THE DAILY BRIEFING
■ TURBULENT DAYS Savers have slashed the amount they are handing to fund manager Blackrock amid turbulent markets.
The US firm was given £8.3bn of extra cash in the third quarter of 2018 – its lowest for more than two years, and down from record investment last year.
Bosses said the fall was down to pension funds and other institutions pulling money out of the stock market over fears of rising interest rates and political uncertainty.
■ BANK BOARD Online bank Oaknorth has hired one of the Bank of England’s former top staff to join its board.
Martin Stewart was director of banks on Threadneedle Street, and was head of banks and mutual at the Financial Services Authority before that.
He joins other senior advisers including grandee lord Turner and ex-Tory party chair lord Maude.
■ GERMAN WOES Finance professionals in Germany are increasingly pessimistic about their country’s economy, a survey by research group ZEW showed. it comes amid rising fears of a trade war.
■ JOB FEARS A major tech overhaul at Three UK will result in job cuts for the telecom firm’s 4,500strong workforce following the rollout of a new platform next year.
Chief executive dave dyson said the number of staff would inevitably shrink as updated tech infrastructure results in further automation and demand for skills that current employees may not have.
■ FUND NO.2 Two veteran investment managers have launched their second fund under new boutique
Tellworth Investments. Paul Marriage and John Warren, formerly of Cazenove Capital and Schroders, will invest savers’ money in UK smaller companies which have growth or value potential.
■ FREE LANDING london hub Heathrow will offer free landing charges for a year to the UK’s first electric-hybrid plane which launches a service from the hub. The prize is equivalent to £1m and is being offered to encourage airlines to invest in electric technology.
■ NUCLEAR PLANS French energy group EDF wants to start construction of its Sizewell C nuclear power station in Suffolk by late 2021.
The company said it is targeting a deadline of early 2020 to submit planning applications.