David Cameron: Independent Scotland cannot pilfer pound August 27, 2014 David Cameron will deliver a clear message to the leader of the Scottish independence campaign Alex Salmond today, warning there will not be a currency union under any circumstances if Scots vote Yes in the 18 September referendum. It comes despite Salmond’s claim that the Yes campaign has the edge and that Scotland would keep [...]
Monitise share price soars on extension to IBM partnership August 27, 2014 London-listed Monitise saw its shares soar 13.2 per cent yesterday after the mobile banking and payments firm announced a deeper alliance with business giant IBM. This would include the transfer of teams from Monitise’s development and implementation workforce to IBM. Monitise sells white-label mobile banking software – used by customers including Visa, Natwest and HSBC [...]
So will Andrew Bailey be the lord of the ring (fence)? – Inside Track August 27, 2014 It is surprisingly easy to find bankers with positive things to say about Andrew Bailey, their chief regulator. By the end of the year, though, he could find that it isn’t only the weather that feels chillier whenever he meets bank executives. Already, the Prudential Regulation Authority (PRA) consultation on a new accountability regime [...]
Why the future is collaborative for banks and fintech August 27, 2014 THE INTRODUCTION of paper money revolutionised the way we exchanged goods and services. Now, the booming UK financial technology (fintech) sector is fast changing the way we bank, invest and raise money. Thanks to a large and sophisticated consumer market, a high concentration of global financial institutions, and the availability of capital, fintech has found [...]
Scottish independence: 130 businesses sign letter supporting the Union August 27, 2014 Over 130 businesses have joined together to sign a letter to be published in Wednesday's Scotsman, slamming the case for Scottish independence. Signatories include the CEO of BHP Billiton and the executive vice-president of policy at BG Group Sir John Grant. In total, the signatories companies account for around 50,000 Scottish jobs. The Better Together [...]
Ice bucket challenge hits the City as finance chiefs get a soaking August 25, 2014 It’s official; the ice bucket challenge has hit the City. HSBC’s chief economist Stephen King, PwC’s Andrew Sentance and economist Danny Blanchflower have all had a soaking. But we particularly liked this snap of Withers’ co-head of wealth planning, Filippo Noseda feeling the cold, in his pants. Who’s next? Come on, Carney.
Scottish independence: HSBC chairman Douglas Flint warns currency uncertainty could prompt capital flight, leaving finances in “parlous state” August 22, 2014 HSBC Chairman Douglas Flint has warned the loss of a combined currency union if Scotland becomes independent could prompt capital flight from the country and leave it in a “parlous” financial state. Writing in the Telegraph, the Scottish-born head of HSBC said a shared currency was a core element of Scotland’s economic benefits. He warned [...]
Phoenix rises and sets sights on £100bn of UK acquisition opportunities August 21, 2014 Insurer Phoenix is understood to be looking at £100bn worth of potential acquisition opportunities in the UK, following a promising set of half-year results announced yesterday. The group is also seeking an investment-grade credit rating that it expects will reduce the cost of its debt by around 50 basis points and give it access [...]
Chinese industry signals slower growth as prices begin to drop August 21, 2014 CHINA’S manufacturing sector weakened to a three-month low this month, falling back towards negative territory after a more promising start to the summer. According to HSBC’s survey of the country’s dominant industrial base, released yesterday, manufacturers grew more slowly in August. The bank’s purchasing managers’ index (PMI) figure dropped back to 50.3, barely above the [...]
City Moves for 22 August 2014 | Who’s switching jobs August 21, 2014 RBC Global Asset Management The asset management arm of Royal Bank of Canada has appointed Clive Brown as chief executive and managing director of RBC Global Asset Management International. He joins from JP Morgan Asset Management, where he was global chief operating officer and chairman of Asia. Brown has also previously worked as chief executive [...]