Saudi prince to sell £195m stake in London skyscraper February 23, 2021 A Saudi prince is close to selling his stake in a City skyscraper to an American investor for around £195m. Prince Abdul Aziz bin Fahd owns 25 per cent of Salesforce Tower in Bishopsgate. The tower has attracted interest from New York-based investment firm Madison International Realty. The 46-storey tower took four years to complete [...]
Businesses should be wary of class action lawsuits as groundbreaking Shell decision has global reach February 22, 2021 Class action lawsuits are becoming increasingly popular in the UK, and a combination of the coronavirus, Brexit and previous claimant-favourable outcomes will mean UK companies see more action against them in the coming years. Britain is part of something of a third wave of class action lawsuit popularity. The practice of collective claims started in [...]
London holds firm as financial services centre of Europe February 22, 2021 Many European financial services firms are applying for permission to operate in the UK, signifying London will continue to be a leading player on the global financial stage post-Brexit. Nearly 1,500 EU-based financial services firms have applied for permission to operate in the UK, with around 1,000 of those planning to establish their first UK [...]
Creative, civic and commercial organisations must work together for a cultural resurgence in London February 22, 2021 The COVID-19 pandemic has hit all parts of our country but sadly, the situation facing the City’s and London’s creative sector is nothing short of a cultural catastrophe. These two words paint a simple and bleak picture but, if we work together, I fully believe that we can spark a cultural resurgence. Prior to the [...]
Frost replaces Gove with “more assertive stance” on EU February 19, 2021 PM Boris Johnson replaced Michael Gove as EU relations minister with Lord David Frost, chief negotiator of last year’s Brexit deal, on Wednesday. Downing Street said Frost would have a seat in cabinet and take over all responsibility for dealings with Brussels. The newly-appointed EU relations ministers wants to take a more “hardline” stance on [...]
UK PMIs: UK firms fare less badly than expected February 19, 2021 UK firms had a more positive February than anticipated so far, with firms eyeing growth prospects later in the year as the vaccine roll-out continues. The IHS Markit/CIPS purchasing managers index (PMI) jumped to 49.8 in February from 41.2 in January, a far swifter improvement than what was originally feared. The index indicated some stabilisation [...]
“Some challengers don’t want to make a profit” says Cashplus boss February 19, 2021 With plans to raise external investment and a new chairman in tow, challenger bank Cashplus is going full steam ahead just weeks after securing its full banking licence. Earlier this month the Prudential Regulation Authority (PRA) granted Cashplus a full banking license. Like its digital peers, Cashplus offers current accounts for UK SMEs, currently serving [...]
January retail sales drop 8.2 per cent as third lockdown takes high street ‘to the edge of the abyss’ February 19, 2021 Retail sales volumes dropped by 8.2 per cent last month, compared to December, as the third national lockdown affected sales across the sector. All sectors experienced a decline in sales last month, except non-store retailers and food stores, reporting growth of 3.7 per cent and 1.4 per cent, respectively, compared to the final month of [...]
Big Bang 2.0 will only succeed with a revolution in the back-office of financial services February 19, 2021 Negative news about the new post-Brexit challenges for the UK’s financial services currently dominates headlines. The market structure is still far from settled ahead of upcoming talks between the UK and the EU on equivalence. Whatever level of equivalence is agreed upon will dictate the direction for UK financial services, with some eyeing up an [...]
Posh puffer maker Moncler gets a Lunar boost to offset 2020 sales slump February 18, 2021 Posh puffer maker Moncler gets a Lunar boost to offset 2020 sales slump