Nobody wins from a house price crash July 21, 2016 The full effects of the referendum on Britain’s economy are still unknown. Stocks are faring relatively well, with the FTSE 100 bursting over 6,700 and the FTSE 250 hitting a post-vote high. The pound remains slumped below $1.32, however, while consumer confidence appears to have taken a tangible knock. Many business leaders are worried, and some [...]
Investors are getting cold feet about UK commercial property since Brexit July 21, 2016 The commercial property market is grappling with a drop in confidence and investor demand after the Brexit vote, according to survey by the Royal Institute of Chartered Surveyors (RICS). The RICS survey of chartered surveyors found 36 per cent of respondents feel commercial property is at the start of a downturn. Read more: Commercial property rents in London face [...]
Turn that frown upside down: Seven reasons Brexit is a good news story July 20, 2016 Brexit is not going to be a bed of roses but I’m not entirely convinced by the doom-mongers. In my view, and that of many others, Brexit came just in time. Europe is going down – fast Since the result, I’ve spoken to a number of economists and City figures. A growing number believe a [...]
Pound jumps as unemployment falls to 2005 low – but economists warn on Brexit effects July 20, 2016 Finally, some relief for currency traders, after the pound jumped this morning on new figures showing unemployment has reached its lowest since 2005. The Office for National Statistics (ONS) said the unemployment rate ell to 4.9 per cent in the three months between February and May this year, down from 5.6 per cent a year [...]
Philip Morris International’s share price hit as the tobacco giant chokes on earnings below analyst expectations July 19, 2016 Big Four tobacco firm Philip Morris International's (PMI) share price was down almost four per cent on the New York Stock Exchange after it missed analyst expectations in its second quarter results today. The figures The Marlboro maker's cigarette shipment volume fell 4.8 per cent compared to the second quarter of last year, to 209.3bn [...]
How nuclear terrorism is a $1bn opportunity for this UK firm July 19, 2016 Radiation detection firm Kromek believes its product, which helps security services protect cities from nuclear terrorism, presents a $1bn opportunity in the next five to 10 years. The DS3 detectors — small, blackberry-like devices that can be carried around by individual police officers — create a comprehensive heat map of radiation. This then identifies irregular radiation sources, such as a person [...]
William Hague’s 10 step guide to being foreign secretary for Boris Johnson July 19, 2016 A Tory grandee and an often cited great parliamentarian, former foreign secretary (and Conservative leader) William Hague has some advice for his (once removed) successor. Johnson has already had to deal with fallout from Nice and Turkey, while having met many foreign counterparts in fairly tricky waters, given the post-Brexit vote context of conversations. So, kindly, [...]
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 [...]