Goldman Sachs hires former EU chief Jose Manuel Barroso July 8, 2016 Goldman Sachs has hired former EU boss Jose Manuel Barroso as non-executive chairman of its international business. Barroso served as president of the European Commission from 2004 to 2014, and as Prime Minister of Portugal from 2002 to 2004. He was first elected to the Portuguese Parliament in 1985, and then served as state secretary for home affairs, [...]
US non-farm payroll numbers: Country added 287,000 jobs in June in turnaround from shock May figures July 8, 2016 The US added 287,000 jobs in June, driven by the leisure and hospitality and healthcare and social assistance sectors. The non-farm payroll data released today is a marked turnaround from the numbers published last month, which showed US employers added just 38,000 jobs in May. The greenback crashed after the May data, which showed the weakest jobs growth [...]
Unintended consequences: Tinkering with Solvency II July 8, 2016 Tinkering with things is in the nature of regulators. Inevitably, however, well-intentioned tinkering often delivers unintended consequences. Today, the unintended consequences of tinkering are emerging in London’s international specialty insurance market, notably following Solvency II, which specifies the amount of capital that insurance companies must hold to reduce the risk of insolvency. While the impact of the EU referendum [...]
Sterling steadies after its worst three-week performance since 1992 July 8, 2016 Sterling steadied today after a tumultuous run over the past few weeks that saw the currency touch 31-year lows. The pound rose by 0.24 per cent against the dollar this morning, to $1.2939, and was up 0.13 per cent against the euro – £1 will now buy €1.1684 on the money markets. On Wednesday, the pound [...]
Nintendo share price jumps on release of new Pokemon game July 8, 2016 Shares in video game giant Nintendo soared in early trading this morning, after the release of its new Pokemon game. The Japanese firm's stock was up 10 per cent at one point, to their highest level in more than two months. Pokemon GO, a new smartphone game, was released on Wednesday, and shot to the [...]
Switzerland’s banks looking to build ties with Britain ahead of EU negotiations July 7, 2016 Switzerland's banking sector hopes to build a coalition with other international financial centres, including Britain, in order to help with negotiations around access to European Union markets. Banks based in Britain have been able to sell financial services freely across the EU under the bloc's "passporting" system, but this access could be lost after the vote to [...]
Barclays, Clydesdale, HSBC, Lloyds, Santander and Nationwide Building Society all downgraded by Standard & Poor’s over Brexit fears July 7, 2016 Six UK banks have been downgraded by Standard & Poor's (S&P) over concerns about risks arising out of the recent vote to leave the EU. Barclays, Clydesdale, HSBC, Lloyds, Santander UK and Nationwide Building Society have all seen their outlooks revised to negative by the ratings agency. S&P also revised its outlook on the Royal Bank of Scotland [...]
Four ex-Barclays bankers sentenced for roles in Libor rate-rigging scandal July 7, 2016 Four ex-Barclays bankers have today been given prison sentences totalling 17 years between them for their roles in the Libor-rigging scandal. Former bankers Jay Merchant, 45, Alex Pabon, 38, and Jonathan Mathew, 35, were sentenced to six and a half years, two years and nine months and four years respectively after having been found guilty of conspiracy to defraud. [...]
Brexit fallout: How to survive ‘survival mode’ July 7, 2016 For a nation that prides itself on remaining calm, the past few months have brought a rollercoaster of emotion. Whether we voted for or against Brexit, many of us are still feeling bruised by the campaign and its immediate aftermath. And far from this unusual period being over, we now likely face two leadership contests and months or [...]
The government is today unveiling a review on women in senior leadership as new leader of the Women’s Business Council is revealed July 7, 2016 A new, government-backed review of women in business has been announced today, as the 2016 Female FTSE Board Report reveals that the overall percentage of women on FTSE boards has increased since March 2015. Sir Philip Hampton, chair of GlaxoSmithKline, and Dame Helen Alexander, chair of UBM, will head up a team of industry chiefs [...]
