UBS reveals $200m exposure to Russian assets March 7, 2022 Swiss banking group UBS has today revealed it has around $200m exposure to Russian assets and around $10m of outstanding loans to clients hit by western sanctions in response to Russia’ invasion of Ukraine.
Brexit impact minimal as London lost only 7,500 jobs due to UK’s departure, says EU-born City mayor March 7, 2022 The City of London’s mayor, Irishman Vincent Keaveny, rejects any notion that London is losing its position as Europe’s financial capital. In fact, the Square Mile has lost less than 7,500 jobs as a result of the UK’s departure from the EU, Keaveny said, while City firms employ more than 500,000 people. “A certain number [...]
Unilever commits to new health standards after shareholders pile on pressure March 7, 2022 Unilever has today committed to overhauling the way it reports on the health of its products after bosses came under fire from a shareholder activist group for lacklustre performance on nutrition.
Saturday Sitdown: Credit Suisse’s global investment boss on the dawn of a new world order March 5, 2022 The Russian invasion of Ukraine has accentuated geo-political risks, further fueling volatility on financial markets and unsettling investors. These developments mark a clear shift to a new world order, Michael Strobaek, Credit Suisse’s global chief investment officer, told City A.M. in an exclusive interview. “This new world order will make risk management as well as investing [...]
Russia rolls out fast-track bankruptcy for foreign firms as companies scramble to exit March 4, 2022 Foreign firms looking to withdraw from Russia will receive fast-tracked bankruptcy protections or be able to temporarily hand over stewardship to local managers, under measures designed to ease the flood of firms looking to sever ties with Russia.
Cevian Capital calls for governance overhaul at Ericsson after Isis payments March 4, 2022 Swedish activist investor Cevian Capital has called for a governance overhaul at telecoms giant Ericsson after the firm was found to have made possible payments to terror group Isis. Shares in Ericsson have plunged over 25 per cent since boss Borje Ekholm conceded last month that the firm may have breached compliance rules and made [...]
Royal London boss commits to dumping Russian assets as pension giant reports profit boost March 4, 2022 Royal London boss Barry O’Dwyer said the firm would dump its Russian investments as soon as possible today, as the pension giant reported rising sales and jump in profits for 2021.
M&A slumps as war in Ukraine rattles dealmakers March 3, 2022 Global mergers and acquisitions (M&A) slumped 35 per cent last month as Russia’s invasion of Ukraine rattled global financial markets and caused a dealmaking boom to falter.
Royal London and Phoenix Group review Russian investments as firms scramble to divest March 3, 2022 Royal London and Phoenix are among the latest pensions giants to announce they are reviewing their Russian investments as firms scramble to sever ties with Russia following tightened sanctions this week.
City set for ‘dramatic growth’ of funds that combine ESG and Shariah as Islamic Finance underserves demand March 3, 2022 London could see a dramatic growth in the number of investment funds that combine ESG and Shariah compliance over the next two years, finance experts have told City A.M. today. Professionals working across a wide range of sectors in the Square Mile and beyond expect a dramatic growth in these funds, while half think a [...]