War-torn Ukraine firms get access to London’s financial services in digital trade deal March 20, 2023 The UK has signed a digital trade deal with Ukraine which will help support the country’s economy during the war with Russia and as it rebuilds in the future. Under the deal, Ukrainian businesses will be able to trade more efficiently and cheaply with the UK through electronic transactions, e-signatures, and e-contracts. It will also [...]
First Silicon Valley Bank, then Credit Suisse, and now Signature Bank is bought out for £2.2bn March 20, 2023 New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a 2.7 billion dollar (£2.2 billion) deal, the Federal Deposit Insurance Corp (FDIC) said late on Sunday. The 40 branches of Signature Bank will become Flagstar Bank, starting on Monday. This comes after UBS agreed to purchase beleaguered [...]
Explainer: What’s an AT1 bond – and why are Credit Suisse’s now worthless? March 20, 2023 UBS’ rescue deal of Credit Suisse, which will see it buy its stricken Zurich rival at a discount £3bn price, has come with a surprise for holders of Credit Suisse’s AT1 bonds. These risky bonds – which had a nominal value of $17bn – are now precisely worthless. Unsurprisingly, holders of the bonds are less [...]
What The Best Companies in The City of London are Doing to Save Money March 20, 2023 | Sponsored In the competitive business market of London, companies are looking for any advantage they can find to save money and stay ahead. One of the most popular options for companies wanting an office in London is to utilise non-traditional commercial real estate, such as serviced offices. Traditional office space is a huge investment Traditional office [...]
Hong Kong and Tokyo: Why Asian markets declined after Credit Suisse’ takeover March 20, 2023 Asian stock markets fell on Monday after Swiss authorities arranged the takeover of troubled Credit Suisse amid fears of a global banking crisis. Ahead of a Federal Reserve meeting to decide on more possible interest rate hikes, markets in Hong Kong, Tokyo and Sydney declined. While in Shanghai, stocks edged up. Oil prices also retreated. [...]
Stagnant wages since 2008 financial crash means workers £11,000 worse off, BBC Panorama reveals March 20, 2023 Workers are £11,000 worse off per year due to 15 years of wage stagnation, according to the Resolution Foundation. In new figures shared with BBC Panorama, the think tank calculated that, had wages continued to grow at the pace seen before the 2008 financial crash, the average worker would make £11,000 more per year than [...]
Elgin Marbles: Leading historian says British Museum has “nothing to apologise for” March 20, 2023 A leading Oxford academic has slammed mooted plans to lend the Elgin Marbles to Greece ahead of a crunch meeting of the trustees of the British Museum this week. In a new report commissioned by Policy Exchange, art historian and Elgin Marbles expert Sir Noel Malcolm has confirmed the Museum is legally bound to preserve [...]
Analyst: Why Chancellor Jeremy Hunt has less headroom than he thinks on the public finances March 20, 2023 THE OFFICIAL Treasury watchdog may be repeating its mistake of over-estimating UK growth, Deutsche Bank analysts have warned, with the forecasting miss potentially wiping out Chancellor Jeremy Hunt’s spending power in years to come. In forecasts published by the Office for Budget Responsibility last week, the watchdog said it expected UK GDP groth to settle around 1.75 [...]
Crash? What crash? House prices defy gravity though London lags slightly March 20, 2023 House prices continues to defy expectations with a steady recovery this month that has seen the average property coming onto the market increase by £3,000. Asking prices for new sellers do still remain £5,800 below their peak in October 2022. London’s average asking price fell by 0.1 per cent in March, leaving the average price [...]
Gold hits record highs as investors scramble for safety in week of bank turmoil March 20, 2023 Gold prices reached record highs in the UK last week as investors scrambled for safety in the wake of Silicon Valley Bank’s collapse and an ensuing banking crisis on both sides of the atlantic.