The Environment Agency introduces fishing restrictions to target salmon shortages

Nicole Jeary
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The Environment Agency introduces fishing restrictions to target salmon shortages
The Environment Agency announced the implementation of a series of new fishing restrictions to combat declines in salmon and sea trout stocks. The new regulation is set to come into effect from the January 1st, in a bid to encourage greater prioritisation of sustainability within the UK’s fishing industry. According to 2017 government figures, the UK’s waters have witnessed a marked decline in returning salmon across the last decade. In fact, as many as 27 of the total rivers in the UK had been categorised by the findings as ‘probably at risk’, with an additional 9 already considered to be at ‘at risk’. Kevin Austin, Environment Agency’s Deputy Director for Agriculture, Fisheries and the Natural Environment said of the newly implemented restrictions:
“It is only through continuing to take concerted action, and through the co-operation of others, that we will successfully protect this iconic fish for future generations.

We are not implementing these changes lightly and have consulted widely with those affected. There is no single solution to protecting salmon stocks; reducing the catch of salmon can only partly contribute to the recovery of salmon stocks.”

However, the shortages are not limited to the UK’s waters, with global salmon levels continuing to deplete alongside other marine life. In fact, according to statistics, 90% of world marine fisheries are overfished or fully fished, with numbers only set to decline further, as high levels of plastic continue to pollute the world’s oceans at a remarkably rapid rate. It’s not just government agencies that are ramping up efforts to improve the sustainability of the fishing industry. Recently launched businesses, such as Pure Salmon, are championing a more socially conscious brand of fishing. Specifically, Pure Salmon, a business developed by 8F Asset Management, is set to employ a technology called ‘Recirculating Aquaculture System (RAS)’ across its farms. The business has said that the land-based alternative to fishing is a ‘proven and scalable method of aquaculture’. Alongside promoting a more sustainable approach to fishing, the new technology is also set to ensure that its salmon produce is free of any chemicals, antibiotics, hormones, mercury and microplastic. Moreover, because the fish will be produced closer to consumers, it hopes to achieve lower levels of harmful carbon emissions due to reduced transportation costs. Stephane Farouze, Chairman and Founder of 8F, commented on the launch of the business: “We’re delighted to be launching what is the most exciting global development in land-based Atlantic salmon farming. We believe that RAS technology will be the leading driving force for growing salmon in a resource strained world, where producing sustainable food without further damaging our oceans is paramount.” Whilst businesses such as Pure Salmon are leading the way in revolutionising fishing for the better, there is still some way to go to truly preserve the world’s oceans, amid staggering levels of plastic pollution. Nevertheless, public awareness of the issue is on the rise. In fact, ‘single-use’ was recently named the word of Collins’ Dictionary’s word of the year for 2018. What’s more, government’s too are increasingly beginning to prioritise the issue. Back in October, the European Parliament voted for a complete ban on various single-use plastic goods. The Environment Agency’s latest legislation decision is only a further indication of the strength of the growing momentum behind the cause.    

