OPEC+ opt against further oil output cuts as prices drop on demand fears October 5, 2023 Oil prices have slide after OPEC+, opted against further changes to the group's hawkish output cuts this year.
FCA defends whistleblowing processes after admitting legal slip-up October 4, 2023 The Financial Conduct Authority has defended its conduct towards whistleblowers today after officials wrongly dismissed a plea for protection and apologised for misinterpreting laws. The watchdog apologised to a whistleblower this week after it wrongly dismissed their complaints on the grounds the person they had waived their right to anonymity, a decision which has no basis in law. Officials at the FCA formally apologised to the whistleblower after being approached for comment by City A.M. Speaking with reporters today, officials admitted the mistake had been made in their handling of the case but sa “I do want to take this opportunity to sincerely apologise for the distress we caused that individual as a result of our mistake,” Sheree Howard, the watchdog’s executive director of risk and compliance said. An official dismissed the calls in March on the grounds that the complainant was “no longer entitled to the protections offered under the Public Interest Disclosure Act 1998” – the laws governing whistleblowing - because the had waived their anonymity. Speaking with City A.M. on condition of anonymity, the whistleblower claimed they had been treated with “contempt” and left vulnerable to retribution from the firm. The watchdog has faced question over the protections afforded to whistleblowers in recent months after a report from whistleblower body Protect found that 70 per cent were either victimised, dismissed or felt resignation was the only option open to them after raising the alarm. When questioned by City A.M. on whether the watchdog had failed to adequately protect whistleblowers, the FCA’s co-head of enforcement and market oversight said he was “always happy to look at our approach on whistleblowing”. “We are see[ing] if we can develop and strengthen the protections,” he said. “I do come back to that I think from a FCA perspective, we do have some good protections in place to protect the the confidentiality and the anonymity of the whistleblower.” Earlier this year, the government committed to a review of the protections afforded to whistleblowers in the UK. The review has looked to “take stock of whether the whistleblowing framework is operating effectively and protects those who call out wrongdoing in the workplace,” Business Minister Kevin Hollinrake said at the time.
Long-term gilt yields hit highest level in decades as bond rout continues October 4, 2023 The global bond rout deepened on Wednesday, sending borrowing costs on some of the longest-dated UK government debt to their highest levels in decades.
FTSE 100 close: London markets dip again as ‘chill winds’ dent sentiment October 4, 2023 London markets opened lower again on Wednesday as the gloomy market sentiment of the last few days continued following stronger than expected US data.
London floats sink again – but analysts eye buoyant times ahead October 4, 2023 The amount of cash raised on the London Stock Exchange sank again over the past three months as the global IPO market remained hobbled by soaring inflation and roiled public markets.
Government’s London Stock Exchange boosterism is anti-competitive, claims rival boss October 4, 2023 The government’s drive to boost the appeal of the London Stock Exchange (LSE) has been slammed as anti-competitive by rival exchange Aquis, which claimed ministers have been unfairly promoting the LSE in their efforts to breathe life into the City’s IPO market this year. The London Stock Exchange’s main market and smaller Alternative Investment Market [...]
FTSE 100 close: London struggles to ‘regain mojo’ as US economy remains resilient October 3, 2023 London markets were uneasy this morning after strong data out from the US yesterday added to the impression that interest rates will have to stay higher for longer.
Yields continue rising after global bond sell-off last week October 2, 2023 Yields on sovereign bonds edged up again on Monday, renewing a sell-off which took steam last week amid concerns over higher interest rates.
FTSE 100 close: London markets close deeply in the red after poor PMI data shakes sentiment October 2, 2023 London's FTSE 100 markets slumped into the red on Monday, having opened slightly higher, as disappointing PMI data sparked a sell-off.
Oil markets confirm massive quarterly gains as OPEC+ sustain hefty supply cuts October 1, 2023 Oil markets have consolidated massive rallies over the third quarter of this year, powered by hefty output cuts from OPEC and its allies.