Afreximbank IPO: African bank confirms plans to list in London October 16, 2019 An African trade finance group has confirmed its plans to plough ahead with a listing in London, giving a boost to the capital’s ailing initial public offering (IPO) market. The African Export-Import Bank, which provides trade finance for large infrastructure projects across the continent, is hoping to raise $250m (£196m) in its float on the [...]
JP Morgan shares rise as strong consumer trading boosts third-quarter profit October 15, 2019 Shares in JP Morgan rose almost 2.5 per cent this afternoon after strong trading in its consumer division helped drive third-quarter profit growth. The bank posted net profit of $9.1bn (£7.2bn) or $2.68 per share, up eight per cent on last year and ahead of analysts’ estimates. Revenue also rose eight per cent to hit [...]
Bank of England’s Mark Carney defends move not to publish governor shortlist October 15, 2019 Bank of England governor Mark Carney has defended the application process to lead the central bank and suggested that too much transparency would discourage people from applying. Carney is due to step down in January and MPs and pressure groups have called on chancellor Sajid Javid to publish the short list of candidates to allow [...]
Goldman Sachs misses profit forecasts amid slump in advisory fees October 15, 2019 Goldman Sachs has missed Wall Street estimates for quarterly profit, amid fewer fees from advising on deals. Revenue at three of its four major business units fell in the most recent quarter, led by declines in investment banking due to fewer mergers and stock market floats. Goldman shares fell three per cent this afternoon. The [...]
Shore Capital delists from Aim stock market October 15, 2019 Shareholders have voted to remove Shore Capital from London’s Aim stock market in a crunch vote today. The broker will now stop public trading of its shares after 81.7 per cent of investors backed the motion. Read more: Shares slide as Shore Capital moots quitting Aim market Shore Capital needed at least 75 per cent [...]
Neil Woodford’s ‘sorry saga’ finally ends as flagship fund set to be wound up October 15, 2019 Neil Woodford is to be fired from his flagship fund, which will shortly be wound up, the administrator charged with overseeing its frozen assets has announced. Corporate director Link Fund Solutions has written to investors to say it will return their cash as soon as possible from Woodford Investment Management. Read more: Watchdog calls for [...]
Bank of England deputy governor flags concerns over ‘low for long’ interest rates October 14, 2019 Economic downturns are at risk of becoming more severe as a result of prolonged low interest rates, the deputy governor of the Bank of England has warned. The current environment of ‘low for long’ interest rates will make “demand management of the economy more difficult in downturns”, according to Jon Cunliffe. The Threadneedle Street official [...]
Extinction Rebellion targets Blackrock in protest over ‘climate criminals’ October 14, 2019 Extinction Rebellion protesters today targeted the London headquarters of Blackrock as they set their sights on the City over its role in what they describe as a looming environmental emergency. Climate activists glued themselves to the doors of the asset management giant, while others staged a mock dinner party with rolled up banknotes on their [...]
Chuka Umunna: Why Labour’s former star politician wants a City seat for the Lib Dems October 14, 2019 Not so long ago, Chuka Umunna looked like a Labour leader in waiting. The Lambeth-born smooth-talking solicitor-turned-politician, who counts rapper Tinie Tempah as one of his friends, was the cool one in Ed Miliband’s shadow cabinet. After the shock election result in 2015 prompted a Labour leadership campaign, the Streatham MP surprised no one by throwing his [...]
Exclusive: Queen’s Speech to include Financial Services Bill in bid to safeguard City October 14, 2019 Plans to safeguard the City’s global pre-eminence after Brexit will be laid bare today in the Queen’s Speech. Morning Wire understands the government will include a Financial Services Bill in its legislation as part of an effort to ensure the sector stays at the forefront of international trading after it leaves the EU. Read more: [...]