Treasury and Carney at war over Brexit
The Treasury and Bank of England have clashed over City of
London regulation after Brexit, reports the Financial Times. While
chancellor Philip Hammond wants to keep Britain close to the EU to
ensure maximum access for City institutions, Mark Carney’s Bank of
England is against any agreement that would leave it as “a rule
taker”. Relations on the issue are said to be “very, very bad”.
Pret ‘sold to German conglomerate for £1.5bn’
Pret a Manger is set to be sold for £1.5bn including debt,
according to the Financial Times. Private equity owner Bridgepoint
will reportedly sell the sandwich chain to German conglomerate JAB
Holdings. Bridgepoint bought a majority stake all the way back in
2008 for £364m. Founded in 1986 as a single London outlet, Pret has
expanded to around 500 stores across the world.
Government set to resume RBS sell-off
The government is set to sell a multibillion-pound stake in
Royal Bank of Scotland, reports Sky News. The move would see the
resumption of a privatisation that has been on hold for three
years. Investors and City bankers have been told to expect a
disposal of part of taxpayers’ 70.5% shareholding, potentially
within a matter of days.
Drones set to give UK economy a £42bn boost
Drones could give British economy a £42bn boost by 2030, reports
The Guardian. According to a report by PwC, wider use of unmanned
aerial vehicles will create jobs and boost GDP by 2%. It predicts
that 76,000 drones will be in UK skies by the end of the next
decade for commercial or public use, saving billions in
efficiencies.
Leading British games firm to float this week
Codemasters, a leading light in the British video games
industry, will be valued at £280m when it floats on the Alternative
Investment Market this week. The firm, which produces the official
Formula One games, will raise £185m from the sale after pricing its
shares at 200p. However, £159.9m will go to its Indian owner,
Reliance Big Entertainment, which is cutting its stake to 30%.
Quote of the day… The problem with prosecco
“It is hard for a luxury product to make the leap into the mass
market without losing its reputation for exclusivity.” UHY
Hacker Young partner James Simmonds on reports that we have reached
peak prosecco.
THE NUMBERS… AT 0715 GMT
FTSE 100: up +0.18 to 7,730.28
Dow Jones: down -0.24 to 24,753.09
Dax: down -0.58 to 12,863.46
Cac 40: down -0.61 to 5,508.93
Nikkei: down -0.60 to 22,347.12
Hang Seng: down -0.66 to 30,590.07
US dollar: buys € 0.8599 and £0.751
Sterling: buys $ 1.3315 and € 1.145
Oil: $75.68 up +0.50
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