Total value of UK M&A deals rises by £15bn in 2019 January 9, 2020 The total value of mergers and acquisitions (M&A) deals completed by the UK financial services industry rose almost £15bn in 2019, even though the number of such deals dropped considerably. According to data from Big Four auditor EY, financial firms completed £39.8bn worth of deals last year, up from £24.9bn in 2018. Read more: Financial [...]
Deals fell to lowest volume in six years in 2019 January 9, 2020 Global deal making fell last year to its lowest levels since 2013. In 2019 there were 774 transactions valued at over $100m (£76m) completed worldwide, compared with 904 deals in 2018, and the lowest annual volume recorded since 2013 (720). Major deals last year included Marsh & McLennan’s £4.6bn acquisition of insurance broker Jardine Lloyd [...]
How will losing its London licence affect Uber? January 8, 2020 Uber does not appear to have the controls necessary to run a wide-scale transport service and assure passengers and authorities of adequate safety standards. Despite London being one of the company’s top five markets in the world by revenue, the company has shown a marked reluctance to fully co-operate with transport authorities. Time and again, [...]
Three New Year’s resolutions for the wealth management industry January 8, 2020 The year ahead has the potential to be a defining one for the wealth management industry, following a difficult 12 months that have seen client confidence rocked by a number of high-profile issues. Whether it’s the suitability of investment products, exorbitant and opaque fees, or the need to build a better and more inclusive dialogue [...]
Government to review rollout of controversial IR35 tax reforms January 7, 2020 The government said today it will review the rollout of controversial tax plan IR35 which is due to take effect in April 2020. IR35, which aims to prevent workers from disguising themselves as freelance contractors as a way to pay less tax, is being extended in April. Under the changes private sector employers will be [...]
Sajid Javid’s post-Brexit Budget set for 11 March 2020 January 7, 2020 Sajid Javid will deliver the government’s first post-Brexit Budget on 11 March, in what it likely to see a shift in spending away from London and the South East. Tomorrow morning Javid will give Cabinet colleagues an economic update ahead of his first Treasury questions since Boris Johnson won an 80-seat majority last month. He [...]
The top tech predictions for 2020 January 6, 2020 Welcome to 2020. After a week or more of festive cheer and turkey-induced fatigue, it’s time to get back to work. But don’t despair. The year — and decade — ahead is set to be an exciting one, especially in the world of technology. To find out what changes may lie ahead, City A.M. asked [...]
Lloyds Bank commits to £18bn of lending for UK companies January 6, 2020 Lloyds Bank has committed to lending £18bn to UK businesses over the course of 2020, the same amount as it promised in 2019 despite the uncertainties of the year ahead. The high-street bank said the money will be lent to companies across the spectrum, from “micro-businesses” to large multinationals. Read more: Barclays, Lloyds and RBS [...]
Premier Oil hires Rothschild as loan repayment deadline looms January 5, 2020 North Sea explorer Premier Oil has hired Rothschild bankers as the firm nears a deadline to pay back nearly £2bn in loans. The Sunday Telegraph first reported that a number of hedge funds, including Asia Research and Capital Management (ARCM), have bought $90m debt from Premier backer Barclays in recent weeks. Read more: Premier Oil [...]
Andrew Bailey: Three issues the new Bank of England chief will have to tackle January 5, 2020 A safe pair of hands. That’s the cliche about the new Bank of England governor Andrew Bailey, who will take over the position from Mark Carney in March. The City and the British public will be hoping it is correct. Bailey does indeed have about as much experience of the BoE as it is possible [...]