Let’s get a move on with climate change, say institutional heavy hitters August 24, 2016 Institutional investors representing nearly £10 trillion of assets have urged G20 leaders to ratify a climate deal to shift away from fossil fuels. Six coalitions representing 130 investors – including the BT Pension Scheme, CBRE Global Investors, HSBC Global Asset Management and L&G Investment Management – clubbed together and wrote to world leaders ahead of the G20 summit, due [...]
City of London braced for £2bn business rate hike September 29, 2016 The City of London is bracing itself for a tax hike estimated at more than £2bn when new business rates are revealed tomorrow. Details of new business rates represent the first re-evaluation since 2010. Due to rocketing rents in London over the past six years, businesses in the capital are expecting huge increases for the [...]
Goldman Sachs has warned Brexit might force it to restructure August 5, 2016 Bank of England hysteria aside, the fallout from the Brexit vote has been seen by many as relatively minimal. But now Goldman Sachs has added its voice to the doom-mongers, admitting it may be forced to restructure "certain of our operations" if the outcome of Brexit negotiations isn't to its liking. In a US filing last night, the [...]
Philip Hammond heads to China to boost the City’s reputation in the Far East July 22, 2016 Chancellor Philip Hammond has travelled to China in a bid to burnish the City's trading reputation overseas. Hammond will visit Beijing and Hong Kong to promote British business ahead of the G20 finance ministers' meeting in Chengdu. “My focus in China will be on promoting British business opportunities, including in the financial services sector, where [...]
How the big banks are reacting to Brexit: Thousands of UK jobs feared to be at risk June 24, 2016 Thousands of banking jobs across London are at risk after the UK voted for Brexit yesterday. JP Morgan, HSBC, and Citibank have warned jobs would be moved in the event of a Leave vote. And other big banks are also understood to be considering shifting jobs from the UK depending on how Brexit negotiations pan out. [custom id="161"] [...]
Shares in European lenders finish lower after Deutsche Bank is asked to pay $14bn over mortgage-backed securities claims September 16, 2016 Shares in British banks finished at the bottom of the FTSE 100 after Deutsche Bank after it admitted it had been asked to pay a massive $14bn (£10.6bn) fine by the US Department of Justice (DoJ). Shares in the lender were down 8.5 per cent at €11.99, its worst day of trading since the day after the Brexit vote, after it said in [...]
Banks got a boost from brokers’ ratings August 8, 2016 Banks were the kings of the stock exchange today after their shares received a valuable thumbs up. Barclays closed up 3.6 per cent at 157.40p, no doubt buoyed by Exane BNP upgrading it to outperform from neutral. [stockChart code="BARC" date="2016-08-08 12:22"] Barclays was the second-highest riser in the FTSE 100, following fellow bank RBS, which closed up [...]
Challenger bank Aldermore expected to show it can outpace the big players this Thursday August 7, 2016 Aldermore is expected to report a large leap in pre-tax profits when it reveals its half-year results on Thursday. Results released by banking's big players over the last fortnight have been rather gloomy, with HSBC and Barclays both reporting substantial slips in their profits and RBS revealing a £2bn loss. Meanwhile, even though Lloyds Banking [...]
A Major title is obvious next step for Hideki Matsuyama, the brightest Asian prospect in the men’s game October 31, 2016 The golfing world has been talking about Hideki Matsuyama for a few years now and this week in Shanghai he took another big step towards fulfilling the promise he has displayed since he was a teenager. Matsuyama claimed the most significant victory yet of his career at the HSBC-Champions on Sunday, pulling clear of a [...]
Bank of England confirms plans for additional stress tests for UK banks October 3, 2016 The Bank of England will push ahead with plans for an extra set of stress tests next year in order to assess the ability of the UK’s top lenders to weather a financial storm. The Bank’s Financial Policy Committee (FPC) confirmed today it will put the UK’s seven biggest banks and building societies through an [...]