Omar Ali of EY said financial firms were shifting a relatively “modest” amount of assets out of the UK ahead of Brexit, but the moves would represent the “tip of the iceberg” in case Britain leaves the bloc without a deal. Photo credit: EY.com
Cancer drug deal, Cargolux to transport whales and the Burgundy wine market is heating up. Delano’s breakfast briefing for Tuesday.
Brexit: €893bn shifted from UK to EU
Financial service firms have planned to move £800bn in assets and 2,000 jobs from the UK to the rest of the EU since the Brexit referendum in 2016, according to a survey of 222 companies by the consultancy EY. Dublin, Paris, Frankfurt and Luxembourg were the most popular destinations. Reported by CNBC, the Financial Times and Reuters.
Ghosn says he’s innocent
In his first public comments since being arrested in November, Carlos Ghosn told a Tokyo court that he has “been wrongly accused and unfairly detained based on meritless and unsubstantiated accusations.” The former Nissan chairman is charged with financial misconduct. Reported by the BBC, Financial Times, Guardian and New York Times.
Eli Lilly acquiring Loxo Oncology for €7bn
The US pharmaceutical giant Eli Lilly is buying Loxo Oncology, which makes cancer drugs, for $8bn. It’s the second multibillion dollar deal in the cancer drug sector in the past month. Reported by Bloomberg, Reuters and Sky News.
Members Exchange launch drives NYSE, Nasdaq stock down 2%
Nine financial companies started Members Exchange, a low cost trading platform to compete with the New York Stock Exchange and Nasdaq. Reported by CNBC, CNN and Marketwatch.
Rahaf Mohammed granted temporary protection in Thailand
Thai authorities said Rahaf Mohammed would not be deported. The 18 year old Saudi woman was stopped in Bangkok on her way to claim asylum in Australia, and has said she fears being killed by her family if she is forced to return. Reported by the BBC, Guardian and New York Times.
Kim unexpectedly resigns from World Bank
Jim Yong Kim said he would step down as head of the World Bank in February, three and half years before his term ends. Kim said he was going into the private sector. Reported by the BBC, Financial Times and Guardian.
Italian populists back Yellow Vests
The heads of the two populist parties in Italy’s coalition government said they supported France’s Gilets jaunes movement, which is protesting the high cost of living and the presidency of Emmanuel Macron. Reported by Euronews, France 24 and the Telegraph.
Whales on the move
Cargolux will fly two beluga whales, named Little Grey and Little White, from China to a sanctuary in Iceland later this year, reported Air Cargo News.
Burgundy prices up sharply
Buyers of fine wine fear a speculative bubble is forming in the market for Burgundy vintages, reported the Economist.