Nuns join chorus of criticism against Blackrock over climate change December 16, 2019 The world’s biggest fund manager has come under fire from an unusual critic: nuns. A group of Catholic nuns has hit out at Blackrock over its approach to climate change, voicing its anger ahead of the fund’s annual meeting. Read more: UN climate change conference closes amid criticism The Sisters of Mercy of the Americas, [...]
US trade representative: Phase one of deal is ‘totally done’ December 16, 2019 The first phase of a US-China tariff deal is “totally done”, according to US trade representative Robert Lighthizer. Last night Lighthizer said there would be some routine “scrubs” to the text but “this is totally done, absolutely.” Read more: Trump: US to suspend tariffs Speaking on CBS’ “Face the Nation”, he said that a time [...]
Banking on the future: The boss of the Association of Foreign Banks speaks to CityA.M. December 12, 2019 Among the many services that the Association of Foreign Banks (AFB) provides to its global members is a guide on how to handle allegations of workplace harassment. Overseas banks with an office in the UK can pay their trade body a small fee for a 26-page report that highlights case studies of misconduct. It even [...]
Takeover interest mounts over Sainsbury’s £1.9bn mortgage book December 12, 2019 Grocery giant Sainsbury’s has reportedly received several offers for its £1.9bn mortgage book. The Big Four supermarket chain has attracted a number of bidders as it looks to quit the home-loans market, according to Sky News. The broadcaster said that Lloyds Banking Group is understood to be among the interested parties in the auction, which [...]
Traders ready themselves for election all-nighter December 12, 2019 Armed with energy drinks, cigarettes (or vapes) and coffee, London’s financial traders are gearing up for a general election all-nighter. City workers will be glued to their terminals for the next 24 hours, preparing themselves for any swings in global financial markets as Britain’s voters head to the polling booths. Read more: Moody’s downgrades outlook [...]
Moody’s downgrades outlook for global banks December 5, 2019 The outlook for global banks has been slashed by credit ratings agency Moody’s. Weakening economic growth, low interest rates and more volatile operating conditions will increase the credit challenges for lenders across the world, Moody’s Investors Service said in a report published today. The agency cut its outlook from stable to negative. Read more: Metro [...]
Blackstone mulling £4bn offer for student property giant December 5, 2019 Private equity giant Blackstone is reportedly mulling a £4bn swoop on one of Britain’s largest student property developers. IQ Student Accommodation has attracted the attention of Blackstone ahead of a potential initial public offering (IPO) next year, according to Sky News. Read more: Capco will officially become a real estate investment trust The broadcaster has [...]
AJ Bell boss fears ‘domino effect’ after M&G fund suspension December 5, 2019 The suspension of M&G’s £2.5bn property fund risks triggering a “domino effect” in the sector as investors rush to withdraw their money, the head of investment platform AJ Bell has warned. Andy Bell told City A.M. the suspension could be “contagious” for the sector because a “domino effect” could lead to further property fund suspensions. [...]
HSBC to bring in 40 per cent overdraft rate December 5, 2019 HSBC is set to bring in a controversial single overdraft rate of almost 40 per cent for its customers next year. Current rates are between 9.9 per cent and 19.9 per cent but all account holders will be charged 39.9 per cent by HSBC as of next March. Read more: Metro Bank boss to step [...]
Growth in business lending set to hit five-year low December 5, 2019 Bank lending to firms is expected to creep up at its weakest rate since 2015 next year, with experts blaming dampened appetite for business investment. Growth in business lending will likely climb by 2.1 per cent in 2020, according to research out this morning by the EY ITEM Club. Read more: Moody’s downgrades outlook for [...]
