UK house prices: Mortgage lending up 26 per cent in October as lending recovery gains momentum – the British Bankers’ Association November 25, 2015 Mortgage borrowing was a giant 26 per cent higher in October than in the same month last year, according to figures released by the British Bankers Association. The amount loaned out reached £12.9bn, with the number of mortgages approved by lenders up 27 per cent on last year. Approvals for house purchase were up 21 per [...]
Oil prices: Will rising Chinese demand lift all oil tankers, or is that just another market cliche? February 9, 2016 Let's face it, I am as guilty as anyone – perhaps even a little bit more guilty than most, truth be told. Guilty of adding to the noise which is clearly befuddling investors as they try to negotiate these schizophrenic markets. My lame excuse, I suppose, is that it’s kind of what I’m paid to [...]
Phoenix chair Sir Howard Davies asks Clive Bannister to explain himself over HSBC February 16, 2015 Former private banking boss at HSBC Clive Bannister has come under pressure from the chairman of Phoenix Group, the insurance company he now runs, to explain his role at HSBC, after revelations that the bank’s Swiss arm helped some clients evade taxes. Phoenix chairman Sir Howard Davies contacted board members last week to inform them [...]
HSBC’s private banking arm under investigation for fraud November 17, 2014 The private banking arm of HSBC has been put under investigation for fraud, including money launcdering, criminal organisation and acting as an illegal financial intermediary, by Belgian investigators. The Brussels prosecutors' office said the private bank, which is based in Switzerland, had helped "over 1,000" clients "dodge" tax worth "several billions of dollars". [The bank] [...]
Brexit is a giant leap into the dark: Why take the risk with our prosperity? February 18, 2016 Fifteen years ago, I launched the campaign against Britain joining the euro. Our concern was that giving up the pound and control of interest rates would be damaging to the economy. Yet we saw the advantages to business and jobs of being in the Single Market. Staying outside the euro showed that Britain could negotiate arrangements [...]
New press regulator IPSO to discuss Daily Telegraph HSBC coverage concerns after Peter Oborne allegations February 23, 2015 The new press regulator will look at the concerns raised about the Daily Telegraph’s coverage of the HSBC scandal by one of its former senior journalists, City A.M. has learned. Peter Oborne resigned from his role as the Telegraph’s senior political correspondent last week. He alleges that the newspaper failed to cover HSBC with sufficient rigour [...]
HSBC scandal: MPs launch inquiry following claims that the bank helped clients dodge tax February 9, 2015 The Public Accounts Committee is launching an investigation following claims that HSBC helped wealthy clients "evade" tax. The committee, which was set up to oversee government expenditures, will require HSBC to give evidence to a panel of MPs. Margaret Hodge, chair of the committee, said during a speech at the House of Commons [...]
MPs want press regulator to look at Telegraph case after Peter Oborne accusations over HSBC coverage February 23, 2015 MPs will tomorrow call on the new press regulator to investigate accusations that The Telegraph newspaper limited its coverage of the HSBC tax scandal for commercial reasons. Peter Oborne, previously a political commentator at The Telegraph, quit the newspaper last week, accusing its management of preventing proper reporting of revelations about HSBC. The Telegraph has [...]
City Moves for 15 October 2015 | Who’s switching jobs October 14, 2015 BROWN RUDNICK The law firm has appointed Nicola Kerr as a partner in its corporate team in London. She was previously European head of employment at King & Wood Mallesons (formerly SJ Berwin) for over 15 years, and advises on contentious and non-contentious employment law issues. DEUTSCHE ASSET AND WEALTH MANAGEMENT Stefan Kreuzkamp has been [...]
HSBC offers cheapest fixed-rate mortgage as rates dip closer to 1pc February 1, 2015 HSBC is set to introduce the cheapest fixed-rate mortgage on the market today as intense competition continues to push down interest rates. The bank’s two-year fixed-rate mortgage will have an interest rate of 1.19 per cent. However, it comes with a £1,499 fee. “Mortgage lenders are in a race to the bottom [with regard to [...]