Bitcoin is a bubble, a Ponzi scheme and an environmental disaster, the Bank of International Settlements’ head says February 6, 2018 The head of the Bank of International Settlements (BIS) has warned that central banks must be prepared to act against cryptocurrencies, which he labeled “a bubble, a Ponzi scheme and an environmental disaster”. Agustin Carstens, the general manager of the BIS, said bitcoin raises concerns about consumer and investor protection. “Appropriate authorities have a duty [...]
An adviser to John McDonnell has confirmed Labour is planning for run on pound, capital flight February 6, 2018 An adviser to John McDonnell has admitted Labour is planning for a run on the pound and capital flight should a Jeremy Corbyn-led government come into power. Richard Barbrook, university lecturer and games strategist for the shadow chancellor, told socialist magazine The Clarion the team was thinking about “the obvious problems which might face a [...]
Leisure spending to hold up in 2018 but fails to give boost to struggling eating out industry February 6, 2018 Leisure spending will hold up in the UK this year as millennials flock to the pub. Consumers reported that they expected to spend more on enjoying themselves in 2018, according to Deloitte’s quarterly survey. Spending held up in the final quarter of 2017, especially amongst millennials who drove a resurgence in spending at pubs and [...]
Risk of a no deal Brexit isn’t rising, says Bank of England’s newest policymaker Elisabeth Stheeman February 6, 2018 The Bank of England’s newest policy maker said today that the risk of a “no deal” Brexit was not rising. Elisabeth Stheeman, now an external member of the Bank’s Financial Policy Committee (FPC), appeared in front of the Treasury select committee today, and said that leaving the EU without a deal would damage both the [...]
MP Clive Lewis claims RBS “misled” MPs over GRG, and the FCA’s summary is “sanitised”, as he reveals he has full report February 6, 2018 Labour MP Clive Lewis has accused Royal Bank of Scotland executives of “misleading” MPs and blasted the FCA for producing a “sanitised” summary of its internal report on the treatment of business customers by RBS-GRG. Speaking under Parliamentary Privilege, the shadow Treasury minister revealed he had been handed an redacted version of the FCA’s own [...]
Nick Clegg admits “soft Brexit” hopes are dead – but is urging MPs to reject final deal February 6, 2018 Nick Clegg has admitted defeat over his campaign for a soft Brexit, while revealing Brussels’ “sneering disregard” for the reasons behind the referendum result. The former Liberal Democrat leader and arch Remainer told a European think tank last night that he had accepted there was little chance of staying in the Single Market or customs [...]
Investec’s share price bucks FTSE fall as new co-chief executives Fani Titi and Hendrik du Toit take over from Stephen Koseff and Bernard Kantor February 6, 2018 South African bank Investec, which has a weighty presence in the City, has become the latest institution to appoint co-chief executives as its “founding members” prepare to hand over to the next generation. Fani Titi, former non-executive director and chairman of Investec, and Hendrik du Toit, an executive director and the founding chief executive of [...]
Making a meal of it: EAT could close portion of 100-strong portfolio as competition bites February 6, 2018 High street sandwich shop EAT has become the latest food chain to consider closing a raft of stores. The 100-strong chain is looking at restructuring ts portfolio, with a possible company voluntary arrangement (CVA) on the table, according to Sky News. It follows the likes of Byron and Jamie’s Italian, which have both been forced [...]
Q&A: Why are stock markets falling and will it do permanent damage and why is sterling unaffected? February 6, 2018 Investors around the world are feeling the pain of big sell-offs in equity markets as volatility spikes to levels not seen since a flash crash in 2015. The FTSE 100 fell by 1.7 per cent, while European shares on the Stoxx 600 index were down 1.85 per cent at the time of writing. That came [...]
Global stocks fall again: Here’s how nine City analysts reacted February 6, 2018 Shares began their third day of falls this morning, with the FTSE 100 sliding more than two per cent in morning trading after record falls on Asian markets overnight. Here’s how analysts responded this morning. Read more: FTSE 100 follows Asia and Wall Street in third day of global equity rout 1. Fundamentals are still [...]