Danish minister says Danske Bank may have misled regulators October 23, 2018 Danske Bank may have knowingly misled investigators looking into the company’s money laundering scandal in Estonia, a Danish minister has revealed. Business minister Rasmus Jarlov said the Danish Financial Supervisory Authority (FSA) is looking into whether the under-fire bank gave it false information. Read more: Regulator blocks Danske Bank's pick for chief exec after €200bn scandal [...]
FTSE 100 falls to seven-month low amid Europe-wide sell-off of stocks October 23, 2018 The FTSE 100 fell to a seven-month low this morning as a Europe-wide sell-off of stocks saw shares drop 1.1 per cent. The index opened below the 7,000 mark today as investors were rattled by world events including Italy’s expansionary budget, Brexit, Saudi oil prices and a poor run of third quarter results this morning. It [...]
Gam loses a fifth of assets as it blames ‘clear setback’ of fund manager’s suspension October 23, 2018 Under-fire asset manager Gam lost around 20 per cent of its investment management funds in its latest quarter, as it struggles to make gains following the suspension of a portfolio manager. Group assets under management fell from SFr 163.8bn (£126.8bn) in June to SFr 146.1bn for the three months to the end of September, the firm [...]
Serious Fraud Office presses for criminal charges to be reinstated against Barclays October 22, 2018 The Serious Fraud Office (SFO) is pressing to get criminal charges reinstated against Barclays related to its capital raising arrangements at the height of the financial crisis. The high street bank and four former executives were charged with conspiracy to commit fraud and the provision of unlawful financial assistance in 2017, connected to a deal [...]
Profit warnings trigger sharpest drop in share prices since financial crisis October 22, 2018 Profit warnings have sparked dramatic share price drops not seen since the height of the financial crisis a decade ago, according to a report out today from accountancy firm EY. FTSE companies that have issued a profit warning in the third quarter of 2018 have suffered an average 21 per cent fall in the value [...]
London Stock Exchange dividends jump amid banking and mining growth October 22, 2018 Shareholders were graced with a bumper third quarter of dividends this year, as a weakened pound and a strong showing from financial and mining firms bolstered payouts. UK dividends climbed 4.1 per cent in the last three months, hitting an all-time third-quarter high of £32.3bn. Underlying payouts, which exclude special dividends, reached £31.6bn, a rise [...]
UBS warns staff away from China travel after banker is detained October 21, 2018 Swiss wealth manager UBS has asked some of its bankers not to travel to China after an employee was contacted by authorities there, reports said. A small team of private banking advisers were sent a cautionary note, which recommended they reconsider any travel plans in the region while the bank attempted to gather more information [...]
RBS set to reveal third quarter dividend policy after making first payment following financial crisis October 21, 2018 Investors in the Royal Bank of Scotland will be eager find out whether the bank will announce another dividend this week, as UK lenders reveal their third quarter results. The bank, which last year returned to profit for the first time since the 2008 financial crisis, recently paid its first dividend in 10 years. Read [...]
Lloyds planning £2bn share buyback next year – report October 21, 2018 Lloyds Banking Group is working on a plan to double the scale of its share buyback scheme next year to £2bn, the Financial Times reported. Citing sources familiar with the plan, the paper said the UK-based lender hoped to return £4.5bn of capital to shareholders through the buyback and by paying a higher dividend. Read [...]
SFO charges former Deutsche Bank trader over Euribor manipulation October 21, 2018 The Serious Fraud Office has charged Andreas Hauschild, a former trader at Deutsche Bank, with conspiracy to defraud as part of an investigation into the manipulation of the Euro Interbank Offered Rate (Euribor). Hauschild was extradited to the UK after being arrested in Italy in August, and appeared before Westminster Magistrates’ Court yesterday, the SFO [...]