By: Chris Dorrell

Chris Dorrell is a freelance journalist and City AM contributor. He was previously City AM's banking and then economics reporter. When Chris is not breaking news, he can often be found playing with his band Totally Amorphous.

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Credit Suisse shareholders fume at ‘greed and incompetence’ of execs as final AGM begins

April 4, 2023

Credit Suisse hosts its final AGM today, and it could get ugly. It will be the first time chair Axel Lehmann and chief executive Ulrich Korner will speak to shareholders since Credit Suisse’s state-brokered takeover by UBS. The deal is unpopular with shareholders, politicians and the public alike. Reportedly crowds gathered outside the arena to [...]
FTSE 100 close: London’s premier index falls as strong performance for miners not enough to tip market into green

April 4, 2023

The FTSE 100 closed lower on Tuesday as markets ran out of steam despite a strong performance from many of the index’s mining giants. The capital’s premier index closed 0.5 per cent lower at 7,634.52 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, ended [...]
Quinn Emanuel to represent Credit Suisse AT1 bondholders as lawsuit inches closer

April 3, 2023

Litigation specialists Quinn Emanuel have been instructed by a group of Credit Suisse bondholders to represent them in discussions with Swiss authorities and to prepare for “possible litigation” to recover losses from the forced takeover of Credit Suisse by UBS. Quinn Emanuel received a mandate from AT1 bondholders to represent them on Thursday last week, [...]
UK 2023 economic outlook brightens but ‘big gaps’ remain, Deutsche Bank says

April 3, 2023

The UK’s economy will to flatline rather than contract in 2023, according to analysts from Deutsche Bank, as last week’s upgrade to GDP for the final quarter of 2022 will likely have a positive knock-on effect for the remainder of this year. The ONS revised its initial GDP reading for the fourth quarter of 2022 [...]
UK pushes back Natwest share sale plan after banking volatility

April 3, 2023

The Treasury has pushed back its deadline to sell a chunk of its remaining shares in Natwest by another two years after the lender’s share price slumped last month amid the recent turmoil in the banking sector. The government will now have until 11 August 2025 to gradually sell up to 15 per cent of [...]
HSBC versus Asian shareholders: Bank’s chiefs warn Hong Kong investors against ‘risky’ break-up

April 3, 2023

HSBC’s top brass hit back at shareholder proposals to spin off the bank’s Asian business and pay fixed dividends, as it sought to quieten shareholders’ discontent about the bank’s business model. At a meeting of investors in Hong Kong, Reuters reported that HSBC chair Mark Tucker warned a restructuring or spin-off of HSBC’s Asia business [...]
Numis revenue to fall 14 per cent as it maintains a gloomy outlook for 2023

April 3, 2023

City broker Numis said today that its revenue has taken another hit from weak capital markets as it warned that things are unlikely to improve this year. In a trading update, Numis said revenue in the first half of the 2023 financial year is expected to be about £64m, around 14 per cent lower than [...]
Deal or no deal? Peel Hunt blames bank bailouts and inflation as it expects to be ‘marginally loss making’

April 3, 2023

Peel Hunt warned that the impact of recent bank bailouts might impact its pipeline as the City broker continues to struggle amidst the dearth of deals. In a trading statement at the end of its financial year, the investment bank said it has seen a “gradual improvement” in its pipeline. However, it said “execution risk [...]
FTSE 100 close: Shell and BP lift London higher as OPEC production cut boosts oil giants

April 3, 2023

London’s FTSE 100 was dragged up by its oil giants at the beginning of the week, as OPEC’s cut to production saw BP and Shell climb. The capital’s premier index closed up 0.54 per cent at 7,673.00 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK [...]
UK’s major listed companies given ESG scorecards – and it doesn’t look good

April 3, 2023

‘Management of emissions’ and ‘air pollution’ are the biggest ESG risk factors for the UK’s largest listed companies, according to new research by reinsurance firm Chaucer. On average the UK’s largest listed companies scored just 13.7 and 14.3 out of 100 for ‘management of emissions’ and ‘air pollution’, respectively. On the positive side, listed companies [...]

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By: Chris Dorrell

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