OECD economic outlook: Where are the world’s trouble spots? November 25, 2014 A stagnant Eurozone, troubled Japan and divergent global monetary policy could hamper global growth over the next two years, according to the OECD. The Organization for Economic Cooperation and Development has warned that global growth will reach 3.3 per cent this year, rising to 3.7 per cent next year and finally hit 3.9 per cent in [...]
UBS to settle over precious metals misconduct allegations as part of forex market rigging probe November 9, 2014 UBS are expected to strike a settlement with financial regulators over allegations of misconduct at its precious metals trading business. The settlement will form a part of a £1.5bn agreement the Swiss lender is due to make with five other banks to settle allegations of forex market rigging. According to a report in [...]
Save money on your overseas transfers and payments September 4, 2014 With an expanding expat community (6 million British citizens reside overseas, by the last count) and a diverse population with global connections at home more Brits than ever before are finding it necessary to send money overseas. According to the World Bank the equivalent of more than $23 billion was transferred out of the UK [...]
RBS says it is reviewing staff conduct following Forex scandal fine November 12, 2014 The Royal Bank of Scotland (RBS) has announced that it is investigating the conduct of over 50 members of its staff, in a sign of penitence for its involvement in the Forex market rigging scandal. This morning, five banks including RBS were given hefty fines by the Financial Conduct Authority (FCA) for "failing to [...]
Are you working overseas? October 22, 2014 Working overseas and sending money back home should be simple in our modern ‘digital age’, but in many cases, you could find you are losing a lot of your salary through unfavourable exchange rates and high transfer fees. With City A.M. International Payments you can expect rates that are typically 3-4pc better than you can [...]
Barclays share price rises as it sets aside £500m to pay regulators over foreign exchange probe October 30, 2014 Are Barclays' regulatory woes about to reach a conclusion? Investors seemed confident this morning – the bank's share price opened 1.6 per cent higher as it revealed it has put aside £500m in the face of ongoing investigations into Foreign Exchange practices. Barclays is not the only bank to have made such provisions: HSBC and [...]
Banks brace for record forex settlement fine November 11, 2014 BANKS in the UK will today be told how much they have to pay the banking regulator in fines, following a year-long investigation into the manipulation of foreign exchange markets. Six banks, including three based in the UK, will face record fines this morning as part of the forex probe. The combined penalty to be [...]
Inflation dips to four-year low in China as economy slows down November 10, 2014 Inflation in China remained low in October, signalling the economy was still cooling. The consumer price index – the headline inflation figure – was 1.6 per cent higher in October than it was last year, according to figures yesterday released by the National Bureau of Statistics. Annual CPI is at its lowest since December 2009. [...]
Want to buy a holiday home this year? Getting the best exchange rate could add thousands to your budget September 10, 2014 If you are thinking of buying overseas chances are it's an escape to the sun that's on your mind. According to research from Moneycorp and Savills, France and Spain are the favourite countries for Brits to own a second home, together accounting for just under 50% of all second homes sampled in the survey. If [...]
Best of the Brokers for 9 October 2014 October 8, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com EUROMONEY INSTITUTIONAL INVESTOR Westhouse securities has reiterated its “neutral” rating. It reduced its target price from 1,090p to 1,063p. It added that Euromoney’s pre-close update contained no real surprises, but confirmed that challenging trading conditions in banking and foreign exchange continued to constrain [...]