HSBC, Barclays and RBS among nine banks signing up to $2bn US foreign exchange settlement August 14, 2015 Nine banks including HSBC, Barclays and Royal Bank of Scotland (RBS) have agreed a $2bn (£1.3bn) settlement with US investors over currency rigging-accusations. Goldman Sachs, BNP Paribas, Bank of America, JP Morgan, Citibank and UBS also signed up to the deal, according to lawyers negotiating on behalf of the investors. A statement by law firm [...]
UK’s services boom extends past two years August 5, 2015 THE UK and Eurozone’s service sectors are seeing slower growth, new figures show, but are still expanding at levels consistent with robust economic growth. Markit’s purchasing managers’ index (PMI) – a survey of firms – fell to a score of 57.4 in July for the UK service sector, according to figures released yesterday. It marks [...]
IMF tells Eurozone to get on with reforms to boost growth as lending picks up July 27, 2015 The International Monetary Fund (IMF) warned today that the Eurozone’s economy was at risk of tipping back into stagnation. Read more: 2015 IMF growth forecast: UK pulling ahead but global economy downgraded “A moderate shock to confidence—whether from lower expected future growth or heightened geopolitical tensions—could tip the block into prolonged stagnation,” said Mahmood Pradhan, the [...]
TalkTalk share price dips as broadband battle heats up: Price wars looming in UK telecoms market July 22, 2015 Telecom firm TalkTalk became the first victim of an increasingly competitive battle to win broadband customers yesterday, after £330m was wiped off the group due to concerns over the UK’s market. The firm, led by chief executive Dido Harding, saw shares close down nearly nine per cent after results showed revenue growth of 3.5 [...]
New Zealand dollar: Rock star no longer – CNBC Comment July 20, 2015 It’s that time of the year again – the excitement of the Ashes is palpable. There are a lot of cricket fans in my office and, although I can’t count myself as one of them, a crash course has taught me that the Antipodean teams often win. Indeed, Sunday marked a crushing defeat for England [...]
RBC deal takes Banque SYZ into Switzerland’s top 20 private banks July 14, 2015 Banque SYZ has bought the Swiss private banking arm of Royal Bank of Canada, doubling its assets under management. The Swiss arm of RBC, which is mostly focused on Latin America, Africa and the Middle East, has CHF10bn (£6.8bn) assets under management, taking the private banking business of SYZ Group to CHF22bn. The [...]
Greek drama and mining pull FTSE to six-month low – London Report July 7, 2015 BRITAIN’S benchmark equity index dropped yesterday to its lowest level in around six months, hit by persistent concerns over Greece and a pullback in mining stocks as metal prices fell. The blue-chip FTSE 100 index closed down 1.6 per cent at 6,432.21 points, around its lowest since mid-January. Global stock markets lost ground after a [...]
Will the Greek crisis hit your investments? Investors will be just fine July 7, 2015 As the Greek financial crisis rolls on for another week, many investors will be wondering whether the situation will have an impact on their portfolios. On the ground in Greece, the situation is little short of catastrophic. Banks have been closed for over a week and ordinary people are scrabbling around for cash to fund [...]
Stocks could be set to beat expectations – New York Report July 5, 2015 WITH analysts’ expectations for second-quarter US earnings at rock-bottom levels, many companies may well beat forecasts, possibly setting up the stock market for gains in the coming weeks. Analysts’ estimates for second-quarter US earnings have been dialled down sharply since the start of the year, amid concerns a strong dollar will crimp the profits of [...]
Grocers and miners pull index to lowest level since January – London Report June 30, 2015 BRITAIN’S top equity index hit its lowest level since mid-January yesterday, pulled down by supermarkets and miners and underperforming even Eurozone shares despite Greece being hours away from a repayment default. While new data showed Britain’s economy enjoyed a stronger start to the year than previously thought, buoyed by big-spending consumers and an upturn in [...]