HM Treasury

JP Jenkins automates broker integration; now digital-first, fully scalable venue

Retrieved on: 
Wednesday, March 13, 2024

JP Jenkins automates broker integration; now digital-first, fully scalable venue

Key Points: 
  • JP Jenkins automates broker integration; now digital-first, fully scalable venue
    The issuer is solely responsible for the content of this announcement.
  • JP Jenkins automates broker integration; now digital-first, fully scalable venue
    London, March 5th, 2024 – JP Jenkins ( www.jpjenkins.com ), the liquidity venue for unlisted assets, has this morning announced that more than 40 UK brokers are now accessing the platform, including 16 who have completed a full digital integration, allowing for buy and sell orders to now be lodged on a fully automated basis.
  • “For the past 12 months, the team at JP Jenkins has been working hard with both the broker community and capital market infrastructure providers to ensure we can fully automate our trading processes.
  • In addition to being able to connect via a direct API, brokers can also access JP Jenkins’ issuers via their existing connections to Order Management Systems providers IRESS and Winterflood Securities.

Clarivate and Exor Sign Agreement Under Which Suzanne Heywood Will Be Nominated to Stand for Election to the Company's Board of Directors

Retrieved on: 
Monday, March 4, 2024

LONDON and AMSTERDAM, March 4, 2024 /PRNewswire/ -- Clarivate Plc (NYSE: CLVT), a leading global provider of transformative intelligence and Exor N.V. (AEX: EXO), the Netherlands-based diversified holding company, today announced that Suzanne Heywood will be nominated for election to the Clarivate Board of Directors at the Company's next Annual General Meeting of shareholders on May 7, 2024. Under the terms of the agreement, Exor, which now owns 10.1% of Clarivate, may increase its participation up to 17.5% of Clarivate's outstanding ordinary share capital.

Key Points: 
  • Under the terms of the agreement, Exor, which now owns 10.1% of Clarivate, may increase its participation up to 17.5% of Clarivate's outstanding ordinary share capital.
  • Jonathan Gear, CEO, Clarivate said: "We welcome Exor's commitment to our strategy as a long-term investor.
  • Andy Snyder, Chairman of the Board, Clarivate, commented: "We look forward to Suzanne joining the Board.
  • Suzanne Heywood is the COO of Exor and the Chair of CNH Industrial N.V. and Iveco Group.

Clarivate and Exor Sign Agreement Under Which Suzanne Heywood Will Be Nominated to Stand for Election to the Company's Board of Directors

Retrieved on: 
Monday, March 4, 2024

LONDON and AMSTERDAM, March 4, 2024 /PRNewswire/ -- Clarivate Plc (NYSE: CLVT), a leading global provider of transformative intelligence and Exor N.V. (AEX: EXO), the Netherlands-based diversified holding company, today announced that Suzanne Heywood will be nominated for election to the Clarivate Board of Directors at the Company's next Annual General Meeting of shareholders on May 7, 2024. Under the terms of the agreement, Exor, which now owns 10.1% of Clarivate, may increase its participation up to 17.5% of Clarivate's outstanding ordinary share capital.

Key Points: 
  • Under the terms of the agreement, Exor, which now owns 10.1% of Clarivate, may increase its participation up to 17.5% of Clarivate's outstanding ordinary share capital.
  • Jonathan Gear, CEO, Clarivate said: "We welcome Exor's commitment to our strategy as a long-term investor.
  • Andy Snyder, Chairman of the Board, Clarivate, commented: "We look forward to Suzanne joining the Board.
  • Suzanne Heywood is the COO of Exor and the Chair of CNH Industrial N.V. and Iveco Group.

Morrison Foerster Welcomes Former Deutsche Bank and UK Foreign & Commonwealth Office Sanctions Lawyer Chloe Cina to Premier National Security Practice in London

Retrieved on: 
Tuesday, January 16, 2024

LONDON, Jan. 16, 2024 /PRNewswire-PRWeb/ -- Morrison Foerster, a leading global law firm, is pleased to announce the arrival of Chloe Cina as a partner in the National Security Group, based in London. Cina, a globally renowned leader in international and UK financial sanctions and export controls, brings over 18 years of legal and banking compliance experience to Morrison Foerster gained in the public and private sector.

