(Bloomberg) — Hello from London, where the temperatures are finally climbing and so are the stacks of coronation-themed biscuit tins and tea towels.
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Rishi Sunak might not be able to make the most of the back-to-back bank holidays with a general election to contest next year. A real-life electoral test looms next week, with thousands of local council seats up for grabs in votes across England. And there are more big challenges coming down the track, Alex Wickham and Kitty Donaldson write.
Nurses are striking tomorrow and further walkouts by train staff could make it harder for fans to reach Eurovision in Liverpool and and the FA Cup final at Wembley.
There are some positive developments, too, with the UK and EU nearing an agreement on post-Brexit financial regulation. European officials could sign off on a deal as soon as June after two years in limbo.
The EU’s dealing with some internal strife on the best way to approach China, which has continued its close alliance with Russia despite the invasion of Ukraine. Germany, Italy and the Netherlands are exploring export and investment controls similar to those imposed by the US, while French President Emmanuel Macron cautioned against getting caught between the superpowers during a recent trip to Beijing.
The City of London got a boost on Friday when Deutsche Bank agreed to pay a 72% premium for Numis. It’s the first big deal for Christian Sewing, five years after he became the Germany bank’s CEO. Michael Spencer, the ICAP founder who owns about 6% of the boutique stockbroker, is set for a £22.8 million payout from the surprise deal.
Sticking with finance, Brevan Howard ended its relationship with the US hedge fund firm Commonwealth Asset Management that had about $1 billion in assets. Digital bank Atom sees growth in British mortgages and business loans as it looks to raise about £150 million before a stock listing next year, CEO Mark Mullen told Aisha S Gani.
If the Numis deal came out of the blue, the protracted battle for the Reds might be wrapping up. Sheikh Jassim bin Hamad Al Thani offered about £5 billion for Manchester United; the other remaining bidder is British billionaire Jim Ratcliffe.
German transportation has long been envied for its punctuality and cleanliness — and now it’s going to be cheaper as well. Starting Monday, travelers can buy a pass for unlimited travel on all city buses, subways and trams in every municipality across the country for €49 ($54) a month. The ticket could encourage drivers to abandon the Autobahn and put pressure on the government to upgrade its patchy rail network.
Finally, rents in the capital climbed to £2,500 a month for the first time. That might make the £9 oyster at Bentley’s off Regent Street seem a little cheaper. Meanwhile, just across Piccadilly at Fortnum & Mason, it’s absolutely fine to serve Champagne with afternoon tea, executive pastry chef Roger Pizey tells Kate Krader.
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