Another boost for post-Brexit UK M&A as US broker agrees takeover deal July 19, 2016 US interdealer broker BGC Partners today announced it has agreed to buy the UK’s Sunrise Brokers. Founded in 1991, the independent UK firm offers broking services across equity, credit, FX, hybrid and commodity derivative asset classes. Sunrise Brokers, which is being acquired for an undisclosed sum, has offices in London, New York and Hong Kong. Read [...]
MPs call for post-Brexit digital plan – or risk UK’s fintech success July 18, 2016 The UK's position as a world leading centre for fintech is at risk if the government fails to address the issues facing the £20bn a year industry as a result of the vote to leave the EU, a leading group of MPs have warned. The government must act now to stop investor confidence in the UK's tech and [...]
British Land says investors will be cautious after the Brexit vote July 18, 2016 FTSE 100-listed commercial property giant British Land said this morning it expects investors and occupiers to take a cautious approach to property in the aftermath of the Brexit vote. The figures Since the EU referendum vote, British Land has secured the sale of Debenhams' Oxford Street store for £400m and the company has made 17 long-term retail leases totaling 58,000 sq ft, for [...]
These are the roles most likely to get the chop following a merger July 18, 2016 If your company is going through a merger, research out today suggests you might want to polish off your CV if you have a boardroom position in charge of cash or computers. The study by DHR International discovered 43 per cent of director-level jobs are dropped from companies a year after they merge, with technology and [...]
A short history of Turkish coups July 16, 2016 Last night a coup attempt unfolded in Turkey, with the picture still largely unclear this morning. However, the scenes of chaos seen last night are the latest in a long line in a relatively short history. 1960 The first coup d'etat in the Republic of Turkey, organised by a group of young Turkish military officers. It took place [...]
Concerns raised by free market advocates in Westminster after new Prime Minister Theresa May unveils a department of industrial strategy July 14, 2016 Prime Minister Theresa May set out her stall yesterday by merging two Whitehall departments into a giant new office that promises to deliver an “industrial strategy” for Britain. The Department of Business, Energy and Industrial Strategy will replace the departments of Business, Innovation and Skills (known as BIS) and Energy and Climate Change (known as DECC). The [...]
End of an era? Post Office considers closing door on final salary pension scheme July 14, 2016 Another final salary pension has taken a step closer to biting the dust today, as it emerged the Post Office was considering shutting the door on its scheme and carting its members over to a defined contribution (DC) offering. The organisation has recommended the pension trustees close the scheme to future accrual at the end of March [...]
BlackRock falls short of expectations due to low pound and wary investors July 14, 2016 The world’s largest asset manager BlackRock has missed expectations in its second quarter. Revenue is down three per cent to $2.8bn (£2bn), net income declined four per cent to $789m, while assets under management also fell four per cent on last year to $4.89 trillion. BlackRock’s adjusted earnings per share for the quarter were $4.78, falling short of an analyst consensus of $4.81. The New York [...]
May and the three Brexiteers lead Britain July 14, 2016 If there were any doubts that the new Prime Minister really meant it when she said “Brexit means Brexit” they were put to bed last night as she appointed three senior Leave campaigners to oversee the process of the UK's departure from the EU, the forging of new global trade deals and the creation of [...]
Negotiations mustn’t be put off. We owe it to the British people to get things underway now July 14, 2016 Standing outside the Commons, new Prime Minister Theresa May proclaimed that we are going to make a success of Brexit. One of her first tasks is to reassure the country that a plan for a post-Brexit Britain will be presented as soon as reasonably possible. While there is a tiny minority who remain unwilling to accept [...]