Chinese manufacturing contracts as industry hits seven-month low December 16, 2014 Chinese manufacturing has hit a speed bump, falling off a six month period of growth to record its lowest score in seven months. According to data from HSBC and Markit, the flash purchasing manager’s index score was 49.5 in December, below the 49.8 predicted by analysts, on a scale where a 50.0 equals growth. It [...]
Forex rigging scandal: London traders could be visited by US prosecutors November 25, 2014 US prosecutors are coming to London, and they’ve got their sights set on the City. Sources cited by Reuters suggest US Department of Justice (DoJ) officials will speak with current or former employees at HSBC and other banks based in the City in the coming weeks, as part of an investigation into foreign exchange [...]
FCA and PRA reveal latest regulatory code – here’s how it will affect people in the City February 23, 2015 A strict new code for financial institutions places greater accountability on non-executives when regulations are breached, and means they will be guilty until proven innocent, rather than the other way around. The proposals were outlined earlier today by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), and their purpose, according to [...]
Big banks spend £1bn per year and give 1m hours to community causes February 12, 2015 BANKERS at the biggest six institutions in the UK gave a total of more than 1.1m hours of their time to community and charity projects in 2013, according to figures published today by the British Bankers’ Association. In a study revealing the scale of resources given to corporate social responsibility programmes the BBA also found [...]
City UK boss Gerry Grimstone: We’re not all bad apples March 23, 2015 Huge numbers of finance workers are unfairly bashed by politicians whose rhetoric mixes up the misbehaviour of a few bad apples with that of the honest majority, the head of a leading City lobby group said last night. Chancellor George Osborne hit the Square Mile hard in his Budget last week, raising several billion pounds [...]
Interest rates forecast to remain at record low until 2016 November 17, 2014 Interest rates set by the Bank of England (BoE) might not rise off their record lows until 2016, economists from HSBC said yesterday. HSBC recently offered a 0.99 per cent mortgage rate for an initial two-year period – its lowest ever rate. Meanwhile, political uncertainty, low inflation and weak economic growth are all set to deter [...]
FCA to scrutinise how firms handle PPI complaints process January 30, 2015 The Financial Conduct Authority (FCA) has its sights set on a new target – the handling of complaints on payment protection insurance (PPI). The City regulator will investigate whether banks are taking the necessary measures to secure “appropriate protection for consumers” and will reveal its findings in the summer. In August last [...]
John Laing float eyes £865m valuation January 29, 2015 Infrastructure investment group John Laing is eyeing a valuation of £865m from its initial public offering, in what would be the first major flotation on the London Stock Exchange this year. The group, which has been owned by fund manager Henderson since 2006, has set its indicative price range between 195p-245p per share, giving it a market [...]
Why everything is awesome for Lego, in four charts February 25, 2015 Lego goes against all the stereotypes of a multinational company: partly because it's based in Denmark, and partly because when it comes down to it, it only has one product – little plastic bricks. But today it posted figures showing that, in the words of the blockbuster Lego Movie, everything is awesome. Last year represented [...]
British support for EU membership surges to all-time high February 25, 2015 A record number of Brits want the UK remain in the EU, according to a new YouGov poll. Some 45 per cent of voters said they don't want a "Brexit", compared with 35 per cent who would choose to leave. The numbers represent the largest lead for the pro-EU camp since YouGov's records began. Support [...]