Brexit: Minister won’t rule out prospect of City losing EU access over fishing policy row May 19, 2020 A senior minister has refused to rule out the prospect of the UK’s financial services industry losing access to EU markets over a row with Brussels over fishing policy. Environment secretary George Eustice at today’s press briefing said the government would not “get into saying you have to sacrifice one industry in order to give [...]
Bank of England to name recipients of coronavirus loans May 19, 2020 The Bank of England has said it will start naming the companies that use its coronavirus lending facility in a bid to increase transparency about which firms are being bailed out. Firms using the Bank’s covid corporate financing facility (CCFF) will also be expected to start “showing restraint” on dividend payments, share buy-backs and senior [...]
Regulator asks for mobile data in Credit Suisse spying probe May 19, 2020 Swiss regulators have asked for message data from the mobile phones of several Credit Suisse managers and supervisory board directors as part of an investigation into spying at the bank, Reuters reported citing sources. Switzerland’s financial watchdog FINMA is examining the culture and governance of the bank and whether management failures led to spying operations [...]
Traders bet on Bank of England launching negative interest rates May 18, 2020 Traders are betting that the Bank of England introduces negative interest rates for the first time ever, pushing the pound to a three-week low today. Interest rate futures contracts from December dipped into negative territory today as the money markets speculated that British interest rates would fall below zero in the coming months. Comments by [...]
Coronavirus triggers profit warning spike for financial services businesses May 18, 2020 UK listed financial services businesses have issued more profit warnings this year than in the whole of 2019 as a result of the coronavirus pandemic. UK-listed financial services firms have issued 31 covid-19 related profit warnings so far this year, according to analysis from EY, representing 17 per cent of the Ftse financial services sector. [...]
Former LSE boss Rolet joins Shore Capital as non-exec chairman May 17, 2020 The former boss of the London Stock Exchange Xavier Rolet has joined brokerage firm Shore Capital as the chairman of its capital markets business. In his decade at the head of London’s bourse, Rolet transformed the LSE into one of the world’s largest indices by market capitalization. When he joined, its valuation stood at £800m, [...]
Monzo faces steep valuation drop in coronavirus funding round May 15, 2020 UK challenger bank Monzo is reportedly raising a fresh round of cash from investors at a 40 per cent discount to its previous fundraising. The fintech is close to sealing a deal that will value it at around £1.25bn, compared to a valuation of more than £2bn at its previous funding round in June, according [...]
Bank of England ‘not contemplating’ negative interest rates, says governor Andrew Bailey May 14, 2020 Bank of England governor Andrew Bailey has said Threadneedle Street is not considering cutting interest rates to below zero. The governor said that it would be unwise to rule anything out, “particularly in these circumstances,” in an online question and answer session with the Financial Times. Yet he said: “It is not something we are [...]
Fed chair Jerome Powell warns the US faces extended period” of weak growth May 13, 2020 US Federal Reserve chair Jerome Powell today warned that the US faces an “extended period” of weak growth and stagnant incomes, and pledged to continue to intervene in the economy, and issued a call for additional fiscal spending. “It will take some time to get back to where we were,” Powell said. “There is a [...]
Starling and Funding Circle to provide £300m in small business loans May 13, 2020 Starling Bank and Funding Circle today said they have teamed up to provide £300m in loans to small firms under the coronavirus business interruption loan scheme (CBILS). Starling will lend through Funding Circle alongside other institutional investors, granting access to funding for more than 4,000 small businesses across the UK. Both fintech firms have been [...]