Bank of England governor Mark Carney to face grilling on future after Downing Street intervention September 3, 2018 Mark Carney faces a grilling on his departure from the Bank of England tomorrow after 10 Downing Street today insisted he is still on track to leave Threadneedle Street in 2019. Carney is currently set to lead the Bank until the end of June 2019, three months after the UK leaves the EU, but 10 [...]
Downing Street says Mark Carney still set to leave the Bank of England in 2019 September 3, 2018 Mark Carney is still on track to leave the Bank of England in 2019 according to the Prime Minister's spokesperson, in spite of reports he may be considering an extension to his time as governor in Threadneedle Street. Carney is currently set to lead the Bank until the end of June 2019, three months after [...]
British manufacturing growth slower than expected as export sweet spot ends September 3, 2018 The British manufacturing export boom ended in August as the sector grew at the slowest pace in more than two years, according to a closely followed survey. The purchasing managers' index (PMI) for the manufacturing sector fell to a 25-month low of 52.8 for the month, the figures from IHS Markit showed, as export orders [...]
What went Wronga? Payday lender pays price of poor reputation and rip-off loans August 30, 2018 As recently as five years ago, Wonga was flying high. A £1bn New York listing was on the cards even on a fairly conservative valuation for a firm mentioned in the same breath as tech unicorns – and which even featured as Newcastle United’s shirt sponsor for four years. Yet today the payday lender collapsed [...]
Business confidence falls amid warnings Brexit uncertainty is holding back investment August 30, 2018 Business confidence fell significantly in August as firms batten down the hatches for a bumpy year, according to a closely followed survey of British companies. The balance of firms expecting stronger trading prospects in the coming year fell by five points to 29 per cent, according to the Lloyds Bank survey of more than 1,000 [...]
Wonga goes under: Controversial payday lender placed into administration August 30, 2018 Controversial payday lender Wonga has filed for administration, after a barrage of compensation claims pushed it over the edge. Grant Thornton will be appointed as administrator of the stricken lender's UK operations tomorrow. The collapse threatens the jobs of around 250 UK employees in the firm's London Bridge headquarters. The firm's operations in South Africa, [...]
British consumer borrowing growth slowest since 2015 as personal debt stutters August 30, 2018 British consumers added to their borrowing at the slowest pace since the end of 2015 in July, adding to signs the rapid increase in the UK's personal debt pile is losing momentum. The annual growth rate of consumer credit, including credit cards and other forms of non-mortgage debt, slowed to 8.5 per cent, a level of [...]
UBS hires Freshfields to help with misconduct procedure investigation after rape allegation August 29, 2018 UBS has hired magic circle law firm Freshfields to carry out a review of its misconduct procedures after a young female trainee alleged a senior colleague raped her. In a statement, UBS said it “has decided to conduct a review, as we regularly do after significant cases”. UBS had not instigated a disciplinary procedure against [...]
Business owners launch last-ditch effort to force action against Royal Bank of Scotland GRG bankers August 29, 2018 Business owners who claim to have been mistreated by Royal Bank of Scotland (RBS) are writing a new report on the bank’s alleged misconduct in a last-ditch effort to force regulators to take action against senior bankers. The group, SME Alliance, said its report will cover new evidence of events in RBS's global restructuring group [...]
Europe needs global banks, says Deutsche Bank boss Christian Sewing August 29, 2018 Deutsche Bank still aims to be a global presence in investment banking amid increased appetite for European banks to merge, according to the German lender’s chief executive. Christian Sewing today said that the bank is standing by its international operations as well as home, after pressure from some investors to cut back its once mighty [...]
