EU banks take on Visa and Mastercard with ‘truly European’ payments system July 2, 2020 Some 16 banks from across the EU have said that they expect to have a “truly European” payments system up and running in 2022, to help digitise a region in which half of all retail payments are made in cash. European Union policymakers and central bankers have long sought to develop a home grown rival [...]
Singapore watchdog raises concerns over LSE’s $27bn Refinitiv deal July 2, 2020 Singapore’s competition authority has raised concerns about the London Stock Exchange’s (LSE) proposed $27bn (£21.6bn) acquisition of financial data provider Refinitiv. In an initial review, the Competition and Consumer Commission of Singapore (CCCS) cited concerns about the provision of foreign exchange benchmarks by the merged entity, saying it would need to conduct a second phase [...]
EU court rules against Blackrock in VAT exemption case July 2, 2020 Blackrock’s UK arm is not exempt from paying value added tax (VAT) on part of a service from an outside supplier to help manage its funds, an EU court ruled today. The world’s biggest asset manager had argued that between 2010 and 2013 it should not have to pay VAT on all the services given, [...]
UK High Court rules against Nicolas Maduro in Venezuelan gold case July 2, 2020 The High Court has ruled against Venezuela’s government in a legal battle over who controls $1bn (£799m) of gold reserves stored in the Bank of England. The Court ruled that the UK had “unequivocally recognised opposition leader Juan Guaido as president”, rather than Nicolas Maduro, in a severe blow to Maduro’s cash-strapped administration. The case [...]
Eurozone unemployment rate rises less than expected in May July 2, 2020 The unemployment rate in the eurozone rose less than expected in May, indicating that government measures to protect jobs within the bloc have been successful. While the eurozone’s unemployment rate hit a four-month high of 7.4 per cent, new data from Eurostat showed, economists had expected the rate to rise to 7.7 per cent. Read [...]
China tells UK to stop ‘interfering’ in Hong Kong’s affairs July 2, 2020 China has urged the UK to stop “interfering” in Hong Kong’s affairs, warning that there would be consequences if the British government offers almost 3m citizens visas and a path to citizenship. The Chinese embassy in London said today that it “firmly opposes” Britain’s offer for Hong Kong citizens with British National Overseas passports to [...]
FTSE 100 closes lower as new virus cases unnerve markets July 1, 2020 The FTSE 100 closed in the red today as coronavirus cases in the US helped take the shine off some better-than-expected economic data. The blue-chip index swung between the red and the green in morning trading, but finished down 0.2 per cent at 6,1568 points. Read more: FCA extends credit card payment freeze until October [...]
Software glitch caused trading outage on European exchanges, says Deutsche Borse July 1, 2020 The reappearance of a software glitch that first surfaced in April was behind a nearly three hour outage on Wednesday on Germany’s electronic trading platform Xetra, exchange operator Deutsche Boerse said. Trading on several European stock exchanges, including Frankfurt and Vienna, was halted this morning following the technical issue. Read more: FTSE 100 subdued as [...]
Don’t sacrifice Hong Kong for bankers’ bonuses, Raab tells HSBC July 1, 2020 Foreign secretary Dominic Raab today criticised HSBC and other British banks for supporting China’s controversial new security law in Hong Kong, saying the rights of its citizens should not be sacrificed for bankers’ bonuses. HSBC and fellow Asia-focused lender Standard Chartered have come under fire from politicians in the UK and US after the banks [...]
Bank of England to review climate impact of corporate bond-buying after crisis July 1, 2020 The Bank of England will look at introducing climate change considerations when deciding which corporate bonds it buys, governor Andrew Bailey said today. The central bank had been targeted by climate change protesters who have been calling and emailing it this week to demand a change in the way it helps companies survive the Covid-19 [...]
