Two separate house price surveys published Monday, report a further decline in London property prices in September and October. According to the monthly house price index from Acadata and LSL Property Services, the average house price in England and Wales fell 0.1% on the month and rose 1.3% on the year, in September. However, excluding London and the south east, annual house price inflation was 3.3% higher.
Uber is to be sensationally stripped of its licence to operate in London in a huge blow to the ride-hailing firm. The firm, which is used by 3.5 million people and 40,000 drivers in London, said the licence decision "would show the world that, far from being open, London is closed to innovative companies". A Transport for London (TfL) spokesman said: "Uber's approach and conduct demonstrate a lack of corporate responsibility in relation to a number of issues which have potential public safety and security implications."
London has maintained its position as the world’s number one global financial centre, according to a major international study out today, extending its lead over rivals New York, Hong Kong and Singapore. However, City chiefs have warned that London’s supremacy will come under threat if the government does not secure the right kind of Brexit deal.
The Council of the EU has received bids from 23 cities to host the European Banking Authority and the European Medicines Agency, which will be relocated after Brexit. In total eight offers have been made to host the EBA, which regulates the European banking sector, assessing risks and vulnerabilities by carrying out EU-wide stress tests. Some 19 cities are bidding to host the EMA, which is responsible for the scientific evaluation, supervision and safety monitoring of medicines in the EU and maintains the single market for medicines in the EU.
Research by think tank the Centre for London concludes that the looming EU exit could be a factor in reducing numbers of Europeans coming to the capital to work, a slowdown in job creation, declining business confidence and decelerating house price growth. The report underlined an economic slowdown included deteriorating house prices and plummeting business confidence, coinciding with a drop in the numbers of Europeans registering to work.
Swiss bank UBS is weighing up whether to move banking jobs in London to Frankfurt, Madrid or Amsterdam to cope with Britain's planned departure from the European Union, Chief Executive Sergio Ermotti said in an interview with CNBC. With around 5,000 employees based in London, Switzerland’s largest lender has been preparing contingency plans even before British citizens, in a referendum, voted to leave the EU in June 2016. "I think Frankfurt is a location of choice. There are different, other locations that could come into consideration," Ermotti said in the interview broadcast on Monday, according to a transcript.
Deutsche Bank is gearing up to re-home many of its trading and investment-banking assets back to Frankfurt from London over Brexit, according to a Bloomberg report. Germany’s largest lender would relocate most of the business reported in London to a so-called booking center in Frankfurt under the plan, said the people with knowledge of the matter. The strategy, which is still being finalized and would be reviewed if the Brexit scenario changes, will probably be implemented over the next 18 months; trading jobs and up to 20,000 client accounts could also be shifted, the source told Bloomberg.
Germany's financial hub, Frankfurt, is trying to attract its share of the Brexit-driven banker exodus from London by appealing to "risk takers" working in the financial sector. The UK is widely expected to lose financial passporting rights after its EU exit, which would represent a huge blow to its financial services industry. The EU's passporting rules allow businesses to sell services across the union from anywhere within it and only require companies to be regulated in one country, rather than everywhere they operate.
Nomura picked Frankfurt as the headquarters for its European Union operations after the UK leaves the bloc, Bloomberg reported. Japan’s biggest brokerage will start preparations this month to form a base in the German financial centre, one of the people said, asking not to be identified as the matter is confidential. The decision will necessitate regulatory approval along with securing the requisite office space before transferring fewer than 100 employees from London to the city, according to the person.
The merger between the Deutsche Börse and the London Stock Exchange has been vetoed by the European Commission because of competition concerns, ending a third attempt in 17 years to unite the financial hubs of London and Frankfurt. In a statement on Wednesday, EU Competition Commissioner Margrethe Vestager said Britain's decision to leave the 28-nation bloc had played no role in banning the tie-up.
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