Island’s time: Jamaica’s Prime Minister Andrew Holness on trade winds, Brexit and Windrush | City A.M. April 26, 2018 Jamaica’s Prime Minister had intended to spend last week talking to world leaders about issues such as the threat of climate change to his island nation. Instead, Andrew Holness was fielding questions from journalists about the Windrush scandal that was dominating headlines and embarrassing the UK government. The day before we meet at the Jamaican [...]
Is Facebook too powerful? April 26, 2018 Three hours and 27 minutes into Mark Zuckerberg’s testimony before the Senate, senator Dan Sullivan pressed him on the question – is Facebook too powerful? It’s a sentiment reflected by the House of Lords here in the UK, which has called on the Competition and Markets Authority to launch a study into Google and Facebook’s [...]
Brexit mutual regulatory recognition is “eminently achievable” says Financial Conduct Authority (FCA) boss Andrew Bailey April 24, 2018 A mutual recognition regime for financial regulation after Brexit is “eminently achievable”, the City watchdog’s boss today said, rejecting calls for a less integrated relationship based on equivalence. Andrew Bailey, head of the Financial Conduct Authority (FCA), today rejected the European Commission’s position that regulatory equivalence is a solution to the problems posed by the [...]
Disney forced to bid for Sky: How Britain’s takeover umpire has just thickened the plot April 13, 2018 As corporate stories go, this one has more plot twists than Game of Thrones. Sky investors were buoyed at the end of February as Comcast attempted to hijack Rupert Murdoch’s painfully slow takeover of the chunk of Sky he doesn’t already own. Shares hit levels last witnessed during the dotcom bubble – climbing above the [...]
Trinity Mirror’s Express takeover slowed down as competition regulators lift up the bonnet April 11, 2018 Britain’s competition regulator today launched an investigation into the sale of Richard Desmond’s Express newspaper stable to the owner of the Daily Mirror. Media giants Trinity Mirror and Northern & Shell agreed a £127m deal in February, ending Desmond’s 18-year association with some of Britain’s most popular newspaper and magazine titles. Just £48m will be [...]
Financial Conduct Authority cuts back on new initiatives as Brexit prep will cost £30m April 9, 2018 The City watchdog said today it was limiting the number of new initiatives it takes on for the year ahead, saying Brexit is “inevitably the priority” in its business plan published today. The Financial Conduct Authority (FCA) has also set out seven other areas of focus including tackling financial crime and firms’ culture and governance. [...]
London remains on top of the world for global financial services says major report March 26, 2018 London has retained its top spot as the world’s leading financial centre, fending off stiff competition from New York and Asian cities, according to an authoritative study to be published today. The global financial centres index, compiled by think tank Z/Yen, will show the City leading the pack of 110 cities analysed for the 23rd [...]
An underappreciated side effect of Brexit talks March 23, 2018 As the Brexit referendum nears its two-year anniversary, Brexit continues dominating economic and political media coverage. We have observed no shortage of angles, including: What is the latest snag in negotiations? Will Brussels and London make their deadlines? Can Prime Minister Theresa May keep her cabinet in order? We believe this nonstop Brexit coverage obscures [...]
The changing face of world shares March 22, 2018 The US market represents more than one half of the total quoted wealth in world shares. It is, however, a very different pattern of wealth holdings from previous decades, reflecting the huge changes underway in business models and customer preference. Looking at just how much the index has changed is a good way of mirroring [...]
London’s financial system needs to be better prepared ahead of Brexit March 21, 2018 The UK’s biggest challenge for our negotiations as we leave the European Union is to ensure that our economy is intact and properly prepared for the future. The City of London has an important role to play in helping to create a sustainable economy and the Brexit decision certainly presents some serious challenges. A solution [...]