Bailey’s plan to raise deposit guarantees mean we’re gambling on banking risks April 26, 2023 Modern banking has been subject to massive interference from governments. This needs to stop: risks should be returned to those who choose to take them, that's how the market works, writes Jamie Whyte
British American Tobacco to pay over £512m in North Korea sanctions case April 25, 2023 British American Tobacco has agreed to pay more than $635m (£512m) to US authorities after a subsidiary pleaded guilty to charges that it conspired to violate US sanctions by selling tobacco products to North Korea and commit bank fraud, a US court filing and the company said on Tuesday. The tobacco sales at the heart [...]
Analysis: UBS begins tricky task of integrating Credit Suisse April 25, 2023 While profit was down, analysts and investors were today far more concerned with how UBS will manage the integration of its long-time rival Credit Suisse.
An activist spring? Another Vodafone shareholder ups its stake with eyes on board shake-up April 25, 2023 The Abu Dhabi based telecoms company e& has upped its stake in Vodafone and is in talks with the company over potential shifts in its board, media reports said on Tuesday. The investor — which is Vodafone’s largest shareholder — said on Monday that it had opened discussions with Vodafone on April 12 “on a [...]
Shapps: We ‘want and need’ oil and gas sector to reach net zero and protect UK’s energy security April 25, 2023 The UK "wants and needs" the oil and gas sector to help reach net zero and protect the UK's energy security, Grant Shapps told MPs today.
Fresh fears for First Republic as shares plummet after losing over $100bn in deposit outflows April 25, 2023 Shares in embattled lender First Republic slumped nearly 30 per cent today after it reported last night that it had lost around $100bn in deposits in the first quarter. The massive deposit flight represented more than half of its pre-crisis total and exceeded analyst expectations, raising fears that the bank is not yet out of [...]
FTSE 100 close: London ends down ahead of Google and Microsoft results as Primark owner slumps April 25, 2023 London’s FTSE 100 was dragged lower today as investors fretted over the state of a batch of big tech results on Wall Street rolling in over the coming days. The capital’s premier index shed 0.27 per cent to drop to 7,891.13 points, while the domestically-focus mid-cap FTSE 250 index, which is more aligned with the [...]
Credit Suisse and Silicon Valley Bank collapses flood City with idled talent April 25, 2023 Credit Suisse and Silicon Valley Bank’s failures have flooded the City with idled bankers looking for new work, a new report out today reveals. Over 4,000 more workers in the UK’s financial services sector were looking for a new gig in the first three months of this year, according to recruiter Morgan McKinley. Available financial [...]
Shell quits major UK carbon capture project – but venture insists its future is safe April 25, 2023 Shell has withdrawn from a key UK carbon capture and storage project, following National Grid's exit earlier this week.
Is the CBI is “finished”? City grandee and AJ Bell chair Baroness Morrissey says so April 25, 2023 The crisis-hit CBI is “finished” after the organisation admitted it failed to sack workers who sexually harassed female colleagues, City boss Baroness Helena Morrissey has said. Firms have deserted the Confederation of British Industry (CBI) in their droves after two rape allegations and a series of claims of a toxic work culture surfaced, reported by [...]
