Banking crisis reinforces need for ringfencing as government’s consultation comes to an end May 8, 2023 Experts have warned that the recent banking stresses demonstrate the importance of the ringfencing regime as the government’s consultation comes to an end. Treasury ministers are keen to push forward with changes to how banks are forced to separate their retail and commercial activities with, for instance, investment banking operations – reducing the number of [...]
Butcher saved by former Asda boss resumes trade May 8, 2023 Farmison & Co will once again begin selling its upmarket meats this week as a consortium led by the former chief of Asda look to bring the embattled brand back to life, following its collapse and subsequent rescue deal last month. The luxury butcher, which trades to the likes of Harrods and Fortnum & Mason, [...]
Banking crisis: Ex-BoE’s Paul Tucker calls for regulatory overhaul to battle bank runs May 8, 2023 Banks should be required to keep enough collateral with the central bank to cover all of their short-term deposits, an ex-Bank of England wonk has said. Speaking to the Financial Times, former Bank of England Deputy Governor Paul Tucker said “it would mean that, subject to a bank being fundamentally insolvent, central banks could 100 [...]
London cabbies’ green ambitions slowed by poor EV charging set-up, warn taxi firms May 8, 2023 Taxi firms have called for more action from government and City Hall to address failures in London’s EV charging infrastructure, which they argue is slowing the transition to electric fleets. “There’s work to be done on infrastructure,” Liam Griffin, CEO of Addison Lee, told City A.M. “When we signed up to this, there were all [...]
Activision deal: Survey says CMA wrong to block Microsoft tie-up May 8, 2023 A quarter of the public thought the UK competition watchdog was wrong to block Microsoft’s $70b deal to acquire Activision Blizzard, a new poll has found. One in four of the public were opposed to the UK Competition and Markets Authority’s (CMA) decision to block the deal, while a further 16 percent thought it was [...]
UN Nuclear chief: “Potentially dangerous” situation near Ukraine nuclear plant May 7, 2023 The head of the U.N.’s nuclear power watchdog warned on Saturday that the situation around the Russian-held Zaporizhzhia nuclear station has become “potentially dangerous” as Moscow-installed officials began evacuating people from nearby areas. Rafael Grossi, director general of the International Atomic Energy Agency (IAEA), called for measures to ensure the safe operation of Europe’s largest nuclear plant [...]
Warren Buffett: “Very poor” handling of bank failures in recent weeks May 7, 2023 Warren Buffett on Saturday criticized the handling of recent tumult in the banking sector and said a debt ceiling showdown could bring “turmoil” to the financial system, even as he offered a vote of confidence in the United States and his conglomerate Berkshire Hathaway Inc. Speaking at Berkshire’s annual shareholder meeting, Buffett criticized how politicians, regulators and [...]
Euro rate hikes: Not done yet, says member of the governing council May 7, 2023 The European Central Bank’s interest rate hikes are starting to have an effect, but more will be needed to contain inflation, Dutch Central Bank President Klaas Knot said on Sunday. Knot, who is also on the ECB’s governing council and is known as a hawk, said he had agreed with the ECB decision on Thursday [...]
Coronation TV ratings: More than the Jubilee, fewer than the Queen’s funeral May 7, 2023 The King’s coronation service at Westminster Abbey was watched by more than 18 million viewers in the UK, provisional figures have shown. The lavish ceremony on Saturday which saw Charles and Camilla crowned was broadcast simultaneously on a range of channels between about 11am and 1pm, including BBC One and Two, ITV and Sky News. [...]
Cabinet minister: Ukraine War and Covid-19 to blame for local election beating May 7, 2023 Culture Secretary Lucy Frazer has blamed heavy Tory losses in the local elections on the pandemic and the Ukraine war. She also noted the Conservative Party had been in power for “a long time”. The Cabinet minister conceded that voters were “frustrated and angry”, but claimed Rishi Sunak was starting to regain the public’s trust. [...]
