Nearly half of all Brits fear inflation may rise more than Bank of England prediction March 9, 2022 About two-fifths of people polled recently have a more pessimistic view about rising inflation than the Bank of England, it has been revealed. Despite the Bank’s prediction of a seven per cent spike in Spring, 39 per cent of respondents to a survey by HR software provider CIPHR thought it would be eight percent or [...]
UBS reveals $200m exposure to Russian assets March 7, 2022 Swiss banking group UBS has today revealed it has around $200m exposure to Russian assets and around $10m of outstanding loans to clients hit by western sanctions in response to Russia’ invasion of Ukraine.
Brexit impact minimal as London lost only 7,500 jobs due to UK’s departure, says EU-born City mayor March 7, 2022 The City of London’s mayor, Irishman Vincent Keaveny, rejects any notion that London is losing its position as Europe’s financial capital. In fact, the Square Mile has lost less than 7,500 jobs as a result of the UK’s departure from the EU, Keaveny said, while City firms employ more than 500,000 people. “A certain number [...]
FCA looks to make fair loans more accessible amid cost of living squeeze March 7, 2022 The Financial Conduct Authority is looking to incentivise firms to offer vulnerable borrowers fairer loans following the slow demise of payday loans. The UK’s high-interest loan market has shrunk considerably in the past few years, with the market exit from Provident Financial and troubled Amigo which has been batting off insolvency. The watchdog, which [...]
Saturday Sitdown: Credit Suisse’s global investment boss on the dawn of a new world order March 5, 2022 The Russian invasion of Ukraine has accentuated geo-political risks, further fueling volatility on financial markets and unsettling investors. These developments mark a clear shift to a new world order, Michael Strobaek, Credit Suisse’s global chief investment officer, told City A.M. in an exclusive interview. “This new world order will make risk management as well as investing [...]
Citigroup unsure about future of Ukraine operations as cyber attacks loom March 3, 2022 Citigroup’s chief executive Jane Fraser is unsure about the future of the group’s Ukraine operations following the Kremlin’s invasion. The bank, which has helped some of its Ukrainian staff evacuate from the country, said today some employees have remained to help clients in the country but it’s not clear how long they will be able [...]
Ukraine raises over £200m in war bonds to fuel military defence March 2, 2022 Ukraine has raised $270m (£202.5m) in war bonds to fuel its military defence, as Russia continues its invasion of the country. The capital “will be used to meet the needs of the Armed Forces of Ukraine and to ensure the uninterrupted provision of the state’s financial needs under the war,” Ukraine’s ministry of finance wrote [...]
Credit Suisse asks investors to ‘permanently erase’ documents linked to oligarch loans March 2, 2022 Credit Suisse has issued a legal request to investors asking them to “destroy and permanently erase” documents relating to its clients’ private jets and yachts, as it looks to prevent leaks of its dealings with now-sanctioned Russian oligarchs.
City minister John Glen outlines changes to ‘liberate businesses’ from EU regulations March 1, 2022 City minister John Glen has said his changes to EU financial services regulations will “liberate businesses” in the UK as he further outlines his package of reforms. Speaking to the Association of Financial Markets in Europe today, Glen said the post-Brexit changes “will remove unnecessary duplication and red tape for firms that want to raise [...]
Ukraine war boosts Bitcoin and green stocks as crypto helps Russians and oligarchs to get funds out March 1, 2022 Talks in Belarus between the Ukrainian and Russian committees yesterday were overshadowed by the intensifying military fight in Ukraine. Putin, who seems frustrated with the Ukrainian resistance, and the Westerns sanctions imposed sanctions to the West on his turn by closing its airspace to 36 countries and banning its residents from transferring hard currency abroad. [...]