Mansion House speech: The age of irresponsibility is over, says Mark Carney June 10, 2015 Tens of thousands more City workers face an unprecedented crackdown on bad behaviour. The Bank of England last night recommended extending the senior managers’ regime to all fixed income, currencies and commodities traders at banks, as well as their counterparts at interdealer brokerages and buy-side asset managers. Bank of England governor Mark Carney also wants [...]
Why Turkey will be the first of the emerging market dominoes to fall June 14, 2015 Like a lion ambling out of the mists of the Serengeti in search of its first meal of the day, first-rate political risk analysts must possess the sixth sense of always looking for the weakest water buffalo. Delving beneath the happy talk and self-serving comments governments invariably put about regarding their countries’ economic prospects, they [...]
Forex-rigging scandal: Barclays given largest fine in FCA history May 20, 2015 Barclays has been fined £284.4m by the Financial Conduct Authority (FCA) for failing to control business practices in its London foreign exchange operations. The bank's "inadequate and ineffective" control over its forex floor led to the biggest fine ever handed out by the FCA. Last year the bank opted out of a mass settlement in [...]
Inside the rock: Gibraltar’s strategic and military importance is complemented by financial and gaming leadership November 12, 2015 Covering an area of just 6.8 square kilometres, the British Overseas Territory of Gibraltar punches well above its weight. At the last count, despite a population of only 32,000 people, it was home to 67 insurers with £9.95bn in total assets, 13 banks, 72 trust and company service providers, 14 pension fund administrators, and [...]
European markets make first gains in days following Greek default July 1, 2015 Equities investors across Europe threw caution to the wind today, as markets made their first tentative gains in days following the standoff over Greek debt. Read more: What happens next? Every question you have on Greece answered The FTSE 100 was up 0.5 per cent in early trading this morning, while Germany's Dax rose 0.6 [...]
Currency support from the exchange experts: From start up to success September 15, 2014 Whether it’s importing, exporting or expanding overseas, a business needs to be on top of its currency requirements to enjoy successful overseas operations. Using the services of a foreign exchange specialist such as Moneycorp, the providers of City AM International Payments, can save a business thousands. Moneycorp offer expert market guidance and bespoke tools to [...]
Barclays earmarks £800m for Forex scandal costs: How much have other banks set aside? April 29, 2015 Barclays announced today that it is putting aside an extra £800m in provisions for the fall out of the Forex scandal. The extra £800m makes it the bank with the second largest pool of provisional cash – after JP Morgan. The extra provisions bring the total set aside by the six banks to £5.1bn. In Novemeber, [...]
Denmark spent £17bn to defend peg in February March 3, 2015 THE AMOUNT of foreign currency held by Denmark’s central bank has hit record levels, the bank said yesterday. The bank is doing everything it can to maintain a constant exchange rate between the Danish krone and the rapidly weakening euro – a peg which has been in place for decades. The bank buys foreign currencies [...]
Iran nuclear deal: From oil prices to GDP, how have sanctions affected the country? July 15, 2015 After nine years of negotiations between Iran and leaders from the snappily-titled "P5 +1" nations – the US, the UK, France, Russia, China and Germany – agreed yesterday to lift sanctions on Iran. But what does that mean for the country's economy? Sanctions were first applied to Iran in 1979, after the storming of the [...]
Nasdaq hits a record high as US stocks rise – New York Report May 27, 2015 US STOCKS ended sharply higher yesterday and the Nasdaq logged a record high close, led by a rebound in technology and healthcare stocks and optimism that Greece would avoid defaulting on its debt. Reports that Athens and its creditors were near a deal pushed the euro higher against the dollar, partly reversing recent moves. EU [...]