New York authorities open investigation into Swedbank – report March 27, 2019 US authorities have opened an investigation into under-fire Swedish bank Swedbank over suspicions it misled them over its customers’ ties to the infamous law firm Mossack Fonseca. Broadcaster SVT reported today that the New York State Department of Financial Services asked Swedbank in 2018 and 2016 for information on all contacts its customers had with [...]
Turkish stocks tumble as short-term lira borrowing rate hits 1,000 per cent March 27, 2019 The Turkish stock market has fallen dramatically as the country struggles to contain another currency crisis. The country’s Borsa Istanbul 100 index fell by 6.3 per cent today as investors reacted nervously to apparent government intervention in the economy to avert a lira crisis of the sort seen in August 2018. Read more: Turkey holds interest [...]
Regulator left Co-operative Bank ‘defenceless’ by regulator in Britannia merger, long-awaited report finds March 27, 2019 The Co-operative Bank was left “relatively defenceless” by the City watchdog in its merger with Britannia, a report into the bank’s near-collapse in 2013 has found. An independent review into the now-defunct Financial Services Authority’s (FSA) supervision of the bank in the five years leading up to the crisis has finally been published today. Read [...]
The Tulip awaits go-ahead after nod from City planners March 27, 2019 Proposals for a new tower in the Square Mile known as 'The Tulip' have been moved one step closer to reality following a recommendation from the City Corporation’s chief planning officer. The 1,000 feet skyscraper, designed by Foster and Partners, is expected to be given the green light by the City’s planning committee at a vote [...]
Germany sells 10-year bonds with negative yields for first time since 2016 March 27, 2019 The German government sold 10-year bonds with a negative yield for the first time since 2016 today, as sovereign debt rallies amid global economic gloom. Read more: Draghi says ECB ready to halt rates rises as Eurozone economy struggles The German Finance Agency said the government sold €2.4bn (£2bn) of “bunds” with 10-year maturities with an average [...]
Government firmly rejects ‘Revoke Article 50’ petition despite debate next week March 27, 2019 The government has dismissed the possibility of revoking Article 50 – and thereby cancelling Brexit – despite a petition to do so amassing 5.85m signatures in the last week. The 'Revoke Article 50' petition quickly surpassed the 100,000 signatories needed to be considered for debate in parliament, and is now the best-supported proposal in the history [...]
Entire Commerzbank board paid slightly more than just one Deutsche banker as pay exposes the pair’s differences amid merger talks March 27, 2019 The entire Commerzbank board were only just paid more than Deutsche Bank’s top investment banker last year, exposing the gulf between Germany’s two largest lenders as merger talks continue. The seven members of Commerzbank’s board were collectively paid €8.76m last year – a 24 per cent cut on the previous year, the bank’s annual report [...]
UK retail sales see biggest contraction in 17 months, says CBI March 27, 2019 UK retail sales volumes fell sharply in March, seeing the fastest contraction in 17 months and marking a four-month run in which sales have not grown, a leading business group said today. Of the businesses surveyed by the Confederation of British Industry (CBI), 46 per cent said sales volumes were lower in March than a [...]
Ex-Interpol chief who vanished in China charged with corruption March 27, 2019 Former Interpol chief Meng Hongwei who disappeared in September is being prosecuted by the Chinese government, China’s anti-corruption watchdog said today. Meng was reported missing by his wife in September after travelling to China from Interpol’s base in France. China confirmed it had arrested him in October and Interpol said he had resigned from his [...]
Network Rail bosses could be fined out of their own pockets to pay for delays March 27, 2019 Top bosses at Network Rail could be forced to fund fines for poor performance through their bonuses under tough new measures proposed by the rail regulator. From 1 April, the Office of Rail and Road (ORR) will push through a new policy to hold Network Rail, which owns the UK's rail infrastructure, to account. The [...]