Welcome words: The City reacts to the Prime Minister’s Brexit speech January 17, 2017 The City came, it saw and it reacted to the Prime Minister's long-awaited speech on Brexit. Here's a round up of the nuggets of wisdom so far: Mark Boleat, policy chairman of the City of London Corporation "We welcome the Prime Minister’s ambition to retain the greatest possible access to the single market, which is important [...]
2016 not so bad for Morgan Stanley: Bank’s fourth quarter results sail past expectations January 17, 2017 Morgan Stanley has given Wall Street something to smile about, reporting better than expected results, with profits and revenues booming in its fourth quarter thanks to a boost in bond trading. The figures The US banking giant announced net revenue of $9bn (£7.4bn) for the fourth quarter of 2016, up 17 per cent from $7.7bn [...]
Metro Bank gets down to business, planning to increase its number of in-store managers by around a third January 17, 2017 Business banking is booming for Metro Bank, so much so that the challenger plans to increase the number of business bankers in its branches by around a third, or 30 per cent, in 2017. The bank, which opened its first branch in 2010, recently announced it was putting £1bn to one side to support business customers [...]
Rolls-Royce to pay £671m to settle corruption probes with three global fraud squads January 16, 2017 Rolls-Royce is in the final stages of locking down corruption and bribery probe settlements worth £671m in total with three authorities around the world, with the lion's share going to the UK's fraud squad. The British engineering company today announced today it has reached in principle a deferred prosecution agreement (DPA) with the Serious Fraud Office (SFO), [...]
Italian banking crisis: Monte dei Paschi boss to produce new business plan by February January 16, 2017 The boss of Monte dei Paschi di Siena is drawing up a new business plan for the troubled lender, with the aim to get it polished off by February. Shortly before Christmas last year, the bank's private sector rescue deal, designed to pump €5bn (£4.4bn) of capital into the lender's coffers, collapsed after it failed to get [...]
It’ll be ok: Treasury to reach out to major banks to calm Brexit fears, as Theresa May looks to give up Single Market membership January 16, 2017 NULL
City eyes best possible access to Europe’s Single Market January 16, 2017 The City is shifting to a new focus on best possible access to Europe's Single Market, rather than pinning hopes on continued membership of the trading bloc, as it prepares for the Prime Minister to announce a so-called clean Brexit tomorrow. In a much anticipated speech, Theresa May is expected to make clear the UK’s [...]
Tit for tat approach to foreign investment expected in 2017, as governments prepare to get hands on with markets gone wrong January 16, 2017 This year could mark a move towards more protectionist attitudes, with governments closing the door on countries they feel give their own firms a raw deal, a report out today cautions. Law firm Freshfields Bruckhaus Deringer's Global Antitrust report highlights a shift towards protectionism, as new trade deals begin to take shape following both Donald Trump's surprise [...]
Article 127 court hearing now due in February, as the government awaits answer to Article 50 legal battle January 15, 2017 A court hearing that could cause a headache for Prime Minister Theresa May, as she plans to trigger Article 50, has been postponed until early February. A case brought last year argues the government cannot leave the Single Market without triggering Article 127 of the European Economic Area agreement – and says it must seek approval [...]
