Turkish lira falls as investors focus on lack of progress in US dispute after holiday week August 27, 2018 The Turkish lira suffered a further steep sell-off today as the embattled nation returned from a week-long national holiday to a currency crisis showing little sign of improvement. The currency fell by nearly five per cent in earlier trade against the US dollar, before firming to a daily loss of just over 2.3 per cent [...]
German business confidence jumps after trade war fears ease August 27, 2018 Germany's business confidence improved markedly in August, according to a closely watched survey, in a strong positive signal from the Eurozone's economic powerhouse following a diminished threat from the trade dispute from the US. The Ifo (Insitute of Economic Research) business confidence index rose to a reading of 103.8, up from 101.7 the previous month [...]
Don’t let the migration target millstone drag back the British economy August 24, 2018 Missed targets are often cause for concern and embarrassment for the ministers involved. In the case of immigration, however, it should be celebrated. Net immigration from the EU has fallen to its lowest level in more than five years, at 87,000 in the year to March, the Office for National Statistics said yesterday. Yet a [...]
Brexit papers draw battle lines for no-deal scenario August 23, 2018 The government today warned businesses in financial services and beyond of the complicated processes and extra costs they may face in a no-deal Brexit, as it published the first in a barrage of technical notices to prepare for the scenario. The government today published technical notices covering the possible consequences of the UK leaving the [...]
City business groups unite in calling for EU to match UK no-deal Brexit preparations August 23, 2018 The City's top business groups today called for the EU to secure cross-border financial trade in the event of a no-deal Brexit, after the UK government set out its warnings to firms on the consequences of negotiations falling through. The government today published technical notices covering 24 issues, including financial services, which will arise if [...]
Government warns of no-deal Brexit hit to financial services including higher card payment costs August 23, 2018 Financial services customers could see “increased costs and slower processing times” for euro payments in the event of a no-deal Brexit, the government said today amid a barrage of warnings that business across the City and the broader economy could grind to a halt. The government today published technical notices covering the possible consequences of [...]
London keeps its crown as world’s top foreign exchange venue August 21, 2018 London extended its lead as the world’s premier foreign exchange trading venue last year, according to new figures which suggest the City has managed to bounce back from a fall in volumes and shrugged off Brexit uncertainty. Average daily trading volumes for foreign exchange in the Square Mile rose by 23 per cent year-on-year in [...]
British manufacturing strength bolstered by weak sterling and global economy August 21, 2018 Manufacturing activity slowed slightly over the summer but output remained well above normal levels as the strong global economy supported activity, according to a closely followed survey. The measure of manufacturers’ order books from the Confederation of British Industry (CBI) fell by four points, with a balance of seven per cent of the 379 firms [...]
Charter Court signals ‘confident’ outlook as profits jump and it announces maiden dividend August 21, 2018 Buy-to-let lender Charter Court reported a big jump in profits today and its first dividend less than a year after its initial public offering. Profit before tax rose by 57 per cent year-on-year to £93.1m for the first half of 2018, almost reaching the £111m profit made for the entirety of 2017. Charter Court listed [...]
European Central Bank fines Credit Agricole €5m for reporting errors August 20, 2018 French bank Credit Agricole must pay almost €5m (£4.5m) in fines after the European Central Bank (ECB) found it had misreported key balance sheet information. The lender classified instruments as common equity tier 1 (CET1) without obtaining permission, the ECB said in a statement. Banks must hold a certain amount of equity capital to protect [...]
