EU referendum: Chancellor George Osborne tells German businesses “ever closer union” is “not right” for UK November 3, 2015 Chancellor George Osborne will use a major speech in Berlin today to say that “ever closer union” is “not right” for the UK and call for new laws protecting the interests of non-Eurozone states. Speaking to the Federation of German Industries (BDI), Osborne will say that the British government wants “principles embedded in EU law [...]
EU referendum: Vote Leave Brexit campainers accuse CBI of being swayed by European Union funding November 3, 2015 A Eurosceptic campaign group is slamming the Confederation of British Industry (CBI) today, claiming that the industry group received nearly £1m from the European Commission in the last six years. Vote Leave said that between 2008 and 2015, the CBI received £955,484 from the European Commission. Vote Leave spokesman Robert Oxley said: “The CBI is funded [...]
EU referendum: 70 per cent of European finance professionals would vote against Brexit – could Cyprus change its EU relationship before the UK? November 3, 2015 Britain will remain in the European Union, while Cyprus is the country most likely to follow Greece out of the EU, according to a new poll out today. MNI, Deutsche Boerse’s research arm, surveyed finance workers from 21 countries to gauge market sentiment toward the Eurozone. An overwhelming majority of respondents said backed Britain remaining [...]
New Linklaters report: European banks face major credit risks over bad loans November 2, 2015 European banks are still holding onto an estimated €826bn (£588bn) of non-performing loans, despite increased oversight, according to a new report out today. Global law firm Linklaters estimated that since the European Central Bank (ECB) introduced its Single Supervisory Mechanism (SSM) last November, non-performing loan (NPL) volumes across European banks have remained high, reducing only [...]
HSBC third-quarter results 2015: Investors await details on bank’s restructuring and relocation November 2, 2015 Investors will be looking for further indications of whether HSBC will relocate from London when Britain’s biggest bank reveals its third-quarter results today. It was reported last week that HSBC was considering moving its headquarters to the United States, rather than Hong Kong as previously anticipated. Management are expected to update investors on the review [...]
Standard Chartered results 2015: Asia-facing bank to post third-quarter performance amid capital-raising reports November 2, 2015 Standard Chartered is expected to post another drop in profits tomorrow, as new chief executive Bill Winters struggles to turn around the ailing Asia-facing bank. The results come amid increased speculation that Standard Chartered is looking to raise at least $4bn (£2.59bn) from investors. Bloomberg first reported last week that Standard Chartered management had met [...]
UK challenger Metro Bank could do more fund-raising instead of an IPO November 1, 2015 Leading challenger Metro Bank is considering scrapping its long-awaited initial public offering (IPO) next year in favour of more rounds of private fund-raising. Metro Bank, which has been in business since 2010, said in its third-quarter results announcement last week that it “continues to target” a listing for next year. But the bank's founder and [...]
RBS is “cutting people off from their own money” and “starving businesses of both cash and credit,” says Move Your Money campaign October 30, 2015 Royal Bank of Scotland is the “worst” bank for branch closures, according to a new report out today. One in three British branch closures between 2014 and 2015 was at the hands of RBS or its sister brand, NatWest, according to the Move Your Money campaign. Accusing Britain’s biggest lender to small businesses of “abandoning [...]
Lord Davies report: Politicians and business groups say they are disappointed by final recommendations October 29, 2015 The final Davies Review report has been criticised by politicians and business groups for not going far enough to address gender diversity among senior managers. In his final Women on Boards report this morning, Lord Mervyn Davies, a former chairman and chief executive of Standard Chartered, said that 33 per cent of all board seats [...]
EU referendum: US trade official Michael Froman says UK would miss out on trade after Brexit October 29, 2015 A top American official has warned that Britain will miss out on key trade deals if it leaves the European Union. Michael Froman, the US trade representative, said in a major intervention yesterday that America would not want to pursue a free trade agreement with an independent Britain. The US finalised a major trade deal with 11 Pacific [...]
