Euro and pound get a Thanksgiving relief from the stronger dollar November 24, 2016 The euro is enjoying a small rally on as the US celebrates Thanksgiving, after it hit its lowest level since March 2015 against the US dollar, still riding high as investors continue to adjust in post-election market turmoil. The pound held off the dollar in Thursday’s trading to rally slightly back towards $1.25 while US traders are on holiday. [...]
Q&A: The challenges faced by SME exporters November 3, 2016 Encouraging small British firms to sell their goods and services overseas is a key plank of government policy, and there is now a range of organisations devoted to helping them do just that. Official figures, however, show that only 5 to 10 per cent of UK SMEs are currently engaged in export. We spoke with Allan [...]
90 per cent of Brexit backers want to retain the UK’s current Single Market access, according to a new poll November 16, 2016 A huge majority of voters want the UK to retain Single Market membership according to polling figures released today. Across both Leave and Remain supporters, there is widespread support for the UK staying in the Single Market, pollsters say. But there is a yawning divide between the two groups over immigration, with the Brexiteers – [...]
HSBC had investigated foreign exchange trade and found no breach of conduct July 21, 2016 HSBC conducted its own internal investigation into a $3.5bn (£2.65bn) currency trade over which two of the bank's top traders were charged yesterday, it has been revealed. The Financial Times reported today that an internal investigation by HSBC three years ago found nothing wrong with the transaction. The bank allegedly conducted the review after a foreign exchange scandal erupted [...]
It’s time to end the scandal of hidden holiday money charges July 20, 2016 Holidays are expensive. Last year British families spent £26bn on holidays abroad. That’s around £2,000 each trip. Some were all inclusive, but many, perhaps even most journeys will have seen people change money to pay for things overseas. As we all get ready for our week in the sun this year, I decided to look [...]
Morgan Stanley warns oil prices could fall to $20 per barrel due to a strong US dollar January 11, 2016 Foreign exchange rate movements could send Brent crude oil as low as $20 per barrel, investment bank Morgan Stanley has warned. In a research note sent out today, it said oil prices could fall between 10 to 25 per cent if the US dollar gains five per cent. While the widening gap between supply and demand may [...]
Leicester City eye transfer market savings after agreeing partnership with FairFX trading firm July 28, 2016 Premier League champions Leicester City have capitalised on their success by striking a partnership with a City-based foreign exchange provider that they hope will save them millions of pounds in the transfer market. Leicester will work with FairFX's international payments service when conducting all overseas transfers after agreeing a two-year deal with the firm. With more money to spend on [...]
Burberry profits fall 24 per cent despite Brexit boost November 9, 2016 Burberry reported plummeting profits in the first half of the year – but added that the fall in sterling had pushed up comparable sales by 30 per cent in the UK. Silver linings? The figures Underlying pre-tax profits fell 24 per cent to £146m in the six months to the end of September, as revenues fell to [...]
Cairn Energy at centre of HSBC rate-rigging allegations July 21, 2016 Cairn Energy is the client at the centre of a US investigation into rate-rigging, currency fixing and market manipulation, City A.M understands. US prosecutors allege two senior HSBC employees artificially boosted sterling ahead of a $3.5bn deal (£2.7bn in today's prices), netting the bank around $8m in profit. Bloomberg reported that the oil explorer had hired HSBC in 2011 to convert the sales proceeds of [...]
HSBC currency traders charged in New York in US rate-rigging investigation July 20, 2016 Two of HSBC's top currency traders have been charged in New York today as part of the US investigation into rate-rigging, currency fixing and market manipulation. One, Mark Johnson, the bank's London-based global head of foreign exchange was arrested at John F Kennedy airport yesterday by FBI agents and was charged this afternoon in a federal court in Brooklyn with [...]