Standard Chartered share price drops on US probe into alleged bribery in Indonesia September 27, 2016 Shares in emerging market-focused bank Standard Chartered were dragged lower today after news broke that the bank is the subject of a US Justice Department investigation. US authorities are investigating the London-based bank over allegations that Indonesian power company Maxpower – owned by Standard Chartered – paid bribes to win contracts between 2012 and 2015. Shares in the bank closed down by 2.5 [...]
Analysts fear Deutsche Bank could become Europe’s Lehman Brothers September 27, 2016 The misery for Deutsche Bank continued this morning as shares continued to slide to fresh record lows. The German lender has seen its share price lose 30 per cent in the last three weeks and was hit by a new round of selling this morning, as shares dropped 3.3 per cent to €10.20 (£8.86). The latest slide [...]
Banking shares bolster FTSE 100…except for RBS September 21, 2016 Banks' investors have a reason to celebrate this morning, as share prices among lenders are on the rise – with the exception of RBS. At time of writing, Barclays is the biggest riser of the FTSE 100, while shares in HSBC, Standard Chartered and Lloyds Banking Group are also up, after the Bank of Japan [...]
Bank of Japan tweaks policy in fight for inflation September 21, 2016 The Bank of Japan has announced a raft of policy tweaks in measures it hopes will help Japan return to inflation. While keeping interest rates unchanged at minus 0.1 per cent and its quantitative easing programme steady at ¥80 trillion (£601bn) per year, the central bank introduced a new target rate for long-term government bonds and [...]
This consulting firm has created an “editable” blockchain and people are puzzled September 20, 2016 Blockchain, heralded in part for keeping an immutable record of transactions, could soon become editable. Accenture has patented a prototype for making changes to it in "exceptional circumstances" to take into account errors recorded such as so-called fat finger moments, or, human error. “As we focus on new uses for blockchain technology beyond the realm of cryptocurrency, absolute immutability will become both [...]
Bank of England’s Andrew Hauser: Don’t expect blockchain to revolutionise finance any time soon September 20, 2016 Much heralded blockchain technology will not create a revolutionary shake up in the financial sector anytime soon, a top Bank of England official has declared. The distributed ledger technology has a way to go to become to be as revolutionary as some are predicting, according to Andrew Hauser, the executive director of banking, payments and financial resilience [...]
US tech leaders still ❤ London, even after Brexit September 19, 2016 Entrepreneurs and tech leaders in the US still have an eye for London as the transatlantic special relationship continues to flourish despite the looming prospect of Brexit. The capital still tops their list as the top tech hub in Europe and the best place from which to build business across the continent, a new survey of more than [...]
Shares in European lenders finish lower after Deutsche Bank is asked to pay $14bn over mortgage-backed securities claims September 16, 2016 Shares in British banks finished at the bottom of the FTSE 100 after Deutsche Bank after it admitted it had been asked to pay a massive $14bn (£10.6bn) fine by the US Department of Justice (DoJ). Shares in the lender were down 8.5 per cent at €11.99, its worst day of trading since the day after the Brexit vote, after it said in [...]
Blockchain startup Ripple raises $55m from Standard Chartered and Accenture September 15, 2016 Blockchain startup Ripple, one of several groups working with banks to create standards for the distributed ledger technology, has landed millions more in funding, with Standard Chartered and Accenture among new investors jumping on board the blockchain bandwagon. The venture arm of Siam Commercial Bank, SCB Digital Ventures, and Japan's SBI Holdings also participated in the $55m [...]
From City Hall to wealth management startup: Meet Boris Johnson’s ex-economic adviser, Gerard Lyons September 13, 2016 Not many wealth management firms can boast a chief economic strategist with the CV and public profile of Gerard Lyons. Formerly of Standard Chartered and Swiss Bank, Lyons joined the launch team of Netwealth this summer after a lengthy stint as London mayor Boris Johnson’s chief economic adviser. Bearing in mind Johnson’s high-profile support of [...]