How banks should be looking at the climate change challenge September 26, 2019 Mitigating the impact of climate change is not just an environmental responsibility – it is also an economic necessity. This is a clear message as global leaders met for the UN Climate Summit this week in New York. The impact of climate change will only intensify over time: rising seas and greater storm surges alone [...]
HSBC’s SME loan fund to double help for international businesses September 26, 2019 HSBC is set to double the amount ringfenced for international businesses in its small and medium-sized enterprises (SME) loans fund this year, with the help available for the agriculture sector also set to rise. The bank’s 2019 SME fund will total £14bn, a £2bn increase on last year’s figure and the largest fund since the [...]
Deutsche Bank CEO: Central banks lack tools to prevent economic crisis September 25, 2019 The turnaround boss of Deutsche Bank struck a gloomy tone over the future of the world economy today, warning that central banks have already “turned on the money tap to the limit” and forecasting that the current US-China trade war will persist. Christian Sewing, who is chief executive of the struggling German lender, told banking [...]
Former head of Danske Bank in Estonia found dead September 25, 2019 The former head of Danske Bank’s Estonian unit has been found dead near his home after being missing for two days, local police have said. Aivar Rehe led the scandal-hit branch that is at the centre of a major money-laundering case. Read more: Danske Bank misses profit estimate after troubled 12 months “There are no [...]
Metro Bank shares crash to record low after it scraps £250m bond issue September 24, 2019 Shares in Metro Bank closed over 35 per cent down at a fresh record low after the lender cancelled a crucial £250m bond issue designed to bolster its balance sheets to meet regulatory demands. The challenger bank’s shares opened down as much as 17 per cent before trimming losses slightly, but then crashed again in [...]
HSBC wins court fight as Euribor fine gets scrapped September 24, 2019 HSBC has won a £27.9m EU court fight over Euirbor rigging. Europe’s second highest court annulled the multi-million pound fine for “insufficient reasoning”, despite agreeing that HSBC had infringed the law. Read more: Metro Bank share price sinks The fine was slapped on HSBC by EU antitrust regulators in 2016 over rigging the Euribor financial [...]
Metro Bank share price sinks after investors snub £250m bond offering September 24, 2019 Metro Bank’s shares fell almost ten per cent in early trading after the struggling lender was forced to ditch a £250m bond offering yesterday after a lack of demand from investors. The challenger bank’s shares fell as much as 12 per cent in morning trading, but then trimmed its losses to 6.8 per cent. Read [...]
Metro Bank pulls bond offering on lack of demand September 23, 2019 Metro Bank today suffered a further blow after it pulled a £250m bond offering after a lack of demand from investors. The challenger bank has undergone a tough time since it disclosed an accounting error in January that wiped £1.5bn from its market capitalisation. Metro launched a bond offering this morning, aiming to raise £250m [...]
Thomas Cook collapse set to net hedge funds millions September 23, 2019 The demise of travel firm Thomas Cook has caused chaos, leaving 150,000 Brits stranded abroad and triggering the UK’s biggest peacetime repatriation effort, but hedge funds are set to make millions from the collapse. Thomas Cook was the most shorted company on the London Stock Exchange ahead of its collapse into liquidation in the early [...]
Fintechs are moving at such break-neck speeds that they’re struggling to mitigate the risks September 23, 2019 The “challenger” moniker has been given to a new generation of financial brands because they are disrupting the status quo set by the financial institutions of the past. But it may be that the speed at which these tech-focused firms are expanding will leave them open to significant risk in the near future. In fact, [...]