Soaring house prices and stock markets push wealth per adult to record £57,598 June 22, 2021 Despite the pandemic impact on economies around the world, global household wealth hit a new record last year, primarily due to soaring house prices and rebounding stock markets. The latest global wealth report by investment giant Credit Suisse showed today that wealth per adult rose 6 per cent last year, to hit a record £57,598. [...]
EU commissioner says the bloc is not trying to steal business from City of London June 22, 2021 The EU’s financial services chief has said Brussels is not trying to steal business and investment from the City of London and that they are not pursuing a protectionist policy on financial services. Mairead McGuinness, EU commissioner for financial services, also said today that Brussels will look again at equivalence for the City later this [...]
City institution 1 Lombard Street reopens after lockdown June 22, 2021 The Lord Mayor and the City’s Sheriff visited Square Mile institution 1 Lombard Street yesterday as it reopened after lockdown. Monday was due to be the first day without Covid-19 restrictions in the UK, but the so-called ‘freedom day’ was pushed back by four weeks. Read more: There are staycations – and then there’s the [...]
Post-Brexit UK should judge financial services climate against New York and Singapore, says City minister June 21, 2021 City minister John Glen this morning said the future regulatory environment for UK financial services should be judged against New York and Singapore. Glen, speaking at The City Week conference, hinted that global growth meant competition with non-European hubs would be a driving force behind regulatory decision-making, rather than focussing on any potential equivalence deal [...]
Andy Haldane became the media darling of economics, the Bank of England must continue his legacy June 20, 2021 After 32 years at the Bank of England, the current senior economist at Threadneedle Street – Andy Haldane – is moving on to new pastures. His departure as one of the top dogs at the Bank of England will leave the oldest and first central bank without his valuable experience. But as communication with the [...]
Another adviser warns JD Sports shareholders on chairman’s pay June 19, 2021 Another leading adviser has added its name to group urging JD Sports shareholders to look at bonus payments for bosses, despite the retailer refusing to repay government support. Adviser IVIS has warned shareholders over votes on bonus payments and its future remuneration policy, Sky News first reported. Advisory service Glass Lewis has already issued [...]
Supreme Court rules Grant Thornton owes Manchester Building Society £13.4m June 18, 2021 The Supreme Court has backed a £32m negligence claim from Manchester Building Society against its former auditor Grant Thornton in a landmark ruling that could make it easier to bring claims against professional advisers. The Supreme Court said Grant Thornton had incorrectly told the building society that its accounts could be prepared using a rule [...]
England v Scotland: Scouting the Scots with a bit of help from investment banking ahead of the Euro 2020 Battle of Britain June 18, 2021 It’s England v Scotland at Euro 2020 this evening as the Battle of Britain returns to major tournament football. Gareth Southgate will have his own ideas about Scotland’s strengths and weaknesses under Steve Clarke. But, should he need any more pointers, we can offer some answers based on quantitative analysis methods borrowed from investment banking. [...]
Pre-Fed jitters keep US stocks below record highs at open June 16, 2021 US stocks opened just below record highs today as investors stayed on the fence ahead of potential hints from the Federal Reserve on when it would taper its monetary stimulus. The Dow Jones Industrial Average was down 0.1 per cent, while the S&P 500 opened flat, remaining near an all-time time. Meanwhile, the Nasdaq Composite [...]