Key Points: 
  • Cina, a criminal barrister and international lawyer, joins the firm from Deutsche Bank.
  • At Deutsche Bank, she was global head of sanctions advisory, leading a multilingual team of U.S.-, EU-, German-, and UK-qualified lawyers advising on sanctions compliance.
  • In 2008, Cina joined the UK Treasury Solicitor's Department, where she worked in the National Security team on terrorism and sanctions-related litigation.
  • Cina adds further depth to Morrison Foerster's market-leading global National Security practice.

How oil and gas company tax reliefs could lose the UK billions

Retrieved on: 
Wednesday, October 4, 2023

The UK charges a headline 75% rate of tax on all UK energy production and so, at first glance, a major project like Rosebank would be expected to generate billions in tax payments for the UK Treasury over the years.

Key Points: 
  • The UK charges a headline 75% rate of tax on all UK energy production and so, at first glance, a major project like Rosebank would be expected to generate billions in tax payments for the UK Treasury over the years.
  • Read more:
    UK energy windfall tax: what it is and why it needs to change

    Of the 75% tax that energy companies are currently charged, profits from oil and gas extraction in the UK are charged a corporate tax of 30%, supplemented by an extra 10% charge.

  • The UK rolled out an additional 25% windfall tax in 2022 for oil and gas companies in response to this profit spike.
  • When the windfall tax is added to the 30% rate and the 10% extra, that makes for a whopping 75% tax on energy companies.

Crunching the numbers

    • If an oil company makes £10 million, for example, current tax rules would claim £7.5 million from this.
    • Many players in the UK’s oil and gas sector can take advantage of a range of capital and investment allowances, deductions and taxation reliefs.
    • In fact, before the windfall tax, companies often got back more from the UK government than they paid in taxes.
    • The windfall tax will expire in 2028 or if energy prices fall below a certain level for six months.

Shortsighted or strategy?

    • This sidelines long-term vision and provides a very weak signal to companies considering investment in the UK.
    • A revolving door of UK prime ministers in recent times hasn’t helped and has also seen investors lose some confidence in the country’s economy.
    • Central to the UK’s energy strategy is an intent to ramp up extraction, ostensibly to enhance national energy security.
    • When asked about this, the Equinor spokesperson said: “Rosebank will strengthen our contributions to UK energy security.

Inflation: I've been analysing the Bank of England's forecast over the past two years – here's how they got it wrong

Retrieved on: 
Monday, September 25, 2023

Had it done so, it could have reacted more quickly and prevented inflation from rising as high as 11% in autumn 2022.

Key Points: 
  • Had it done so, it could have reacted more quickly and prevented inflation from rising as high as 11% in autumn 2022.
  • I’ve been doing my own analysis of the BoE’s record by comparing how it has performed relative to other forecasting models.

Different forecasting models

    • The bank is not completely transparent about how it forecasts inflation, drawing on a number of in-house mathematical models.
    • It also incorporates oil prices and global geopolitical risk, which tends to be be ignored by forecasting models.
    • I’ve also calculated a median showing the combined predictions of the models, since this often improves results.
    • Looking at the bank’s short-term forecasting is important since this relates closely to its medium-term forecasts.

How they compare

    • Inflation model accuracy Over the entire 15-year period, the BoE forecasts actually top the table.
    • The median is only marginally behind in second place, followed by model 2.
    • Yet when you focus on the past two years, the period that really matters because inflation has been so high, a different picture emerges.
    • Now, first place goes to model 3, whereas the BoE predictions fall to third place.

Thoughts for the future

    • The latest inflation data, published on September 20, point to 6.8% inflation in the third quarter of 2023.
    • Be that as it may, the key point is that to predict inflation accurately, it is important to forecast from different models and to combine forecasts.
    • Relying on a single forecast can often mislead and does no favours to the economics profession.
    • The BoE could pioneer being open about its inflation model and holding a “prediction tournament” in which the model’s effectiveness would be measured against rivals.

Strictly Money Limited an emerging UK WealthTech company announces Stephen Ashurst and Will Povey as Joint-CEOs.

Retrieved on: 
Friday, September 15, 2023

LONDON, Sept. 15, 2023 /PRNewswire/ -- Strictly Money Limited an emerging UK WealthTech company announces Stephen Ashurst and Will Povey as Joint-CEOs.

Key Points: 
  • LONDON, Sept. 15, 2023 /PRNewswire/ -- Strictly Money Limited an emerging UK WealthTech company announces Stephen Ashurst and Will Povey as Joint-CEOs.
  • Strictly Money champions this shift in leadership structure to foster a creative leadership style that promotes an agile and entrepreneurial organisation.
  • Stephen Ashurst and Will Povey share a united vision for Strictly Money.
  • Stephan Ashurst joined the Strictly Money project from 2015 to lead its innovation and R&D projects.

