Turkish lira plummets to record low August 9, 2018 The Turkish lira plunged to a record low today against the US dollar as investors questioned the ability of the Erdogan regime to stop a deepening currency crisis. One dollar bought as much as 5.5678 lira in evening trading, as the troubled Turkish currency fell by almost five per cent in the course of the [...]
The global financial crisis 10 years on: A timeline of the global events that shaped the crash from the credit crunch to the recession and beyond August 7, 2018 Ten years ago this week the credit crunch started to bite. Take a look back at the global events that shaped one of the biggest recessions in history. Early tremors: February to June 2007 Early signs of trouble build, but are mostly missed. The giant Freddie Mac, also know as the Federal Home Loan Mortgage [...]
UK Plc profits jump as banks and oil and gas prosper August 6, 2018 Profits at listed British companies surged in the last 12 months as the UK’s biggest firms boosted revenues, according to data published today. UK firms listed on the main market of the London Stock Exchange earned £210.8bn in the 12 months to the end of June, the analysis by the Share Centre shows – an [...]
Threat of ‘no deal’ weighs on UK businesses August 6, 2018 The threat of a ‘no deal’ Brexit is weighing heavily on business optimism as the international trade secretary, Liam Fox, warns that EU “intransigence” means leaving without a trade agreement is now the most likely outcome. A survey of 1,000 senior British professionals by the Institute of Chartered Accountants (ICAEW) will today show that confidence [...]
UK Plc profits jump as banks and oil and gas prosper August 6, 2018 Profits at listed British companies surged in the last 12 months as the UK’s biggest firms boosted revenues, according to data published today. UK firms listed on the main market of the London Stock Exchange earned £210.8bn in the 12 months to the end of June, the analysis by the Share Centre shows – an [...]
Liam Fox: ‘No deal’ Brexit most likely outcome August 5, 2018 The most likely outcome of the Brexit process is leaving without a deal, according to international trade secretary Liam Fox, amid growing concerns of a chaotic departure from the EU. There is a three-in-five chance of a "no deal" Brexit in which UK-EU trade defaults to World Trade Organisation terms, Fox said in an interview [...]
LGIM reported to FCA over ‘compliance and risk failings’ by whistleblower July 31, 2018 Legal and General Investment Management (LGIM) has been reported to regulators by a whistleblower over allegations of multiple failures in its risk management processes. At least three employees have reported the fund management house to the Financial Conduct Authority (FCA), the Financial Times reported. One of the whistleblowers' complaints said the culture of LGIM had [...]
Insurance giant Aviva sells Friends Provident for £340m to International Financial Group subsidiary July 19, 2018 Insurance giant Aviva will sell its loss-making Friends Provident arm to International Financial Group for £340m, the firm announced this morning. The sale follows a strategic review of Friends Provident International Limited (FPIL), which made a post-tax loss of £2m last year and remitted no cash back to the parent company, Aviva said. The sale [...]
Lloyds loses mortgage market share as HSBC and RBS rise July 18, 2018 Lloyds lost market share in UK mortgages last year as Royal Bank of Scotland (RBS), HSBC and a host of challengers gained, according to new data published today. Competitors to Lloyds bit off almost one per cent of their market share, which fell from 22.1 per cent to 21.2 per cent of mortgage balances outstanding [...]
EU Commission and Bank of England fire latest shots in City’s Brexit contracts row July 11, 2018 The EU’s top financial services boss today contradicted warnings over a potential catastrophe involving trillions of pounds of contracts, as a Bank of England boss suggested that political concerns had affected European regulators’ stance in the latest stage of a row over Brexit preparations. EU financial services commissioner Valdis Dombrovskis today said that financial contracts [...]
