HSBC won’t ‘smother’ Silicon Valley Bank after rescue deal, says chief March 19, 2023 The boss of HSBC has said the bank will not “smother” the former UK arm of Silicon Valley Bank or overhaul its operations after it swooped in with a £1 rescue deal last week. The UK subsidiary of the California-based start-up lender was snapped up by HSBC just before market open on Monday in a [...]
FTSE 100 live: London index joins European markets to close in the red as jitters over Credit Suisse contagion continue March 17, 2023 A dramatic week for European markets has ended on a low, with a number of interventions from global banks failing to calm the nerves of jittery investors. London’s FTSE 100 closed firmly in the red despite seeing gains in early trading on Friday. It followed a group of US banking giants injecting 30 billion US [...]
First Republic: US stocks rally after 11 banks including JP Morgan, Citi and Goldman stump up $30bn in rescue effort March 17, 2023 US stocks rallied on Thursday after a group of big banks offered a lifeline to the bank that investors had zeroed in on in their hunt for the industry’s next victim. The S&P 500 jumped 1.8 per cent for its best day in nearly two months after 11 of the biggest banks said they would [...]
The Square Mile and Me: James Ashton on Occupy London, the City’s history, and Balfour’s oysters March 16, 2023 Each week we ask the City’s great and good to delve down memory lane. This week, it’s James Ashton, the chief executive of the Quoted Companies Alliance, representing small- and mid-cap listed firms, and a former newspaper journalist What was your first job in the City? I wrote about advertising and media for Reuters, based [...]
Budget: OBR says UK to avoid recession and is on course to grow every year after short blip in boost for Jeremy Hunt March 15, 2023 Britain will avoid a much-tipped recession this year and will grow every year until 2027 after a short blip, a massive reversal from economists warning of the longest contraction in a century just a few months ago, the country’s spending watchdog said today. UK GDP is on course to suffer a mild slump in 2023 [...]
Chat GPT and Bing AI chatbots to be used as panellists in world-first at fintech conference March 15, 2023 Artificial intelligence chatbots will be used as panellists for the first time as part of a conference hosted by the Gillmore Centre for Financial Technology this week.
Silicon Valley Bank: Start-ups welcome the warm embrace of Britain’s big banks March 15, 2023 The collapse of SVB UK is causing start-ups to reevaluate their banking priorities, Charlie Conchie writes Among the backslapping jubilation of HSBC’s rescue swoop on Monday morning, a singular voice fired a sour warning into the ether. Loss-making start-up the Bank of London had over the weekend launched a bid to buy Silicon Valley Bank’s [...]
Spring Budget 2023 – as it happened: Childcare costs, Brexit pub guarantee and plan for ’12 Canary Wharfs’ March 15, 2023 As Jeremy Hunt unveils his first full Spring Budget, we bring you all the latest news, opinion, analysis and reaction. Budget day – Live feed Support for parents with young children: Jeremy Hunt announced a series of reforms, starting “with the supply of childcare.” “We have seen a significant decline in childminders over recent years [...]
Announcing Fineqia as a headline partner of the Crypto AM Spring Awakening March 14, 2023 Digital assets platform Fineqia has been named as a headline partner for the highly-anticipated Crypto AM Spring Awakening.
Cost of living crisis: Inflation sees Brits take a real-terms pay cut yet again March 14, 2023 British workers’ wages have been eroded by sky high inflation for the 15th month in a row despite them bagging bumper pay rises, official figures out today show. Real regular pay, which measures pay growth in cash terms minus inflation, fell on a monthly basis in January, according to the Office for National Statistics (ONS). [...]