US new home sales rebound more than expected in May June 23, 2020 Sales of new single-family homes in the US increased more than expected in May, indicating that the country’s housing market could be on the cusp of recovery after being battered by the Covid-19 pandemic. New home sales jumped 16.6 per cent to a seasonally adjusted annual rate of 676,000 units last month, according to new [...]
US PMI: Downturn eases in June as coronavirus restrictions lifted June 23, 2020 US private sector activity contracted for a fifth straight month in June, but the pace of decline eased as the world’s largest economy began to lift coronavirus lockdowns, according to a flash PMI survey. IHS Markit’s flash composite PMI reading, which which tracks the manufacturing and services sectors, rose to a reading of 46.8 last [...]
Former Wirecard boss arrested as creditors hunt missing €1.9bn June 23, 2020 Wirecard’s former boss was arrested on Tuesday on suspicion of falsifying accounts and manipulating markets after the German payments firm disclosed a €1.9bn (£1.72bn) hole in its balance sheet. Markus Braun turned himself in to prosecutors in Munich on Monday evening after traveling from Vienna. He was later released from custody on a €5m bail. [...]
Financial regulator to get greater powers to phase out Libor June 23, 2020 Britain’s financial watchdog is to be given greater powers by the government to ensure that Libor is scrapped by 2021, after efforts to retire the scandal-hit interest rate benchmark faltered due to the coronavirus crisis. The Financial Conduct Authority (FCA) will be allowed to compel changes to benchmarks such as the London Interbank Offered Rate [...]
Eurozone PMI: Coronavirus downturn slows as lockdowns ease June 23, 2020 The historic eurozone economic downturn slowed markedly for the second month running in June as lockdowns were further relaxed, but a V-shaped recovery may be unlikely, according to new PMI surveys. IHS Markit’s flash purchasing managers’ index (PMI) reading showed the eurozone hit a four-month high with a score of 47.5 in June. Anything below [...]
The City must promote more women to top jobs, says Treasury June 23, 2020 The Treasury wants more ambitious diversity targets in the City as the pace of finance firms hiring women to top jobs is still too slow, according to a new review. The Treasury launched its Women in Finance charter in 2016 in a bid to improve diversity in Britain’s financial sector, where just 14 per cent [...]
Exclusive: Elixirr seeks London IPO to end coronavirus drought June 19, 2020 Management consultancy firm Elixirr, whose clients have included Barclays, O2 and RBS, is seeking a London IPO, ending a two-month drought in flotations on the London Stock Exchange. Elixirr will seek a listing on London’s junior AIM exchange this summer, City A.M. can reveal. The company, founded in 2009, plans to go on an equity-funded [...]
FCA proposes extending coronavirus consumer credit payment holiday June 19, 2020 The Financial Conduct Authority (FCA) has proposed allowing consumers to extend a payment freeze on their credit cards by a further three months to support borrowers struggling financially amid the coronavirus pandemic. Under the proposals from the markets watchdog, those who have not yet asked for a payment freeze on credit cards or for an [...]
No-deal Brexit can’t be ruled out but not in UK’s interest, says French minister June 19, 2020 A senior French official said that she could not rule out the UK’s post-Brexit trade talks with the EU ending without a deal, but said it would be in Britain’s interest to reach an agreement. “I am not ruling out anything,” junior european affairs minister Amelie de Montchalin said, when asked if she could rule [...]
ING names veteran as new chief executive as Ralph Hamers departs June 19, 2020 ING has announced that Steven van Rijswijk will take over as chief executive when current boss Ralph Hamers departs for UBS in July. Van Rijswijk is a veteran of more than two decades at ING, and became its chief risk officer in 2017. Hamers, who is credited with helping the Netherlands’ largest bank develop its [...]
