Senior civil servants are also drafting legislation which would ensure British-based pensioners who receive the Irish state pension do not lose out in a no-deal Brexit scenario. More than 135,000 people living in Ireland receive the British state pension. Pension payments are just one area of legislation identified during a root-and-branch trawl of all legislation as part of the Government's contingency plans for a no-deal Brexit. Government departments were told last week to cancel plans for any non-essential legislation and to focus on Brexit preparations. The areas where emergency legislation will be needed have been identified and it is hoped the necessary legal work will be completed early in the new year. The legislation will be voted on in the Dail in the first three months of the year if British Prime Minister Theresa May cannot convince the UK parliament to accept the Brexit withdrawal deal which she reached with her EU counterparts. The Common Travel Area, which entitles … [Read more...] about Emergency Brexit plan being drafted for Irish residents receiving British pension payments
Britain’s exit from the European Union could spark a flurry of activity among continental fund managers keen to establish a foothold in the UK. Many non-UK asset managers are considering opening offices in Britain for the first time as a result of Brexit, according to fresh industry research. Around one in three in the sector believe Brexit will lead to an increase in merger and acquisition activity, with almost a quarter expecting more European-based operators to open offices in Britain. However, the survey by financial services giant State Street found institutional and alternative investors continue to believe the UK’s decision to leave the EU is “fairly negative... for the UK fund management... To continue reading this article Start your free trial of Premium Access all Premium articles Subscriber-only events Cancel any time Free for 30 days then only £2 per week Try Premium Access one Premium article per week … [Read more...] about Brexit prompts European fund managers to mull UK office openings
Broker TP Icap is taking legal action against trading business Nex Group over claims that it broke the terms of a deal. TP Icap was formed in 2016 when Tullett Prebon took over Icap’s voice broking business. The rest of the company was renamed Nex Group. TP Icap has accused Nex of breaking a warranty that promised the business was not exposed to any significant litigation, according to the Sunday Times. The business told staff they were entitled to incapacity benefits up to the age of 65 if they needed to take more than six months off work due to illness, however the cut off age was actually 55. This meant staff had “actual or potential legal claims”against the business when the takeover deal was signed, and TP Icap has identified workers owed total benefits of £15m, the Sunday Times reported. Nex Group was bought by US derivatives marketplace CME Group last month in a deal worth $5.5bn. The deal, which was first announced in March, dodged an investigation by the … [Read more...] about TP Icap takes legal action over Nex Group deal
Not everyone in Greece celebrated in August when the country exited its third multi-billion bailout programme in eight years. Maria – not her real name – has a degree and speaks three languages. At 24 she moved to Athens in 2013 in a bid to find a job. Five years later she still works in the Greek capital’s red-light district. “People don’t realise that the bailouts actually brought lots of rich clients to the country,” she explains. The embassies and smartest hotels where she and her fellow sex workers source much of their trade were full. Now, Maria fears that having exited from the bailouts, fewer diplomats will come to the country for what they termed “handy bilaterals”. “It was easy for... To continue reading this article Start your free trial of Premium Access all Premium articles Subscriber-only events Cancel any time Free for 30 days then only £2 per week Try Premium … [Read more...] about Still scarred by the loss of a generation, what hope now for Greece after the crippling bailouts?
The US Federal Reserve is this week widely expected to raise interest rates for the fourth time this year, with an anticipated range of between 2.25 and 2.50 per cent. But doubts have begun to emerge about Wednesday’s announcement among analysts, after comments from Federal Reserve chairman Jerome Powell that the level of interest rates is “just below neutral”. Michael Hewson, chief market analyst at CMC Markets, said the comments meant the raise “is less of the done deal that it was two to three weeks ago”. The announcement will also contain projections for how much further the Federal Reserve will raise rates next year, “a key area of scrutiny” according to Hewson. All eyes will be on whether policymakers have lowered these expectations, which currently forecast three further rises in 2019 and one in 2020. Meanwhile, the Bank of England make similar rate decisions on Thursday. But with uncertainty over Brexit negotiations now looking set to … [Read more...] about Federal Reserve expected to raise US interest rates this week as all eyes on predictions for 2019