- ESG without the ‘S’
- Coronavirus as the ESG acid test
- What if solar has a utility-scale demand problem?
- Climate activists would be better off buying BP
- The electric vehicle carbon emissions debate
- Why Extinction Rebellion is wrong about BlackRock
- Splits over Green QE are a sign of the times
- Silicon Valley reinvents Victorianism
- Holier than DOW
Germany’s green package belies years of underinvestment.
- Education in the Age of Finance, redux
- Unite: a test case for corporate rent
- Shut down the internet, student housing edition
- The private education risk premium
- University debts and “restrictive” tuition fees
- Why are private school fees so high?
- A Plymouth student property proposition
- Educational exports: the story so far
- How Lloyds got burnt by a for-profit education deal
- A casualty in the education marketplace
- Connecting an Australian private equity buyout to Swansea University
- How a £100m student accommodation scheme went wrong
- Oxford & Legal & General, the real estate play
- Alpha Plus is still losing money
- Students as a commodity, Sino-US trade war edition
- What the bond market thinks about the prospect of a university crisis
- How the forces of finance fund MBAs
- Introducing the shadow education sector
- Why US investors are betting on European student accommodation
- The Alpha Plus pension problem
- Weirdly, blockchain can’t help combat coronavirus
- Leading ‘UK’ start-ups want a handout too
- China’s PMI print doesn’t mean much
- Let’s flatten the coronavirus confusion curve
- NMC Health: presented without comment
- When “commission-free trading” isn’t (really) free
- Michael Milken: financial innovator
- Oh no, the death-techers are coming
- Bitcoin’s “halvening” won’t boost its price
- CEO of JPM, recipient of $bns in state aid, bashes socialism
- Trump just made a joke about negative rates
- The Witcher is not a freelancer
- The ITV M&A fantasy
- Blockchain, all over your face
- Baillie Gifford: pot kettle black
- Is Facebook’s status as the bête noire of political advertising justified?
- The Eurosystem might have a fatal flaw. But it’s not this
- Venture capital for the ‘forgotten’
- The troublesome Trump inside trading claim
- The US economy is not recession-proof
The economic case for the first stage of the government’s £32.7bn high speed rail line has weakened so much over the past year that the London to Birmingham section is now considered “low” value for money, according to its own calculations, the FT reports. Critics of the High Speed 2 project announced on Tuesday, who have long questioned its economic cost and environmental impact, highlighted the government’s calculations in its accompanying Value for Money Statement. This shows that the traditional measure of value for money of infrastructure schemes – or the cost-benefit ratio – for the first 140 miles of the route from London to Birmingham has dropped from a gain of £1.60 for every £1 invested, when last calculated in February 2011, to £1.40.
Construction of the contentious £32bn high-speed rail line between London and Birmingham should start as soon as possible to help boost the UK’s construction industry and strengthen the country’s ageing infrastructure, a group of leading economists including Lord Skidelsky have written in the FT. The 28 economists urged the government to give the green light to the £17bn first stage of the line, known as HS2, in a letter to the newspaper published on Friday. They point to research findings that the line, which in its second phase would be extended to Manchester and Leeds, could “support the creation of up to 1m British jobs”. The government is expected to face calls for a judicial review from a group of 18 local authorities affected by the route if it gives the project the green light.
Europe’s top securities watchdog has embarked on a far-reaching probe of automated trading firms by asking them to disclose trading strategies and details about the computer algorithms they use to drive their deals, the FT says. A questionnaire has been sent to dozens of firms across the region by the European Securities and Markets Authority, the new pan-European body representing the bloc’s national securities regulators. It’s the first sign that regulators are making direct contact with the firms to understand HFT as watchdogs prepare to formulate regulations designed to tackle the growing industry.
Automated dealing could “trigger a number of risks for orderly trading and financial stability”, the European Central Bank has warned, in an unusual intervention in the debate over the role of “high-frequency” trading in markets, reports the FT Trading Room. The comments come as the growth of high-frequency trading shows no sign of abating with exchanges continuing to upgrade trading systems to accommodate such traders.
China’s Ministry of Railways is conducting a review of the country’s ambitious high-speed rail proposals, the FT says, after an influential state-backed think-tank raised questions about the affordability and practicality of the planned network. In a report submitted by the China Academy of Science, experts urged a rethink of the emphasis on massive infrastructure investment, particularly bullet train expansion.
U.S. regulators are moving toward a new rule that would track transactions by high-frequency trading firms to improve oversight of their activity, the WSJ reported, citing people familiar with the matter. The plan would see the Securities and Exchange Commission give the firms unique identifiers, allowing the agency to keep closer tabs on traders that aren’t registered market makers or broker-dealers.