Afreximbank IPO: African bank confirms plans to list in London October 16, 2019 An African trade finance group has confirmed its plans to plough ahead with a listing in London, giving a boost to the capital’s ailing initial public offering (IPO) market. The African Export-Import Bank, which provides trade finance for large infrastructure projects across the continent, is hoping to raise $250m (£196m) in its float on the [...]
LME to hike fees eight per cent next year October 16, 2019 The London Metal Exchange (LME) is set to hike its trading and clearing fees for the first time in five years in 2020. The historic exchange has said it will raise fees by eight per cent at the start of next year, as its owner, Hong Kong Exchanges and Clearing (HKEX), looks to regain some [...]
Banks struggle with PPI claims after deadline surge October 16, 2019 Customers who lodged complaints over the mis-selling of payment protection insurance (PPI) may have to wait until next summer for a final response. Read more: PPI costs account for over half of all conduct and litigation in UK banks Britain’s competition watchdog has said it is challenging banks to deal with complaints as quickly as [...]
EU orders Broadcom to suspend business deals in competition probe October 16, 2019 Broadcom has been ordered to halt its deals with six major customers amid an investigation into whether the chipmaker abused its market position to hurt rivals in its television and modem market. The EU’s antitrust regulator is imposing interim measures to prevent any likely “harm” to competition, suspending certain business deals between the tech giant [...]
Takeover titan and Blackstone boss Steve Schwarzman talks charity, business and life advice October 14, 2019 Private equity does not have a reputation for giving away money: on the contrary, it is an industry known for its hard-headed obsession with turning a profit though buying companies and selling them on. So it comes as something of a surprise to find that the boss of the world’s biggest private equity company, Steve [...]
Bank of England deputy governor flags concerns over ‘low for long’ interest rates October 14, 2019 Economic downturns are at risk of becoming more severe as a result of prolonged low interest rates, the deputy governor of the Bank of England has warned. The current environment of ‘low for long’ interest rates will make “demand management of the economy more difficult in downturns”, according to Jon Cunliffe. The Threadneedle Street official [...]
CFOs prioritise cost-cutting as uncertainty bites October 14, 2019 Finance chiefs are tightening their belts in an effort to weather the mounting storm of economic uncertainty. More than half of the UK’s most senior chief financial officers (CFO) are focusing on cost-control as a strong priority, marking the highest level since the end of the financial crash. Read more: Businesses can do more to [...]
Auditors slapped with rising fines after turbulent year October 14, 2019 Britain’s beancounters faced rising fines over the last year, as the industry’s watchdog upped its penalties following a series of major accountancy scandals. The Financial Reporting Council (FRC) fined audit firms roughly £24.3m in the year to the end of September, rising 44 per cent on the previous year, according to new Thomson Reuters research. [...]
Retail footfall down 10 per cent in seven years amid high street troubles October 14, 2019 The number of shoppers on the high street has dropped by 10 per cent over the last seven years, according to new data which underlines the current challenges facing physical retailers. Read more: Retailers brace for tough Christmas trading According to a new report from Springboard and the British Retail Consortium, retail footfall has decreased [...]
Exclusive: Queen’s Speech to include Financial Services Bill in bid to safeguard City October 14, 2019 Plans to safeguard the City’s global pre-eminence after Brexit will be laid bare today in the Queen’s Speech. City A.M. understands the government will include a Financial Services Bill in its legislation as part of an effort to ensure the sector stays at the forefront of international trading after it leaves the EU. Read more: [...]
