Bank authorities must ‘learn lessons’ from March’s mini-crisis, top regulator warns April 12, 2023 The world’s top financial authorities need to learn the lessons from the Silicon Valley Bank’s (SVB) collapse, the chair of a major global regulatory body warned today, hinting at the need for more stringent bank rules to prevent such chaos in the future. Klaas Knot, chair of the Financial Stability Board (FSB), noted the financial [...]
FTSE 100 close: US inflation boost runs out of steam as De La Rue tumbles a third April 12, 2023 A sudden boost to London’s FTSE 100 from better than expected US inflation numbers ran out of steam toward the end of today’s trading session, although the premier index still notched gains. The FTSE 100 jumped 0.5 per cent to close at 7,824.83 points, while its mid-cap counterpart, the FTSE 250, which is more responsive [...]
Deposits in focus as US banks line up to report amid banking volatility April 12, 2023 The largest banks on Wall Street will start reporting their first quarter earnings later this week with investors set to pay very close attention to banks’ deposits. So far this year, huge amounts of money have flowed into higher-yielding money market funds from bank deposits. This picked up in March after the collapse of Silicon [...]
Sadiq Khan’s London ULEZ expansion faces court challenge from Tory councils April 12, 2023 A judicial review into the expansion of the ultra low emission zone (ULEZ) across Greater London has been granted after a court ruling, it has emerged. London mayor Sadiq Khan opted to push ahead with plans to roll out the zone across all of outer London, from August 29, last year in the face of [...]
US core inflation jumps to 5.6 per cent while CPI falls rapidly in mixed signal for Fed April 12, 2023 Underlying US inflation is putting up a strong fight against the Federal Reserve’s aggressive interest rate hike assault, while general price rises are falling quickly, sending mixed signals to chair Jerome Powell and co ahead of their interest rate decision next month. Official figures out from the US Bureau of Labor Statistics today showed the [...]
Post Brexit UK-US trade deal talks still on ice as Biden visits Northern Ireland April 12, 2023 Talks between the US and the UK on a post-Brexit free trade deal are not expected to resume until 2025, according to reports. Prime minister Rishi Sunak and US president Joe Biden are not said to have discussed the matter during a visit to Northern Ireland to mark the 25th anniversary of the Good Friday [...]
Five things we learned from Elon Musk’s interview with the BBC April 12, 2023 Elon Musk plans to revoke a disputed “government funded media” label Twitter attributed to the BBC, claims advertisers are returning to the platform and admitted that he sometimes sleeps in the office. The billionaire chief executive — who is also at the head of electric car maker, Tesla, and spacecraft manufacturer, SpaceX — made the [...]
Andrew Bailey stresses Bank of England focused on inflation fight rather than Credit Suisse and SVB fallout April 12, 2023 The recent run of chaos in the global financial system that has laid waste to Credit Suisse and Silicon Valley Bank (SVB) has not distracted the Bank of England from trying to tame inflation in the UK, the monetary authority’s chief said today. Speaking at an event at the International Monetary Fund’s spring meeting, Andrew [...]
Matt Hancock investigated by Parliament’s standards watchdog April 12, 2023 Former cabinet minister Matt Hancock is being investigated by Parliament’s standards watchdog, Daniel Greenberg. The ex-health secretary is under investigation for lobbying the Parliamentary Commissioner for Standards “in a manner calculated or intended to influence his consideration of whether a breach of the Code of Conduct has occurred”. Details of the investigation were posted on [...]
Explainer: Elon Musk enters – and exits – another BBC row April 12, 2023 What are two things that never grow old? Rows over BBC funding and Elon Musk’s bizarre decisions about Twitter. Now the two have come together, sparking a conversation that reaches from North America to the UK. It all started a couple of days ago when a Twitter badge appeared on the BBC Twitter page describing [...]
