Turkish lira gains ground as central bank continues efforts to prop up confidence in ailing currency May 28, 2018 The Turkish lira gained sharply against the US dollar today, rising by more than 2.5 per cent against the US dollar as its central bank continued its efforts to stem a steep decline in value. A dollar bought as little as 4.56 lira at the Turkish currency’s strongest point today, after last week reaching a [...]
City of London Corporation launches UK-China green finance centre March 26, 2018 The City of London Corporation will today announce the launch of a new green finance centre in China as part of its efforts to make London the go-to location for environmentally friendly fundraising. Charles Bowman, City of London lord mayor, today met the head of the China Green Finance Committee, Ma Jun, in Beijing where [...]
London remains on top of the world for global financial services says major report March 26, 2018 London has retained its top spot as the world’s leading financial centre, fending off stiff competition from New York and Asian cities, according to an authoritative study to be published today. The global financial centres index, compiled by think tank Z/Yen, will show the City leading the pack of 110 cities analysed for the 23rd [...]
Online prescription service Pharmacy2U gains £40m private equity investment March 25, 2018 Britain’s biggest online pharmacy has raised £40m from investors including G Square Capital and the BGF. Pharmacy2U will use the money to fund the growth of its online repeat prescription service, as it tries to bring the same online disruption which has shaken the retail industry to the pharmacy sector. Former Boots manager Ted Smith [...]
Lloyds announces £3bn investment in new digital strategy March 21, 2018 Lloyds Banking Group today launched a new £3bn investment in a three-year strategy of upgrading the bank's digital capabilities as it looks to slash costs and prepare itself for the expected wave of competition as challenger banks and fintechs gain momentum. The bank wants to cut costs below £8bn by 2020, translating into cuts of [...]
Brexit job losses would have “severe” consequences for the British Budget says Institute for Fiscal Studies March 14, 2018 Job moves from the UK to the EU after Brexit would be a disaster for the public finances, according to the respected Institute for Fiscal Studies (IFS). Paul Johnson, director of the IFS, said: "If high-paid jobs and EU citizens, who are well represented among high earners in the UK, relocate elsewhere the consequences for [...]
Canada finance minister: UK and Canada should aim for better trade deal than Ceta March 12, 2018 Canada and the UK should aim for a post-Brexit trade deal which is better than the current arrangement, according to finance minister Bill Morneau. Morneau said the deal agreed in late 2016 with the EU, the Comprehensive Economic and Trade Agreement (Ceta), will be the model for “replication” with the UK once it leaves, but [...]
Peer-to-peer platform Funding Circle appoints bankers ahead of potential float March 11, 2018 British unicorn Funding Circle has appointed bankers to lead an initial public offering (IPO) which will likely value it at more than £1.5bn, according to reports. The peer-to-peer lending platform has appointed Bank of America Merrill Lynch, Goldman Sachs, Morgan Stanley and London-headquartered Numis Securities to broker the deal, according to Sky News and Bloomberg. [...]
More job cuts “inevitable” says Royal Bank of Scotland finance boss March 1, 2018 It is "inevitable" that Royal Bank of Scotland (RBS) will cut jobs in the coming years, according to the lender's chief financial officer. Ewen Stevenson today said the the cuts would focus on slimming down head office functions, as well as legacy data centres, but refused to address the size of the redundancies expected. Speaking [...]
Banks leave £13bn in cheap money from Term Funding Scheme on the table March 1, 2018 The final tally of cheap Bank of England (BoE) loans taken on by Britain’s banks is now in, with lenders leaving almost £13bn on the table. Banks borrowed £127bn under the Term Funding Scheme (TFS), which closed yesterday, according to Bank of England data. The scheme delivered a stream of almost interest-free loans to banks [...]
