Investec profit falls amid preparations for asset management demerger November 21, 2019 Investec has reported a drop in profit before tax for the first half “against challenging market conditions”, as the Anglo-South African business group prepares to spin off its asset management business next year. The figures Pre-tax profit fell just over ten per cent to £349m for the six months to 30 September. Investec’s return on [...]
British Gas owner Centrica wins Ofgem appeal over energy price cap November 13, 2019 The High Court ruled in favour of British Gas owner Centrica’s appeal against the way that Ofgem calculated part of its energy price cap today. The decision means that Ofgem will have to make adjustments to the price cap. Read more: British gas owner Centrica shares fall to 20 year low as it warns over [...]
23 Capital: Meet the London-based finance company behind Barcelona’s signing of Antoine Griezmann and Atletico Madrid’s deal for Joao Felix November 5, 2019 Football’s two biggest deals of the summer transfer window had something in common, and not just that Atletico Madrid was either the buying or selling club. The other unifying factor in the signings of £113m Portuguese sensation Joao Felix and £108m France forward Antoine Griezmann was the involvement of financing from London-based 23 Capital on [...]
HSBC-backed fintech Bud to re-focus product stream after restructuring October 31, 2019 A fintech startup backed by HSBC is to open up its software to businesses outside of banking, as part of a restructuring of the business that included a swathe of lay-offs. Bud, which passes financial data made available through Open Banking legislation to banks in order to help them innovate, will now make its platform [...]
Horse Racing Betting Tips: Rain the biggest threat to Mogul’s Vertem Futurity Trophy challenge October 24, 2019 TRAINER Aidan O’Brien has won the last two renewals of tomorrow’s Vertem Futurity Trophy (3.25pm) at Doncaster and was responsible for an astonishing 11 of the 12 entries at Monday’s five-day declaration stage. The master of Ballydoyle has whittled that challenge down to just five now with only Andrew Balding’s Kameko standing his ground against [...]
Mario Draghi defends his record at final ECB meeting October 24, 2019 Mario Draghi defended his use of unconventional monetary policy today at his final rate-setting meeting as European Central Bank (ECB) president, where he left interest rates on hold at record-low levels. Read more: ‘Super’ Mario Draghi’s ECB odyssey comes to an end The ECB’s key deposit interest rate will stay at minus 0.5 per cent. [...]
Pound reverses gains as DUP rejects Boris Johnson’s Brexit deal October 17, 2019 The pound has dramatically reversed course from this morning’s five-month high to trade flat against the dollar as optimism about a new Brexit deal has faded. Read more: Boris Johnson hails ‘great’ new deal Sterling rocketed over one per cent against the dollar this morning to the $1.29 level not seen since May after Prime [...]
Musical shares: Why Merck Mercuriadis believes the old ones are always the best October 14, 2019 Merck Mercuriadis has a party trick. If you tell the veteran music mogul-turned City slicker your favourite band, he’ll name an older band that influenced them. Like a Spotify algorithm, but in real life. Mercuriadis’s encyclopedic music knowledge is hardly surprising. Over his career he has managed artists including Morrissey, Beyonce and Elton John, and [...]
Woodford Patient Capital Trust accused of stretching rules on unquoted holdings October 2, 2019 The biggest holding in Neil Woodford’s Patient Capital Trust (WPCT) is listed on an obscure stock exchange where its shares have only been traded once since it listed in February, it has emerged. Investec analysts have questioned whether Rutherford Health should be treated as a listed holding by WPCT, given that its shares have only [...]
Sterling falls nearly one per cent against the dollar as UK’s constitutional crisis bites September 25, 2019 The pound fell 0.9 per cent against the dollar today as the UK’s constitutional crisis reached a new pitch following yesterday’s dramatic Supreme Court ruling. At 4pm £1 was trading at $1.2373, a fall of more than 0.9 per cent. The pound also fell 0.37 per cent against the Euro with £1 buying €1.1294. Read [...]