Freeland to stress that the UK [...]
Profits lower at TP Icap as investment banks cut trading August 6, 2019 Broker TP Icap said today it is launching a new joint venture in China with a local conglomerate as it showed lower profits in the first half of the year. Profit before tax fell 3.6 per cent year-on-year to £134m, the company revealed this morning. Read more: TP Icap to move staff out of the [...]
Pessimism among global business rises over trade tensions and Eurozone slowdown August 6, 2019 Pessimism among global businesses has risen sharply in the third quarter of the year as US-China trade tensions, the slowing Eurozone economy, and the rising chances of a no-deal Brexit spook firms. Read more: China hits back after US labels rival a currency manipulator The quarterly global risk survey from Oxford Economics, released today, showed [...]
Sterling hits lowest level against global currencies since 2016 August 6, 2019 The pound has fallen against the world’s biggest currencies to its lowest point since the so-called flash crash of late 2016. Read more: Sterling tanks to 28-month low on no-deal Brexit fears The Bank of England’s effective exchange rate index today sank below the most recent low point of August 2017, when a tussle over [...]
MPs launch legal action to prevent no-deal Brexit parliament shutdown August 6, 2019 A group of MPs has launched legal action designed to stop the Prime Minister from forcing through a no-deal Brexit by shutting down parliament. Liberal Democrat leader Jo Swinson, SNP MP Joanna Cherry and former Labour MP Heidi Allen are among the 75 politicians from both houses putting their name to legal papers lodged at [...]
China hits back after US labels rival a currency manipulator August 6, 2019 China’s central bank has condemned Washington’s decision to officially call Beijing a currency manipulator, saying it would “severely damage international financial order and cause chaos in financial markets”. Read more: European stock markets tentatively rise as China stems currency fall The People’s Bank of China (PBoC) said it “has not used and will not use [...]
Michael Gove rubbishes Irish PM Leo Varadkar’s claims over Brexit talks August 6, 2019 The UK government has accused the EU of refusing to budge on Brexit negotiations, despite Ireland’s leader claiming there was “always room for talks”. Taoiseach Leo Varadkar told the BBC he was confident a no-deal Brexit could still be avoided, despite Prime Minister Boris Johnson stressing the UK will leave the European Union “do or [...]
Disgraced former Labour MP Fiona Onasanya struck off as a solicitor August 6, 2019 Disgraced former Labour MP Fiona Onasanya was struck off as a solicitor today after a hearing in London. Read more: Former Labour whip found guilty of perverting the course of justice The ex-Labour whip was found guilty of perverting the course of justice in December after lying to police to avoid a speeding fine. The [...]