Credit Suisse and Silicon Valley Bank chaos are symptoms of fragile banking system March 21, 2023 City folk around in 2007 must have been getting very twitchy over the last week. Some of the market moves were reminiscent of the early stages of the financial crisis once people clocked on to just how bad banks had messed up. Credit Suisse tumbled more than 30 per cent at one point. Its peers [...]
Credit Suisse, Greensill and Archegos: how did it all go so wrong? April 12, 2021 Spare a thought as the week begins for Christine Graeff, the group head of corporate communications for Credit Suisse. The Swiss finance giant has lost billions of dollars in recent weeks in what has been branded a “disaster pile-up”. The basic cause is easy enough to diagnose: Credit Suisse provided financial backing for the the [...]
Leading MP slams Lloyds Banking Group’s overdraft fee changes January 13, 2019 An influential MP has slammed Lloyds Banking Group for trying to “game the system” with its new overdraft fees. Labour MP Rachel Reeves, chair of the Business, Energy and Industrial Strategy select committee, said Lloyds’ upcoming overdraft changes would increase fees for the majority of customers and went against the spirit of recent recommendations from [...]
FTSE 100 close: Barclays, HSBC and Easyjet shine on otherwise poor day in London January 25, 2023 London’s FTSE 100 today gave up morning gains to finish lower before stronger-than-expected retail earnings provided a balm against recession fears. The capital’s premier index fell 0.22 per cent to 7,740.34 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, slid 0.38 per cent to [...]
London business confidence falls more sharply than anywhere in the country but Lloyds Bank backs City’s ‘resilience’ February 28, 2019 Business confidence among London firms fell sharply in February after a buoyant start to the year due to uncertainty at home and a slowdown abroad. But Lloyds Bank, conducting the survey, expected confidence to bounce back in the coming months, citing the resilience of the City’s firms. Read more: Lloyds Banking Group boosts profits 24 [...]
Moving Markets today: FTSE 100 in red to begin the year but oil rises January 3, 2024 Moving Markets Today: Asia Stocks Mirror Wall Street Decline, Apple at Seven-Week Low, Oil Prices Rise; Focus Shifts to Fed Minutes, U.S. Jobs Report, and Eurozone Inflation
Bank of England economy warning sends London markets lower July 5, 2022 London markets were dragged lower today by the Bank of England warning the UK economy is headed for a tough time over the coming year. The capital’s premier index shed nearly three per cent to close at 7,025.47 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the [...]
UBS profits drop below expectations July 26, 2022 A sharp fall in profits at UBS’s investment banking division caused by charges to deal with the fall out of the collapse of Bill Hwang’s Archegos Capital and tumbling global stock markets has raided the Swiss lender’s bottom line. UBS profits sank around $100m (£83m) over the last year to $2.1bn (£1.7bn), it announced today, [...]
Tough new US tech laws could open up a whole new UK market October 2, 2023 The US, known for its friendly approach to tech, is looking to toughen up rules against Web3 and blockchain technologies, giving the UK a fresh chance to seize billions worth of investment, writes Iain Mansfield
FTSE 100 loses Wall Street bounce as banks falter July 20, 2022 A boost from a bumper day on Wall Street yesterday was not enough to help London’s FTSE 100 finish higher today. The capital’s premier FTSE 100 index shed 0.44 per cent to close at 7,264.31 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, added [...]