What will Brexit mean for the City? June 27, 2016 Online protest-petitions aside, the people have spoken and the UK is now facing an exit from the European Union. What might this mean for the City, and Britain’s businesses more broadly? The short term We are already in the midst of extreme political uncertainty, and thus it is unsurprising to see panic and volatility in the [...]
Bye-bye HSBC? Bank is eyeing a move abroad April 20, 2015 HSBC will look into upping sticks and moving its headquarters out of London once the regulatory environment becomes clearer, its chairman said yesterday. “We are beginning to see the final shape of regulation, the final shape of structural reform and as soon as that mist lifts sufficiently we will once again start to look at [...]
Argentina barrels back into the global bond market with plans to sell up to $15bn worth of debt April 18, 2016 Argentina, South America's third largest economy, has announced a multi-tranche bond sale worth between $10bn and $15bn (£10.5bn) as it looks to put to bed a long-running battle with investors following its $100bn default in 2001. It will be the country's first new bond in 15 years. President Mauricio Macri, who took office in December last [...]
Has craft beer lost its flavour to globalisation? May 17, 2016 It's 2001, it’s a Friday night, and I’m enjoying a well-earned sip or two of a raspberry-flavoured wheat beer after a hard week of college. The pub in question was the Greenwich Union, in southeast London. Only just opened in 2001, it housed some of the finest offerings from the local Meantime Brewing Company. These beers [...]
Bank of England’s Andrew Bailey says HSBC right to eye move abroad May 15, 2015 A Bank of England official has said that HSBC, the country's biggest bank, is right to eye a move abroad. "We will obviously be in close contact with them because there are important issues for us," Andrew Bailey, chief executive of the Bank of England's prudential regulation authority, said. "It is entirely natural that as [...]
Tesco’s share price rises as supermarket takes fight to the discounters with launch of seven value own-label ranges March 21, 2016 Tesco has added fuel to the supermarket price war after launching a range of entry level own-label brands that will challenge the discounters on price. The retailer's share climbed by more than one per cent this morning after it said it will sell around 80 fresh, meat and poultry products under seven new "Farms" brands which, in many cases, will either match or [...]
HSBC pledges to fight criminal probe in France April 9, 2015 FRENCH magistrates yesterday announced a criminal investigation into HSBC’s Swiss Private Bank, reviving the row which embarrassed bosses at the UK-based global giant. But HSBC said it would appeal against the decision. The authorities set bail for the bank at €1bn (£724m), a level which the lender described as “unwarranted and excessive”. The investigation relates [...]
Co-op Bank kicks off search for new boss to replace Niall Booker, update expected with tomorrow’s results March 31, 2016 The troubled Co-op Bank has begun its search for a replacement for its outgoing chief executive Niall Booker, with top bankers at Barclays and Santander already approached for the role. Stephen Jones, who stepped down as Santander UK's chief financial officer several months ago, and at least one internal candidate are thought to have been shortlisted. [...]
Losing the EU financial services “passport” would be a disaster for the UK economy June 9, 2016 I read with real concern that the Leave campaign does not think that the “passporting” afforded by the EU is worth much to the City. “Such rubbish,” Vote Leave campaigner Andrea Leadsom called it recently. Her statement shows a tragic lack of understanding of what modern financial services need. Thanks to the EU, a UK [...]
Election jitters, HSBC and US losses hit FTSE – London Report May 5, 2015 BRITAIN’S top share index closed lower yesterday, tracking sharp losses in the US market, with HSBC leading the banking sector lower, after saying that a bank levy was hampering its ability to pay a higher dividend. A survey showing growth in the construction industry slowed sharply in April, while uncertainty about the outcome of tomorrow’s [...]