Chancellor Rachel Reeves delivered Labour’s first Budget in 14 years, announcing £40bn of tax rises, Central London Alliance comments
Banks got a boost from brokers’ ratings August 8, 2016 Banks were the kings of the stock exchange today after their shares received a valuable thumbs up. Barclays closed up 3.6 per cent at 157.40p, no doubt buoyed by Exane BNP upgrading it to outperform from neutral. [stockChart code="BARC" date="2016-08-08 12:22"] Barclays was the second-highest riser in the FTSE 100, following fellow bank RBS, which closed up [...]
Profits dive 46 per cent at Standard Chartered but share price jumps August 3, 2016 Standard Chartered's share price has jumped even as it reported a 46 per cent fall in profits and said it was not yet ready to reinstate an interim dividend. The emerging markets focused bank reported pre-tax underlying profits of $994m (£745m) in the first six months of the year, down from $1.8bn in the comparable period of 2015, [...]
Banks’ share prices dip after FCA announces PPI deadline August 2, 2016 UK bank stocks dipped in early trading today, after the City watchdog announced that it was pushing back its deadline for payment protection insurance (PPI) complaints. The Financial Conduct Authority (FCA) said it plans to set a cut-off point for PPI claims that will fall by the end of June 2019 at the latest. Previously, banks had been [...]
UK’s newly found entrepreneurial ecosystem must be protected from Brexit negativity, says Business Growth Fund chief executive August 1, 2016 It’s difficult to imagine Stephen Welton, the chief executive of the Business Growth Fund (BGF), in a Gymbox, a company whose Twitter biography reads: “We believe that going out and working out should be one and the same thing, and that hot and sweaty exercise should be pure unadulterated entertainment.” “I don’t know if you’ve [...]
Week ahead: Banks take centre stage for results and interest rates August 1, 2016 The Bank of England is widely expected to cut interest rates for the first time in seven years this week as it assesses the fallout from the UK’s vote to quit the European Union. The Bank held fire in July in the immediate aftermath of the Brexit vote, catching some analysts off guard. Policy committee members [...]
Jose Vinals to replace Sir John Peace as chairman at Standard Chartered July 27, 2016 Standard Chartered has today announced that it has today appointed Jose Vinals as chairman. Vinals, who is currently the financial counsellor and director of the monetary and capital markets department of the International Monetary Fund (IMF), will join the board on as chairman designate on 3 October, before formally taking over from Sir John Peace at the start of December. [...]
Demand for commercial property “subdued” and could hit rents, says Land Securities July 21, 2016 Land Securities' chief executive has warned today that occupier demand for commercial property is likely to be "subdued" – and that rental values could be hit as a results. CEO Rob Noel released a statement ahead of Land Securities' annual general meeting today saying the company expects uncertainty to continue while the UK negotiates its Brexit [...]
City Moves for 14 July 2016 | Who’s switching jobs July 14, 2016 Funding Circle Lending platform Funding Circle has appointed Jeremy Bennett as its new global chief financial officer. Jeremy has more than three decades of experience within financial services, working for Credit Suisse, before becoming CEO of Nomura in Europe, Middle East and Africa and CEO of Nomura International. During the financial crisis, he acted [...]
Standard Chartered snaps up 10 Boeing Next Generation 737-800s July 11, 2016 Standard Chartered said that it had placed a $960m (£741.11m) order for 10 shiny, new Boeing Next-Generation 737-800s. The investment bank said that they will be added to its portfolio of over 110 aircraft that are rented out to clients worldwide. The announcement was made as the Farnborough air show kicked off today. Read more: David Cameron has announced a new [...]
Chancellor George Osborne has secured the backing of five investment banks as he seeks to protect the role of the City after Brexit July 7, 2016 George Osborne has secured the support of the leaders of five investment banks as the government seeks to protect the City following last month's Brexit vote. Osborne met with bosses from Standard Chartered, Goldman Sachs, Bank of America Merrill Lynch, Morgan Stanley International and JP Morgan earlier today. And now the bankers and Osborne have [...]