GDP 2019 – Britain falls in rankings

Jamie Gordon
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GDP 2019 – Britain falls in rankings
PricewaterhouseCoopers (NYSEARCA:PWC) have released their latest projected GDP rankings for 2019, with these latest rankings dropping the UK from fifth to seventh place. This follows the announcement that the World Bank dropped the UK to ninth in their business rankings, with most bearish outlooks being attributed – unsurprisingly – to Brexit uncertainty. While currency concerns continue for developing economies, PwC remain confident in India’s ascendancy to fifth place in GDP rankings, and added that India’s projected growth of at least 7.6% p/a over the next five years would allow them to bolster their position. Other developing players include Brazil, who are set to retain their ninth place spot behind Italy in eighth, while the euro’s strong performance against the pound looks set to push France ahead of Britain and into sixth place in 2019. Mike Jakeman, a senior economist at PwC, said, “India is the fastest growing large economy in the world, with an enormous population, favourable demographics and high catch-up potential due to low initial GDP per head. It is all but certain to continue to rise in the global GDP league table in the coming decades. “The UK and France have regularly alternated in having the larger economy, but subdued growth in the UK in 2018 and again in 2019 is likely to tip the balance in France’s favour. The relative strength of the euro against the pound is an important factor here.” PwC have forecast the British GDP to grow by 1.6% next year and 1.7% in 2020, then 1.8% each year to 2025 as Brexit tensions and uncertainty wain. The UK’s GDP is then expected to once again surpass France into the sixth spot as the pound rallies against the euro. The world’s largest economies are all set to suffer from the effects of ageing populations, with the Federal Reserve’s higher interest rates likely to hamper consumer spending in the US, and China struggling to reign in corporate and consumer borrowing. The report’s co-author, Barret Kupelian, added, “Last year, the big economic news was centred around advanced economies creating around 4.5m jobs. “We expect this trend to gradually moderate in 2019, with some economies such as the US, Canada and Germany hitting structural floors in their unemployment rates, and wage growth starting to gradually pick up. “Assuming an orderly Brexit, we expect the UK to also see unemployment flattening off, though a disorderly Brexit could lead to a marked rise of unemployment.”

EU reveals no-deal Brexit plans

Safiya Bashir
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EU reveals no-deal Brexit plans
The European Commission has said that it is preparing contingency plans for a no-deal Brexit. Given the continued uncertainty surrounding the UK government’s Brexit deal, the Commission revealed the “essential and urgent” measures. In a statement, the European Commission said that the measures will be designed to limit disruption in areas including finance and transport if the UK crashes out of the EU without a deal. Commissioner Valdis Dombrovskis said on Wednesday: “These measures will not – and cannot – mitigate the overall impact of a ‘no-deal’ scenario.” “This is an exercise in damage limitation given the continued uncertainty in the UK.” Some of the contingency plans included will be British airlines to operate flights into and out of the EU and the UK financial services regulations to be recognised as equivalent to the EU’s. “This decision provides vital clarity to UK clearing houses and their customers in the EU,” said City of London Corporation policy chair Catherine McGuinness. “I am glad the Commission has started to address the serious cliff edge risks of a no deal scenario.” “The Commission now needs to take steps to address the significant risks to data transfers and contract continuity for insurance and uncleared derivatives at an EU level,” she added. Chief executive of the Association for Financial Markets in Europe (AFME) also welcomed the news, calling it an important step. “This is a very important step to enable continued access for EEA firms to clearing and settlement services in a no deal Brexit scenario,” said Simon Lewis. “While this addresses a significant risk, it is important for further action at EU and national level to mitigate against other risks and put in place cooperation arrangements between the EU and UK regulators.”

RBS names new finance chief

Jamie Gordon
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RBS names new finance chief
Royal Bank of Scotland Group Plc (LON:RBS) have named Katie Murray as their new Chief Financial Officer, with Ms Murray having carried out the role on an interim basis following the departure of Ewen Stevenson, to HSBC (LON:HSBA). Ms Murray’s appointment lays the groundwork for RBS to become the first major bank to have women in its two executive roles – with Deputy Chief Alison Rose lined up to replace the incumbent Chief Executive after 2019. An RBS spokesperson has said, “it’s a very different job to four years ago” Ms Murray is a former Finance Director for Old Mutual Emerging Markets, and KPMG auditor for thirteen years, and thus her background differs greatly from her predecessor Mr Stevenson, who is a former Credit Suisse banker (SWX:CSGN). Ms Murray has said she will work with RBS colleagues to, “continue to build a bank that is simple and safe for customers, produces positive returns for shareholders and makes a major contribution to the UK economy.” Last year RBS logged their first profit since their 2008 bail-out to the tune of £45.5 billion of taxpayers’ money, and the company look set to continue the trope of generous bonuses – despite public opposition. Ms Murray is set to receive £750,000 a year – less than the £800,000 per annum received by Mr Stevenson – as well as a £750,000 a year fixed stock allowance and a bonus quota of up to 200% of her salary. Incumbent RBS Chairman Howard Davies, said, “I am pleased to welcome Katie to the RBS board following a successful period as interim CFO. Katie brings nearly 30 years of finance and accounting experience in capital management, investor relations and financial planning to the role. She has already contributed significantly to RBS over the past three years as the bank has resolved its last major legacy issues, returned to profit and restarted paying dividends.” The other front-running candidate for the position was William Chalmers, who jointly leads Morgan Stanley’s global financial institutions group. The company’s shares are currently trading up 1.2p or 0.57% at 210.5p.

