City watchdog boss rejects calls for financial services deregulation post-Brexit October 2, 2018 The chair of the Financial Conduct Authority today said that the City regulator will not engage in a “race to the bottom” after Brexit in a bid to preserve the UK’s position among global financial centres. Charles Randell said calls for deregulation from some quarters of the financial sector show that “some memories are beginning [...]
British construction growth sags to six-month low October 2, 2018 Output growth from the British construction sector sagged to its lowest level in six months in September as civil engineering projects stalled, according to a closely followed indicator. The construction purchasing managers' index (PMI) fell to 52.1 points in September, down from 52.9 in August, according to data firm IHS Markit. Civil engineering output, such [...]
Standard Chartered reportedly facing $1.5bn Iran sanctions fine October 1, 2018 Standard Chartered is reportedly facing a fine of as much as $1.5bn (£1.15bn) from the US Department of Justice (DoJ) for violating sanctions on Iran. The British bank could face the penalty by the end of the year, although final discussions have not yet begun, Bloomberg reported. The investigation into Standard Chartered’s activities is focused [...]
British banks ‘resilient’ even in no-deal Brexit, says Moody’s October 1, 2018 Britain’s banks have grown more “resilient” to shocks despite an increased likelihood of a no-deal Brexit, an influential credit ratings agency said today. Moody’s Investor Service said the UK banking sector has a “stable” outlook in spite of an expected decline in economic growth, in a report published today. Profitability for British lenders will improve [...]
Firms risk being left behind in Libor benchmark transition warn bankers October 1, 2018 A lack of awareness of the urgent need to transition away from scandal-hit Libor interest rates means some firms risk not being ready before the benchmarks become defunct, according to a top banker working on the issue. There remains a significant amount of work to educate firms about the far-reaching implications of the shift from [...]
Boss of £775m Royal Bank of Scotland competition payout confirms Santander UK is in running September 27, 2018 The head of a scheme to pay out £775m from Royal Bank of Scotland (RBS) to boost banking sector competition today confirmed that Santander UK and other large lenders are in the running for multi-million-pound award, in spite of criticisms from rival banks. The scheme, designed by the Treasury but run independently by Banking [...]
Goldman Sachs enters British savings market September 27, 2018 US investment banking giant Goldman Sachs today entered the British savings market with a leading rate which will add to pressure on incumbents. The bank's Marcus brand, named after one of its founders, will offer an annual equivalent rate of 1.5 per cent, which includes a 12-month bonus rate of 0.15 per cent. The [...]
City firms hold back Brexodus in hope a deal can be reached September 27, 2018 City of London firms have so far held back from relocating jobs to the EU with just 630 UK finance roles moving abroad since the Brexit vote, according to an in-depth survey published yesterday. A Reuters poll of 134 major financial firms found that a total of 5,800 could still be shifted abroad in [...]
No-deal Brexit border delays could prompt wave of bankruptcies says poll September 26, 2018 Delays of even half an hour at the border in the event of a no-deal Brexit could prompt a wave of bankruptcies for firms relying on cross-border supply chains, a poll to be published today will show. As many as one in 10 British supply chain managers say their businesses could go bankrupt if [...]
Securing US trade deal top priority for British voters September 26, 2018 Securing a trade deal with the US is the top priority for British voters across the political divide, a new poll published today will show. Some 63 per cent of Britons say the US should be first on the list of trade negotiations for the government, the survey of more than 3,000 people by [...]
