Financial markets continue to hang on two Vs: vaccine and virus February 9, 2021 Global equities bounced strongly last week, gaining nearly 5 per cent and more than reversing their losses from the previous week. Stock markets ended the week at new highs and opened again higher yesterday. The market correction ended up lasting no more than a week. “So too did the surge in GameStock which has fallen back [...]
The City takes fresh Brexit hit as carbon futures trading heads for Amsterdam February 9, 2021 Trading of European carbon futures will move to Amsterdam from London in the coming months, Intercontinental Exchange (ICE) announced last night. The move is another setback for The City and the latest sign of activity leaving London for the bloc following Brexit. The City has been largely cut off from the EU since 1 January, [...]
Before the Bell: Bitcoin goes through the roof as positive investor sentiment persists February 9, 2021 Bitcoin was driven to fresh record highs overnight – it traded above $47,000 – on the news that Tesla bought $1.5bn worth of the cryptocurrency. In the same announcement, the electric vehicle manufacturer revealed that it intends to accept the digital currency as a method of payment too. “One of the criticisms of Bitcoin is [...]
London loses carbon futures trading to Amsterdam, in Brexit hit to City February 8, 2021 Intercontinental Exchange (ICE) today said it will move its trading of European carbon futures and options to its Netherlands-based exchange in Amsterdam from London during the second quarter, in the latest sign of financial activity leaving Britain for the bloc due to Brexit.
UK exports via sea to EU down 68 per cent since end of Brexit transition February 7, 2021 UK exports through sea freight to the EU in January plummeted by 68 per cent compared to last year, according to new data from the UK’s lorry lobby. Figures from the Road Haulage Association (RHA), which have been shown to Cabinet Office Minister Michael Gove, also revealed that up to 75 per cent of lorries [...]
Peloton deliveries disrupted by Brexit and port delays February 5, 2021 Peloton’s stock of treadmills and bikes has been badly hit by Brexit and global shipping congestion, leading to severe delays, according to company CEO John Foley. On Peloton’s website, some items can take eight to ten weeks to be delivered, higher than the four to six week delivery windows earlier this year. The company has [...]
Feast in the East: UK’s Pacific tie-up could be world’s first digital alliance February 5, 2021 Last week the government announced that it was applying to join the Comprehensive and Progressive Trans-Pacific Partnership or CPTPP. The trading group circles the Pacific with 11 members, including major economies like Japan, Mexico and Australia, and the UK’s trade with it already stands at over £100 billion. The cabinet’s current rising star, international trade [...]
Barclays CEO on the future of the City: ‘Forget Frankfurt and Paris’ February 5, 2021 Jes Staley, the CEO of Barclays, has said the UK financial services industry should focus on competing with the US and Asia, rather than the EU. Staley reportedly said that although jobs that would have been created in the Square Mile may have been moved to the EU, Brexit has given one of the UK’s [...]
Cadbury returns to Birmingham in post-Brexit production shift February 5, 2021 The owner of Cadbury, Mondelez International, is planning to shift more Dairy Milk production back to its historic Bournville factory in Birmingham. The company announced a £15m investment at the Birmingham site, and from 2022 125m more Dairy Milk bars are to be manufactured there. Mondelez’ UK managing director Louise Stigant said Bournville is still [...]
Almost half of UK exporters hurt by Brexit, says new survey February 4, 2021 Almost half of Britain’s exporters have been negatively affected by the end of the Brexit transition period on 1 January, according to a new survey. The YouGov/HSBC poll found that 42 per cent of exporters said the UK’s exit from the EU’s single market and customs union on 31 December had a “negative impact” on [...]
