Markets live: FTSE 100 slips and dollar suffers worst month in a decade July 31, 2020 The FTSE 100 fell in early afternoon trading as investors weighed up weak company earnings and the dollar was set for its worst month in a decade as US coronavirus cases continued to rise. London’s premier stock index was down 0.3 per cent at 5,969 points. The FTSE 250 of mid-cap stocks rose 0.4 per [...]
Bank customers may need longer-term crisis support, says FCA July 31, 2020 The City watchdog has said Britain’s lenders may need to consider introducing “sustainable forbearance” for customers who will struggle with loan repayments after coronavirus relief measures end in the autumn. The Financial Conduct Authority (FCA) has launched a “call for input” to determine what measures may be needed once repayment holidays introduced during the pandemic [...]
Natwest sinks to a loss as it sets aside £2.9bn for bad loans July 31, 2020 Natwest sunk to a pre-tax loss of £770m in the first half of the year as it set aside billions of pounds in anticipation of loans turning sour due to the coronavirus pandemic. The banking group – known as RBS until earlier this month – took a hit of £2.86bn in the first half to [...]
Markets live: FTSE 100 tumbles as US GDP blow hits Wall Street July 30, 2020 The FTSE 100 slumped below the 6,000 mark after data showed the US economy suffered its biggest contraction on record amid the coronavirus pandemic and banks’ second-half results disappointed investors. The UK’s blue-chip index slid 2.9 per cent to 5,951 points in afternoon trading. The FTSE 250, comprised of slightly smaller firms, fell 1.8 per [...]
Barclays urges staff back to the office as HSBC eyes September return July 29, 2020 Barclays boss Jes Staley has indicated he wants employees to return to the office, as HSBC reportedly tells its staff they can work in Canary Wharf from September. Speaking to Bloomberg TV today, Staley said: “It is important to get people back together in physical concentrations.” He has previously said big city offices “may be [...]
Deutsche Bank to end global business activities in coal mining by 2025 July 27, 2020 Deutsche Bank has revamped its approach to fossil fuels, saying it will end global business activities related to coal mining by 2025 at the latest. The new fossils fuel policy applies to financing as well as capital market transactions. The policy trails announcements made earlier this year in which the lender committed to new sustainability [...]
Pet cat catches coronavirus from UK owners July 27, 2020 A pet cat has contracted coronavirus from his owners in the UK’s first example of an animal catching the virus. It is understood that the cat, which has not been named, caught the virus from his owners, but the government said there was “no evidence to suggest that the animal was involved in transmission of [...]
Natwest closes SME accounts after coronavirus loan applications July 27, 2020 Natwest has closed the accounts of some small business customers who applied for the government’s coronavirus loans to help them through the pandemic, leaving them unable to access their money. A number of customers contacted the Guardian to complain that their accounts had either been suspended or closed without any explanation after they put in [...]
The City View: Emily Nicolle on London’s fintech scene July 27, 2020 Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Today Andy Silvester is joined by City A.M.‘s very own Emily Nicolle, our Night and Tech Editor. Emily talks about exclusive new data on the state of Britain’s fintech finances, Apple’s ongoing battles with the European Commission and big tech’s recent troubles. Andy also looks at the government’s removal [...]
Natwest looks at slashing costs by £3bn over the next five years July 26, 2020 Natwest will next week consider proposals to cut costs by £3bn over the next five years as it prepares for a wave of bad debts thanks to the coronavirus crisis. Top managers from the bank, which was renamed from RBS just this week, will look at plans that would see annual operating expenses cut from [...]