ICO statement on banks sharing and gathering personal information

Retrieved on: 
Wednesday, July 26, 2023

- Concern at banks sharing personal information with media

Key Points: 
  • - Concern at banks sharing personal information with media
    - ICO writes to banks around information held on customers
    - ‘Farage’s experience shows why data protection rights are so important’
    Following media reports of NatWest Bank sharing personal financial information about Nigel Farage with the BBC, Information Commissioner John Edwards said:
    “The banking duty of confidentiality is over a hundred years old, and it is clear that it would not permit the discussion of a customer’s personal information with the media.
  • “We trust banks with our money and with our personal information.
  • Banks should not be holding inaccurate information, they should not be using information in a way that is unduly unexpected, and they should not be holding any more information than is necessary.
  • - The ICO can take action to address and change the behaviour of organisations and individuals that collect, use, and keep personal information.

How 'drinkflation' affects the price of your pint

Retrieved on: 
Thursday, July 6, 2023

Some food producers have responded by reducing the size of their products, while keeping prices the same – a phenomenon known as “shrinkflation”.

Key Points: 
  • Some food producers have responded by reducing the size of their products, while keeping prices the same – a phenomenon known as “shrinkflation”.
  • Duty on beer is levied on the basis of alcohol content, so a 0.3% reduction in ABV equates to a saving of around 4p on a pint.
  • Brewers can pocket this if they keep the sales price the same.
  • This only came to light when HMRC took the company to court for paying duty at the lower rate.
  • Ultimately Carling won the court case, but this calls the strength of the contents of your can or pint glass into question.

Changing tastes

    • In 1970, UK adults drank an average of 181 pints of beer per year.
    • Over the same period, average wine consumption increased from 5 to 28 bottles per year.
    • These changes in drinking patterns have run alongside a gradual shift away from drinking in the pub to drinking at home.
    • Yet, in spite of these challenging headwinds, the price of alcohol has risen much more slowly than other goods.
    • With shrinkflation, consumers are paying the same amount for a chocolate bar or a bag of crisps, but getting less.

Interest rate hikes are not the only tool to fight UK inflation – here's what the government should do

Retrieved on: 
Thursday, June 29, 2023

The post-COVID economic recovery and Russia’s invasion of Ukraine caused inflation to reach 10% or more in many countries.

Key Points: 
  • The post-COVID economic recovery and Russia’s invasion of Ukraine caused inflation to reach 10% or more in many countries.
  • Central banks in the US, UK and Europe have fought back by raising interest rates in an attempt to cool the economy and return inflation to their 2% targets.
  • Central banks are expected to continue to raise rates while, in the UK, the government is simply looking on.
  • But he has been clear that the government will not intervene by stopping rate hikes or directly subsidising homeowners’ mortgages.

Can rate rises slay inflation?

    • Hunt has said the Bank of England’s rate rises have his “full support” as “one of the most effective methods of bringing inflation down”.
    • It is true that rate rises can cool inflation by cooling the economy.
    • By raising the repayment costs of mortgages and other sorts of loan, consumers, business and even the government are left with less money to spend.

How to avoid financial instability

    • “It would reduce the need for monetary policy to keep interest rates higher for longer, thereby reducing the risk of financial instability,” stated its 2023 report on the global economy, published June 25.
    • Likewise, the deputy head of the International Monetary Fund told the Financial Times on June 26 that central banks had to face the “uncomfortable truth” that they might have to tolerate periods of above-2% inflation to avoid their interest rate rises triggering further financial instability.
    • I pointed out that rapid rises in interest rates to deal with inflation would cause a financial crisis in the shadow banking sector, which includes financial firms that don’t come under the stricter regulations of the mainstream banking sector.

Fiscal policy to the rescue?

    • As a Conservative, she has a strong political aversion to raising direct taxes that might impact wealthy voters.
    • The appointment of Hunt as chancellor and then Rishi Sunak as prime minister following the ill-fated mini-budget resulted in most of its measures being reversed.
    • If fiscal and tax policy had been used to reinforce the 2% target last year, a wage-price spiral might have been avoided.
    • But without more determined action by the government, the odds of Sunak’s gamble working out for him – and for UK mortgage borrowers – look ever longer.