Citigroup appoints Philip Drury to top EMEA investment bank role November 5, 2018 Citigroup has appointed Philip Drury as head of banking, capital markets and advisory (BCMA) in Europe, the Middle East and Africa (EMEA), the bank announced today. The move comes after the group announced it would reconfigure its structure to combine its capital markets and corporate and investment banking divisions. Drury, whose most recent role was [...]
Business confidence hits lowest level since the financial crisis November 5, 2018 Confidence among UK businesses has fallen to its lowest level since 2008 amid a lack of progress in Brexit negotiations, according to new figures published today. The Institute of Chartered Accountants in England and Wales' (ICAEW's) Business Confidence Monitor index showed a sharp fall in confidence since last quarter from -0.2 to -12.3, lower than after both the [...]
ECB withdraws licence of Malta’s Pilatus Bank over corruption claims, financial watchdog says November 5, 2018 The European Central Bank (ECB) has shut down of Malta’s Pilatus Bank after the lender was accused of corruption, the country’s financial watchdog said today. The scandal, which accused the private bank of processing corrupt payments, was uncovered by Maltese journalist Daphne Caruana Galizia who was murdered in October last year. The accusations against the bank included that [...]
Train union threatens Christmas ‘shutdown’ as commuters gear up for Central and Piccadilly Line strike on Wednesday November 5, 2018 Train driver union Aslef has threatened a widespread Christmas "shutdown" amid its ongoing industrial spat with Transport for London (TfL). Aslef said its executive committee will discuss resolutions from branches on the Northern and Hammersmith & City and Lines who have asked to be balloted for action. "Unless there is a rapid change of approach from management, [...]
Xi Jinping says global free trade ‘under attack’ as US-China trade war continues November 5, 2018 Chinese President Xi Jinping warned the global free trade system was “under attack” and promised to cut import tariffs and open its economy. In a speech at the China International Import Expo (CIIE), Xi appeared to attack US President Donald Trump amid a trade war between the world's two largest economies. “Multilateralism and the free [...]
Spending watchdog says MOD equipment plans are ‘unaffordable’ November 5, 2018 The Ministry of Defence’s (MOD) plans for equipment purchases are “unaffordable” and could produce a nearly £15bn funding gap, according to public spending watchdog the National Audit Office (NAO). It said the MOD’s plan for the next decade, which includes replacing submarine stock and remote-controlled aircraft, was “not sustainable if the department wants to deliver [...]
Ryanair boosts passenger numbers by 11 per cent in October despite 300 cancelled flights November 5, 2018 Budget airline Ryanair saw an 11 per cent increase in traffic in October, as it carried 13.1m passengers. The total includes 500,000 passengers from Lauda, the airline founded by former Formula One champion Niki Lauda and recently acquired by Ryanair. When taking into account Ryanair alone, traffic grew 7 per cent on last year to [...]
Bureauc-rat attack: Rodent control called out five times a day by government departments November 5, 2018 Rat-catchers have been called to government buildings an average of five times a day since 2014, City A.M. can reveal. Michael Gove’s department for Environment, Food and Rural Affairs (Defra) has spent the most money trying to get vermin under control, with Defra forking out £740,000 on pest controllers, according to figures released after a [...]
Brexit financial services deal ‘imminent’, says minister November 5, 2018 A financial services Brexit deal will be “imminently” secured with the EU, according to minister John Glen. Britain is hoping for an improved version of the EU's equivalence system, which allows foreign firms to trade in the EU if their rules are aligned to those in the union. Glen, the financial services minister, said he is “extremely confident [...]
Turkey inflation rate jumps over 25 per cent to highest level in 15 years November 5, 2018 Turkey's annual inflation jumped above 25 per cent in October reaching its highest level in 15 years as the lira crisis continued to hurt the economy. Consumer prices rose 2.67 per cent on the previous month, with clothing and footwear leading the surge with a price increase of 12.74 per cent, the Turkish Statistical Institute revealed [...]