888 remains confident for full-year results, shares rise

Safiya Bashir
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888 remains confident for full-year results, shares rise
Shares in the online gambling firm, 888, rose on Wednesday after the group revealed that full-year earnings are on track. The group said that it had seen progress over the year, and is confident over plans to expand in the US. “The Group has continued to focus on driving growth in regulated markets, enhancing compliance, and delivering exciting product innovation,” said the 888 chief executive, Itai Frieberger. “888 has maintained its strong momentum in Casino and Sport, particularly in continental European markets. In the UK, we are pleased to update that the initial positive trends in revenue reported at the time of the Group’s half-year results have continued.” “888 remains very excited by the significant long-term growth opportunities in the US market and, throughout the year, we have made significant operational progress in the region.” “The recently announced acquisition of the remaining stake in AAPN places 888 in an even better position to take advantage of the significant growth opportunities in the US and create additional value for our shareholders,” he added in a statement. Last week, the gambling firm bought a remaining 53% stake in All American Poker Network (AAPN) in a $28 million deal (£22.3 million). Earlier in December, the UK’s biggest gambling firms agreed to stop advertising during live sports broadcasts. “There was clear public support for these restrictions and I’m glad that the Remote Gambling Association has taken its responsibilities seriously and listened,” said Labour’s Shadow Secretary of State for Digital, Culture, Media and Sport, Tom Watson. “One of the only downsides to this brilliant World Cup has been the bombardment of gambling advertising on TV and social media that thousands of children will have been exposed to,” he added. After the update, shares rose over 7%. Shares in the group (LON: 888) are currently trading +7.88% at 182,70 (1314GMT).

Fall in oil prices sends UK inflation to 20-month low

Safiya Bashir
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Fall in oil prices sends UK inflation to 20-month low
According to a new report from the Office for National Statistics, UK inflation fell to a 20-month low in November. The fall was achieved by a sharp fall in oil prices, as well as a growth in consumer prices by 2.3% – down from 2.4% in October. Prices for food, computer games and concert tickets also dipped in November. Analysts have predicted that prices in oil could continue to fall, forcing inflation even lower. Howard Archer, an analyst at EY Item Club, said: “Inflation should trend down over the first half of 2019. The recent falling back in oil prices should increasingly impact, while Ofgem’s price cap will put some downward pressure on domestic energy prices in January.” Prices in petrol fell by 2.6 pence per litre between October and November. PwC economist Mike Jakeman said: “Inflation returning towards the Bank of England’s 2% target is good news for workers, who are receiving the dual benefit of accelerating wages and slowing inflation, pushing up their income growth in real terms.” Upward pressures also came from the rise in tobacco prices, which increased following the Budget. Other upward pressures included clothing prices, hotels and restaurants. Mike Hardie, the ONS head of inflation, said: “Inflation was little changed as falling petrol prices, thanks to a substantial drop in the cost of crude oil, were offset by rises in tobacco prices following the duty changes announced in the Budget.” “House price growth continued to slow with the smallest annual rise seen in over five years, led by price falls across London.” The Bank Of England had forecast a CPI rate of 2.5% for October and November. Analysts are betting a rise next year amid Brexit uncertainty. This week, the British Chambers of Commerce forecast that economic growth in 2018 and 2019 would be the slowest since the 2009 recession.

