FT: Deutsche Bank ban inside stock selling

The merger talks between Deutsche Bank and Commerzbank have continued and according to Financial Times, the Deutsche Bank´s top managers have been banned from selling any bank stock.

Bankers who have tried to sell their stocks after lock-up period were blocked by the banks compliance and they were told that the banks shares have been added to the banks internal conflict list.

According to Deutsche Bank, the banning of the stock sales will continues until the merger talks with Commerzbank are clear one way or another. If the merger is to be completed, it will mean that Deutsche and Commerzbank will create the second largest bank group in the eurozone.

Banks total board remuneration rose last year to 55,8 million euros from 29,8 million euros the year earlier.


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Brexit: MPs having indicative votes next week in the UK Parliament

The Brexit-deal is accelerating next week in the UK Parliament. The MPs will have several indicative votes related to different Brexit-outcomes or second referendum. This means practically that all outcomes are open in this situation.

The general opinion of the Brexit-deal has gain new levels while millions of British people have signed the pledge against leaving the EU. On Saturday there were also protest marching in London to rise the overall interest of the topic and voting for a second referendum.

According to weekend newspapers there has also an internal discussion of the Prime Minister Theresa May´s role in the Conservative party. This shows the tensions what the Brexit-deal is having also inside the party. The BBC reported on Sunday that Theresa May could gain support for her Brexit deal if she promises to stand down as a prime minister, according to senior party representatives.

On the other hand, the finance minister Philip Hammond commented on Sunday, that Britain must find a way to leave the EU in an orderly fashion rather than trying to oust Prime Minister Theresa May.

And one can say that the MPs are more or less frustrated with the situation. As MP George Freeman tweeted: “…across the country you can see the anger. Everyone feels betrayed. Trust in democracy is collapsing. This cant go on.”

The EU leaders agreed last week that the Brexit-deal can be delayed until at last 12 April. If May´s deal is approved next week in the Parliament, the EU has agreed to extent the Brexit deadline until 22 May.

If the UK Parliament is not backing the Goverment´s deal and no other plan is revealed then the UK is set to leave the EU on the 12th April.

The big question for the next week is, if May´s deal is getting enough votes in the Parliament. The Goverment´s deal has been rejected two times in the Parliament before. On the other hand, the House of the Commons Speaker John Bercow has commented that the May´s deal needs fundamentally new items in order to be voted again in the Parliament.


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Brexit: EU offering 2 months delay (corrected)

The EU is offering UK a 2 months delay to the Brexit deal. This would mean that the deadline would be May 22.(*)

The EU leaders were having meeting today and according to news wires, the proposal woud mean that the UK Parliament would have to accept the deal next week. Otherwise there would be no deal, according to France President Emmanuel Macron.

The UK Prime Minister Theresa May is expected to have a press conference in the evening.

*corrected right month, May 22

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Brexit: UK to ask deadline extension

Today´s news from the UK Goverment confirm, that the PM Theresa May´s Cabinet is asking the European Union for an extension of the Brexit deadline.  The preliminary timetable was that the UK would leave the EU next week on Friday the 29th March.

Tomorrow  on Thrusday, the European leaders are having a meeting to discuss about the Brexit situation. It is expected that the delay for the Article 50 would be a short one in order to avoid the EU elections.

The stock markets were having a negative sentiment today and for example the German Dax-index was down 0,88 % to 11685 points, the France CAC 40 -index was down 0,09 % to 5420 points. In London the FTSE index was down 0,04 % to 4012 points.

Euro was trading down 0,06 % to 1,134 dollars and the UK sterling was down 0,27 % to 1,323 dollars. The dollar was up 0,17 % to 111,58 yens and euro was up 0,24 % to 0,8577 pounds.

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Lyft IPO: Target valuation 23 billion dollars

The US ride-hailing company Lyft said that they are targeting 23 billion dollars in valuation with their IPO. The company is selling 30 million A class shares and Lyft is aiming to raise 2 billion dollars.

The company started their roadshow in New York and they will move to Boston. The US Midwest and West Coast will be next week. The trading is expected to start on the March 29th in Nasdaq, with the “LYFT” symbol.

Lyft’s revenue was 2,16 billion dollars in 2018 and the losses were 911 million dollars compared a 688 million dollar loss a year earlier.

One of the leading bookrunners are JPMorgan, Credit Suisse anf Jefferies.

According to Reuters, the rival Uber is also planning an IPO, targeting 120 billion dollars valuation in April this year.

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Brexit: Voting delays in the UK Parliament

There will be voting delays in the UK Parliament related to Brexit-deal. The House of Commons Speaker John Bercow said, that he is banning the idea of bringing the Goverment´s deal back to Parliament for a third time, unless it changes significantly.

The Goverment has said that they are planning now how to proceed. On Thursday there will be European Union summit and the UK will have to seek the extension to the Article 50, as the Parliament voted last week.

The House of Commons Speaker  Mr Bercow said that the decision is backed with the convention , which dated back to April 2, 1604, and said it had been confirmed again many times, including 1864, 1870, 1882, 1891 and 1912.



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