Bankers moving to London and SoftBank's $100 billion tech fund: Today's top City headlines

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ARM’s buyer SoftBank is planning to launch a $100 billion tech fund in London with Saudi Arabia.

One of the world’s biggest banks ING is moving traders from Europe to London in a huge vote of confidence in the City.

Royal Bank of Scotland is pushing for parts of the looming trial over its £12 billion fundraising months before a state bail out in 2008 to be held in secret, court documents show.

Passing on cash to relatives, a commodity prices slump and a stronger dollar saw billionaires, including Microsoft founder Bill Gates, lose $300 billion (£246 billion) last year, a UBS and PwC report revealed.

The total cost of Samsung pulling its fire-prone Galaxy Note 7 smartphones off the market will be at least £4.4 billion, the beleaguered electronics giant warned.

Lord Sugar’s property firm Amsprop has made an opportunistic £17 million swoop on a London property whose original buyers pulled out in the aftermath of the Brexit vote.

Deal-hungry hedge-fund giant Man Group saw its shares soar on the back of a jump in funds and the surprise acquisition of US and Europe-focused fund Aalto.

Comment:

Jim Armitage on the battle to audit big company accounts.

“BP, BAE Systems, Legal & General and GlaxoSmithKline audits are up for grabs. This is big money: EY billed BP $47 million last year. GSK paid PwC £27.5 million.”

Market update:

After ending “Marmite-gate”, shares in Tesco jumped 6.35p to 201.45p, while Unilever fell further today, down 27.5p to 3569p. It missed out on a minor rally from the FTSE 100, which rose 39.65 points to 7017.39, ending three days in the red.

Going up: Tesco, Rio Tinto, William Hill

Going down: Unilever, Moneysupermarket.com, Aureus Mining

Source Article from http://www.standard.co.uk/business/bankers-moving-to-london-todays-top-city-headlines-a3369586.html

October 14, 2016 |
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