Barclays fined $15m over whistleblower controversy

Nicole Jeary
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Barclays fined $15m over whistleblower controversy
Barclays (LON:BARC) has been hit by a $15 million penalty by a New York regulator over attempts by its chief executive to unmask a whistleblower. The New York State Department of financial services investigation concluded that Barclays had violated local and banking law regarding whistleblower procedures. The fine relates to a scandal back in 2016, when chief executive Jes Staley attempted to name a whistleblower, prompting the launch of a series of investigations against the bank. “Whistleblowers are vital to uncovering and addressing intentional wrongdoing,” commented Maria Vullo, New York department of financial services superintendent. She added: “DFS’s thorough investigation uncovered actions at the top that exposed the bank to risk and created an atmosphere in which employees might doubt that it was safe to escalate issues of concern to the bank.” The fine follows a £642,430 penalty dealt by the UK’s financial watchdog, the Financial Conduct Authority (FCA) to the bank. Back in August, Barclays reported a fall in its half-year profits as legal and litigation costs relating various controversies dragged down revenue. Pre-tax profits fell from £2.3 billion to £1.6 billion after the bank were forced to payout £2 billion, including costs relating to a £1.4 billion settlement. This latest penalty marks one of many fines in recent years, including compensation relating to PPI and investigation by the Serious Fraud Office (SFO) into a loan given to Qatar back in 2008. Shares in Barclays are currently +0.45% as of 12:26PM (GMT).  

TechFinancials harnesses Blockchain to enter the Diamond trading and ticketing market

UK Investor Magazine
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TechFinancials harnesses Blockchain to enter the Diamond trading and ticketing market
TechFinancials (LON:TECH) are propelling their transformation with the launch of two Blockchain based ventures in CEDEX, a diamond trading platform, and NewCo, a sports venue ticketing solution. TechFinancials are a Fintech software provider and the recent developments bolster their portfolio of global trading solutions and signals growth into new markets.

CEDEX

The CEDEX platform allows investors to invest and trade in diamonds as they would any other financial asset class. The platform harnesses Blockchain technology to give investors the power to trade diamonds with the liquidity and transparency not previously seen in the market. TechFinancials has a 2% interest in CEDEX Holdings, the holding company of the CEDEX exchange. TechFinanicals have an option to acquire a further 90% of CEDEX Holdings. CEO Asaf Lahav commented on the launch: “We are delighted to have played a pivotal part in the launch of the first blockchain-based diamond exchange in the world. This milestone achievement is testament to the innovative capabilities of both CEDEX and TechFinancials to build a new, ground breaking platform and we look forward to updating the market on its progress in due course.”

Footies

Signalling TechFinancial’s growth into new markets, the group have signed a binding agreement with Footies to create NewCo, a sports ticketing solution to control revenue loss in the secondary ticket market. The secondary ticketing market has been the subject of scrutiny this year as event organise attempt to reduce over inflated prices of tickets being sold in the secondary market. NewCo’s solution will provide a Blockchain-based solution to provide greater control over the path of tickets once issued to produce economic benefits from both the issuers and fans. NewCo will be led up by ex-CEO of Liverpool Football Club, Ian Ayre who has been appointed chairman. Ian Ayre commented: “I am delighted to be involved in the establishment of such an exciting and innovative company in partnership with TechFinancials. There is huge demand for the secondary ticketing market in the sporting industry to be revolutionised in order to make it fully transparent and to make sure that a fairer deal is ensured for both the venues and the customers. For years, both of these parties have suffered at the hands of ticket touting, and we aim to solve this by making it a more secure and stable market. “Supported by TechFinancials’, I look forward to developing and growing the business to transform the way organisations handle their events more effectively, for the benefit of all involved in the ticketing process.” TechFinancials will have a 75% stake in NewCo with Footsies holding 25%.

