The Bank’s climate warnings are too overblown to help May 25, 2022 What was it HSBC’s now-suspended banker Stuart Kirk said about alarmist climate warnings? “Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS WRONG” was the title of the slide which has seen him taking some unexpected time in the garden, as he dared to offer the heretical view that reports of the world’s imminent demise may [...]
Accountancy firms ask for exemptions from ban on providing services to Russia May 24, 2022 Accountancy firms have asked the UK government to offer exemptions to professional services firms from rules blocking them from working with Russian clients. The calls come after the government this month set out plans to block British accountants, business consultants, and PR managers from providing their services to Russians, in response to the country’s invasion [...]
JPMorgan braced for more than $1bn losses on digital retail bank Chase May 24, 2022 Wall Street giant JPMorgan said it is braced for more than $1bn losses as it grows its digital bank Chase over the next few years, with the retail lender passing the 500,000 customer mark in the UK today.
City banks and insurers will book £330bn climate change loss without action to control impact May 24, 2022 The City could lose as much as £330bn over the next three decades if the UK fails to tackle climate change, the Bank of England said today. Firms will struggle to pay back loans due to costs swelling as a result of higher carbon prices, according to conclusions drawn by the Bank from its first [...]
Crypto crash could threaten global financial stability, ECB warns May 24, 2022 A continued sell-off frenzy in crypto could threaten the stability of global financial markets, the European Central Bank has warned today.
Editorial: HSBC brouhaha should kick off a worthwhile ESG debate May 23, 2022 It is ironic that in a speech criticising hyperbole, the now-suspended HSBC Head of Responsible Investing Stuart Kirk went to some effort to out-hyperbole even those who he sought to lambast. As a former journalist, Kirk will surely have known that criticising alarmist “nut jobs” was unlikely to do anything but stir a hornet’s nest. [...]
US lawyer pulls out of Hong Kong government forum after activists brand it a ‘propaganda event’ May 23, 2022 The head of US law firm Davis Polk’s Asia division has pulled out of speaking at a Hong Kong government forum commemorating the coming into force of the city-state’s controversial national security laws, after pro-democracy activists branded it a “propaganda event”. In a post on Linkedin, Martin Rogers, the chair of Davis Polk’s Asia business, [...]
Hong Kong stock exchange to open US and Europe offices May 23, 2022 The Hong Kong stock exchange is planning to set up two new international offices in the US and Europe, in an effort to draw overseas investors back to the City state. Speaking to the South China Morning Post (SCMP) at Davos, Nicolas Aguzin, the head of Asia’s third largest stock market, said the new offices [...]
Fintech lender Creditspring bags £48m to keep up with cost-of-living borrowing boom May 23, 2022 London fintech lender Creditspring has revealed a £48m cash injection today as it looks to meet a surge in demand as consumers turn to credit amidst a cost of living crunch.
‘Brexit is a mistake and London will be damaged’ warns Sir Howard Davies as NatWest chair claims ‘Boris Johnson hates the Treasury May 23, 2022 SIr Howard Davies, the chairman of banking giant NatWest, has called Brexit ‘a significant mistake’ as the City grandee said he is not very optimistic about the future of the UK. In fact, Sir Howard said he is concerned about the long-term impact Brexit will have on the City of London. In an interview with [...]