FTSE 100 roundup: Today’s winners and losers November 2, 2018 The FTSE 100 lost ground today, with the index down 8.05 points at 7,106.61 shortly before the market close. Markets globally reacted positively to suggestions that the US and China may be coming towards a deal to end their recent trade war. However, looking at the week just gone, it appears that the FTSE 100 [...]
Trade war fears take the shine off Standard Chartered’s rising profits October 31, 2018 Standard Chartered’s better-than-expected results were dampened by bleak warnings of trade war risks this morning, as fears mount that the firm’s emerging markets could be hit by escalating tensions between China and the US. The bank reported profits of $1.06bn (£830m) in the three months to the end of September, trumping forecasts of $978m and [...]
Standard Chartered opposes animal testing as it tightens environmental policies October 25, 2018 Standard Chartered will no longer finance clients who test cosmetic products on animals, it said today as it announced a raft of tightened environmental and social policies. The emerging markets-focused bank will also avoid financing plantation or livestock ranches that degrade High Carbon Stock forests, peatlands or legally protected areas, or operations that grow, process [...]
HSBC confirms it is exploring a Chinese listing via new London-Shanghai link October 18, 2018 HSBC confirmed today it is exploring a plan to sell its shares in China via a new London-Shanghai trading link. A spokesperson for the bank said: “We are studying the proposed framework for the listing of Chinese depositary receipts under the Shanghai-London Stock Connect but cannot comment further at this time.” Read more: HSBC, Credit [...]
UBS veteran James Palmer appointed EMEA investment bank vice chairman October 17, 2018 UBS veteran James Palmer has been appointed vice chairman of EMEA investment banking and capital markets at Credit Suisse. Palmer will be based in the Swiss banking giant's London office and focus on revenue generation across all product groups, according to an internal memo seen by City A.M. and confirmed by a company spokesperson. Read more: [...]
IMF pulls out of Saudi investor summit as more details of journalist’s disappearance emerge October 17, 2018 International Monetary Fund managing director Christine Lagarde has become the latest global figure to withdraw from a high-profile Saudi investor conference next week following the disappearance of journalist Jamal Khashoggi. The chief executive of French bank Societe Generale, Frederic Oudea, also dropped out on Wednesday. But SoftBank, whose $93bn Vision Fund was half-funded by Saudi [...]
Two city chiefs become latest to pull out of Saudi conference over death of journalist October 16, 2018 Two City bosses have become the latest high-profile names to withdraw from an investor conference in Saudi Arabia following the death of journalist Jamal Khashoggi London Stock Exchange chief executive David Schwimmer and Catherine McGuinness, the City of London Corporation's policy chair, join the likes of HSBC, Credit Suisse and Standard Chartered in pulling out of the [...]
HSBC, Credit Suisse and Standard Chartered join boycott of Saudi conference over missing journalist October 16, 2018 The chief executives of HSBC, Credit Suisse and Standard Chartered have become the latest business leaders to withdraw from a high profile Saudi investor conference next week. The banking trio have joined a plethora of influential figures and businesses to pull out of the three-day event following the disappearance of journalist Jamal Khashoggi. The US [...]
With the CMA scrutinising the Big Four, can we still trust auditors? October 11, 2018 With the Competition and Markets Authority (CMA) scrutinising the Big Four, can we still trust auditors? Yes – Michael Izza is chief executive of the ICAEW. Every year, hundreds of thousands of audits are performed to the highest professional and ethical standards. Auditors underpin business confidence by providing independent verification that a company’s financial statements [...]
Theresa May launches consultation into forcing firms to report ethnicity pay figures October 11, 2018 KPMG, WPP and the Royal Bank of Scotland (RBS) are among a number of businesses to have signed up to a new charter by Theresa May that aims to improve the recruitment and progression of ethnic minority employees. Alongside the charter the Prime Minister has also launched a consultation into mandatory ethnicity pay reporting, following last [...]