Metro Bank loans rise as capital remains below regulators’ expectations October 21, 2020 Metro Bank today reported a two per cent hike in lending for the third quarter, as the British bank warned its capital remained below buffers set out by regulators following a significant hit from the pandemic. Loans handed out by the bank climbed to £15.09bn in the three months to 30 September, up two per [...]
Exclusive: London restaurant spend topped 2019 before new restrictions October 21, 2020 Spending at restaurants, pubs and bars in London climbed above 2019 levels for the first time during the coronavirus pandemic before new restrictions were put in place, data provided exclusively to City A.M has shown. Food and beverage spending was 1.7 per cent higher in September than a year earlier, according to Fable Data, which [...]
London is the toughest place to be an entrepreneur, report finds October 21, 2020 London is the toughest place in the UK to be an entrepreneur due to a huge wealth disparity and a higher cost of living, according to a new report. The government-funded British Business Bank (BBB) and management consulting firm Oliver Wyman have today published a report into the huge impact ethnic and economic background as [...]
UK dividend drought continues into third quarter October 21, 2020 The collapse of corporate dividends this year continued into the third quarter, as payouts slumped by nearly half to £18bn. Companies have scrambled to conserve cash amid the crisis, and the 49 per cent drop last quarter represents the lowest third quarter total in a decade since the aftermath of the global financial crisis. Although [...]
Bank of England and US regulators renew deal on clearing cooperation October 20, 2020 The Bank of England and US trading watchdog have signed a new agreement to cooperate on the supervision of cross-border clearing of financial transactions. “The CFTC and the BoE express their willingness to cooperate in the interest of fulfilling their respective regulatory mandates, particularly in preserving the benefits of cross-border clearing activity,” the Bank said. [...]
BoE policymaker: New Covid slowdown could require more stimulus October 20, 2020 The resurgence in coronavirus cases in the UK is likely to set back the economic recovery and could require more monetary stimulus, a Bank of England policymaker has said. Monetary policy committee (MPC) member Gertjan Vlieghe said that the growth in new cases meant there could well be more job losses than the Bank initially [...]
Natwest vows to boost number of black employees in senior roles October 20, 2020 Natwest has vowed to boost the number of black staff in senior roles from one per cent to three per cent, as the British bank seeks to shake up its image as part of a new racial equality pledge. The boost would bring Natwest’s diversity in line with the black population in England and Wales, [...]
More important for US to be right than first on digital currency, says Fed’s Powell October 19, 2020 It is more important for the US to get the development of a cross-border digital currency (CBDC) right than to be first, Federal Reserve chair Jerome Powell said. Speaking to a panel discussion hosted by the International Monetary Fund, Powell said it was vital for the Fed to assess the impact of such a currency [...]
Jes Staley set ‘to stay on at Barclays for two more years’ October 19, 2020 Jes Staley is reportedly set to stay on as chief executive of Barclays, despite the lender coming under pressure to replace the controversial American. The bank is not expected to announce any succession plans when it reports third quarter earnings on Friday despite activist investor Edward Bramson recently renewing his attack on Staley, The Telegraph [...]
China’s economy grew 4.9 per cent in third quarter October 19, 2020 China’s economy expanded 4.9 per cent year-on-year in the third quarter, missing expectations but storming ahead of other nations still suffering the economic fallout from the pandemic. Chinese GDP continued its recovery between July and September, marking a second consecutive quarter of growth following a 3.2 per cent hike in the second quarter. The return [...]