StanChart chairman ‘sounds out’ banking executives to replace boss Bill Winters March 3, 2020 Standard Chartered chairman Jose Vinals has reportedly approached banking executives this year in a bif to gauge their interest in replacing current chief executive Bill Winters. Vinals has been sounding out possible candidates from companies in Britain, southeast Asia, and Europe, according to Bloomberg, in a search that is not currently part of any formal [...]
G7 ‘ready to act’ to minimise economic impact of coronavirus March 3, 2020 Finance ministers and central bank governors from the G7 nations have said they are “ready to act” to minimise the impact of the coronavirus outbreak, pledging to use “all appropriate policy tools” including fiscal measures. Following a conference call earlier today, the G7 issued a statement saying that action would be taken by each member [...]
FTSE 100 gains cool ahead of G7 coronavirus call March 3, 2020 The FTSE 100 index has risen for a second straight session this morning, as policymakers across the world indicated they would take measures to ease the economic impact of the coronavirus outbreak. Britain’s blue-chip index rose as much as 2.21 per cent following the open, with traders taking their cue from a largely positive showing [...]
Bank of England expects to internal report on audio feed misuse in April March 3, 2020 The Bank of England expects an internal report into misuse of its audio feeds to go the bank’s directors in April, after it emerged that hedge funds were able to access a market-sensitive feed ahead of its official broadcast. Outgoing governor Mark Carney told the Treasury committee today that he expected the BoE’s court — [...]
G7 ‘will not call for fiscal or monetary support’ in coronavirus statement March 3, 2020 The G7 nations will voice their determination to combat the economic impact of the coronavirus outbreak, but reportedly will not directly call for new government spending or coordinated interest rate cuts. Finance ministers and central bank governors from the G7 are due to issue a statement following a conference call on the epidemic at midday, [...]
ECB ‘working on lending scheme’ for small businesses hit by coronavirus March 3, 2020 The European Central Bank is reportedly working on measures to provide liquidity to businesses hit by the economic impact of the coronavirus outbreak. Measures being considered by the ECB include a targeted longer-term refinancing operation directed at small and medium-sized firms, which could be hardest hit by a virus-related downturn, sources familiar with the discussion [...]
Cairn Homes revenue and profit rises as average selling price jumps March 3, 2020 Cairn Homes has reported a 28 per cent jump in operating profit, with the Irish hosuebuilder benefitting from an increase in the number of homes sold and a rise in their average selling price. Operating profit for the year ending 31 December hit €68m (£59m), according to preliminary results released this morning, while revenue increased [...]
Jupiter adds to pressure on Barclays over fossil fuel financing March 3, 2020 Jupiter Asset Management has backed a landmark shareholder resolution calling on Barclays to stop financing fossil fuel producers that are not aligned with the Paris Agreement climate goals. Jupiter, which is one of Barclays’ top-25 shareholders, has joined 11 other institutional investors and over 100 individual shareholders in backing the motion, which is thought to [...]
Goldman Sachs builds up 8.5 per cent voting rights in Metro Bank March 2, 2020 Goldman Sachs has built up 8.48 per cent voting rights in troubled British lender Metro Bank, according to regulatory filings. Metro Bank’s share price has collapsed almost 90 per cent since early 2019, when it disclosed an almost £1bn accounting error. The challenger bank plunged to a £131m loss last year following the scandal, which [...]
Goldman Sachs and Citigroup halt foreign business trips over coronavirus March 2, 2020 US banking giants Goldman Sachs and Citigroup have expanded their restrictions on business trips by staff in response to the coronavirus epidemic. Citigroup’s restrictions will now cover all international business trips “until further notice”, the bank said. Previously, it had only restricted travel to a select number of countries that had reported outbreaks of the [...]