Half Year Results

The announcements came after the company released interim results that highlighted the transformational nature of 2018 for TechFinancials. The group posted revenues fo $3.78m for the first half, down 46% for the same period a year prior. Despite a disappointing first half, the group is well positioned for further investment with a cash position at the end of the first half of US$2.86m. New blockchain trading technology business produced revenues of US$1.3m (H1 2017: $0). TechFinancials (LON:TECH) has recently received a $1.7m dividend pay-out by DragonFinancials, their 51% owned subsidiary operating a trading platform targeting the Asia Pacific Region.

Bushveld Minerals rallies after last week’s dip

Jamie Gordon
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Bushveld Minerals rallies after last week’s dip
In what has been a story with a bullish long-term outlook, Bushveld Minerals Limited (LON:BMN) shareholders will be reassured by news of share prices recovering from a dip last week. For those unfamiliar with the firm, Bushveld is a mineral development company that focuses on vanadium, titanium, phosphate, tin and thermal coal extraction and centres its exploration in South Africa and Madagascar. The company are among the forerunners that currently sit in the spotlight of keen forums of traders, with the last few days seeing a sharp recovery and return to form for what -until last week – seemed like an unassailable rise. Bushveld have enjoyed success off the back of a boom in vanadium prices, which are at their second highest level since the turn of the century – with only a marginal spike needed to see prices equal a four-decade high. While the last boom came off the back of speculative resource grabbing with the boom of the Chinese economy, this spike applies more specifically to vanadium, and has scope for long-term growth. While much of the vanadium demand in recent years has been attributed to climbing demand for steel, forecasts state that a significant portion of future demand will be made up of increased demand from energy storage players, particularly regarding the development of the vanadium redox flow battery. What Bushveld have managed to do is seemingly time the set-up of its own energy storage subsidiary – Bushveld Energy – to perfection. The recent vanadium supply deficit looks set to continue into the new year, putting further upward pressure on the price of limited vanadium resources, which are forecast to be in growing demand in coming months. In the last two years, Bushveld’s share price has increased by 500% and its value has increased by a factor of ten – its base in South Africa and acquisition of Vametco mines earlier this year gives it a position of primacy, with a 4% stake in the global vanadium market. Going forward, Bushveld will undoubtedly hope to capitalise on a potentially lucrative market with a sizeable stake in a resource in short supply. The company’s share prices are currently trading at 48.22p, up 5.99% or 2.72p in morning trading. In their most recent update, SP Angel analysts reiterated their ‘Buy’ stance on Bushveld stock.

FCA fines Santander £32.8m for “serious failings”

Safiya Bashir
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FCA fines Santander £32.8m for “serious failings”
Santander has been fined £32.8 million by the Financial Conduct Authority for “serious failings” in passing on the money of the deceased to family members. Following an investigation into the lender, the FCA found that in some cases the bank has kept the money for multiple years and has failed to transfer an estimated £183 million. “These failings took too long to be identified and then far too long to be fixed,” said Mark Steward, the executive director of enforcement at the FCA.

“To the firm’s credit, once these problems were notified to the board and senior management, they were fixed properly and promptly. But recognition of the problem took too long. Firms must be able to identify and respond to problems more quickly especially when they are causing harm to customers.”

Over 40,000 customers have been affected by the bank’s failings, which failed to its probate and bereavement process between 1 January 2013 and 11 July 2016.

The chief executive of Santander (BME: SAN) said: “Santander is very sorry for the impact these failings have had on the families and beneficiaries affected.”

“We have now transferred the majority of customer funds and made significant improvements to our whole probate and bereavement process, ensuring we provide both a sensitive and efficient service to our bereaved customer representatives and those who are managing the estates of people who have passed away,” he added.

Santander warned in October that Brexit will have “significant” impacts on results. The group’s net profit fell 8.8% year-on-year in the second quarter of this year.

“There remains significant uncertainty as to the respective legal and regulatory environments in which we and our subsidiaries will operate when the UK is no longer a member of the EU,” said the bank about Brexit impacts.

“This uncertainty, and any actions taken as a result of this uncertainty, as well as new or amended rules, may have a significant impact on our operating results, financial condition and prospects.”

Shares in the bank are trading +1.64% at 4,06 (1142GMT).

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