RBS could hold AGM ‘in an empty room’ due to coronavirus outbreak March 12, 2020 Banking giant RBS is gearing up to hold a dramatically scaled-back physical annual general meeting (AGM) due to the coronavirus pandemic, with just core attendees present in person. RBS, like all listed companies with a financial year ending in December, has a legal obligation to hold a physical AGM by 30 June, with the meeting [...]
ECB to let eurozone banks breach key requirements due to coronavirus March 12, 2020 The European Central Bank said that eurozone banks will be allowed to fall short of some key capital and cash requirements as lenders grapple with the economic shock of the coronavirus pandemic. The announcement came soon after ECB monetary policymakers announced a new stimulus package, marking an unprecedented synchronised action by the central bank’s two [...]
Bank of England weighs pros and cons of central bank digital currencies March 12, 2020 The Bank of England has asked for people’s views on the creation of a central bank digital currency (CBDC) as it weighs the pros and cons of launching its own. Governor Mark Carney said in a discussion paper published today that although “the creation of a CBDC poses a number of opportunities, it could raise [...]
HSBC interim chief executive’s pay set to rise to £1.3m March 11, 2020 HSBC has revealed chief executive Noel Quinn will receive a 2.5 per cent pay rise, bringing his total salary to £1.3m, while finance boss Ewen Stevenson’s salary will rise to £741k. Last month, the bank unveiled a radical strategy overhaul alongside its annual results. Under the plans, HSBC will cut 35,000 jobs over the next [...]
Budget 2020: Government to tax financial services firms to pay for economic crime fight March 11, 2020 The chancellor said today that the government would bring forward a levy on financial services firms to help pay for the fight against economic crime. It said businesses subject to the money laundering regulations would be subject to the tax which would aim to deliver reforms laid out in the government’s economic crime plan. Businesses [...]
How should investors act in a crisis? March 11, 2020 | City Talk With markets reeling from the effects of coronavirus, Schroders’ Group CIO, Johanna Kyrklund, highlights what investors should focus on. Coronavirus is the latest threat to market harmony that once again poses a timeless question: how should investors act in a crisis? Whether you’re a fund manager, responsible for billions of pounds of other people’s money, [...]
Should the Bank of England consider an emergency interest rate cut in response Covid-19? March 11, 2020 Should the Bank of England consider an emergency interest rate cut in response Covid-19? Vicky Pryce, former joint head of the Government Economic Service and author of It’s the Economy, Stupid, says YES. This is an emergency situation and emergency measures are needed. The Budget needs to focus on providing short-term help, but a joint [...]
Treasury to push back target date to sell off RBS stake March 10, 2020 The Treasury is set to push back its target date for selling its stake in the Royal Bank of Scotland (RBS) in the wake of stock market uncertainty. The government is due to announce tomorrow that it will not divest its 62 per cent stake in RBS until 2025. An exit strategy the Treasury published [...]
Your road map to the Isa universe: Make the most of your tax-free allowance March 10, 2020 There are just 27 days to go before the tax year ends on 5 April. For savers and investors, that means there are only a few weeks left to make use of their Individual Savings Account (Isa) allowance. Introduced in 1999, Isas allow people to invest up to £20,000 into savings each tax year, and [...]
Oaknorth Bank doubles profits but reports a slowdown in growth March 9, 2020 Oaknorth Bank nearly doubled its profits last year, but reported a slowdown in growth. The five-year-old challenger bank reported a 95 per cent jump in pre tax profit to £65.9m, up from £33.9m in 2018. Oaknorth said it had kickstarted efforts to broaden its customer base outside of its core market of London and the [...]