Hong Kong retail sales plummet as coronavirus continues to dent economy March 2, 2020 Hong Kong’s retail sales fell 21.4 per cent in January on a year-on-year basis, as fears over the spread of the coronavirus kept tourists away from the city’s shopping centres. Sales dropped to $4.9bn according to government data, the 12th consecutive month of decline. The coronavirus outbreak has compounded an already challenging environment for the [...]
Bank of England three times passed press conference scandal company March 1, 2020 The Bank of England scrutinised a company three times before it was subsequently found to have provided early access to the Bank’s press conferences to paying clients. Threadneedle Street carried out diligence on Encoded Media three times between 2008 – when it first hired the firm as a technology partner – and 2019. Encoded’s status [...]
FTSE 100 loses more than £200bn after worst week since 2008 as coronavirus fears grip global markets February 28, 2020 The FTSE 100 has shed a reported £206bn after suffering its worst week since the 2008 financial crisis as new cases of coronavirus pummelled global stock markets. London’s blue-chip index closed at 3.18 per cent down for the day to end a dire week for listed companies who have issued warnings on the coronavirus outbreak. [...]
Coronavirus risks UK economic downgrade, Mark Carney warns February 28, 2020 The UK faces the prospect of faltering economic growth as a result of the coronavirus outbreak, Bank of England governor Mark Carney warned today. The Bank has already spotted a squeeze on world supply chains from the coronavirus epidemic that started in China at the turn of the New Year, Carney said. While it is [...]
The City must stop complaining and start talking about the opportunities of Brexit February 28, 2020 Too much of the discussion around Brexit’s impact on the City has treated it as something of an inconvenience that must be “managed”. This is perhaps understandable — business rarely likes change, certainly not on this scale. But it’s time that we start talking about the opportunities Brexit will present to the City. The conversation [...]
City of London must start talking about the opportunities of Brexit : CityAM February 28, 2020 Too much of the discussion around Brexit’s impact on the City has treated it as something of an inconvenience that must be “managed”. This is perhaps understandable — business rarely likes change, certainly not on this scale. But it’s time that we start talking about the opportunities Brexit will present to the City. The conversation largely [...]
FCA tells asset managers to gear up for the end of Libor February 27, 2020 The Financial Conduct Authority (FCA) has written to asset managers to tell them to get ready for the end of Libor. Libor is being phased out after banks were fined billions for trying to manipulate it. The benchmark, used for pricing trillions of dollars of swaps, futures and loans, is set to end at the [...]
BoE governor Mark Carney urges the City to step up on climate change February 27, 2020 Outgoing Bank of England governor Mark Carney has demanded the City answer “calls to action” on climate change and help speed up the transition to a low-carbon economy. In a speech given in the City this morning, Carney is expected to call on money managers to “ensure that every financial decision takes climate change into [...]
Metro Bank shares plumb new depths after challenger bank swings to £131m loss February 26, 2020 Metro Bank will slash its growth plans after plunging to a £131m pre-tax loss in 2019, a devastating year in which an accounting scandal sent shares plunging and led to an exodus of the bank’s top brass. Shares in the company fell as much as 19 per cent in morning trading to an all-time low [...]
Salesforce promotes former BT chief in management shake-up February 26, 2020 Salesforce has promoted former BT chief executive Gavin Patterson to a top role as part of a wider shake-up of its management team. Patterson, who joined the business software firm in September last year, will now serve as president and chief executive of Salesforce International. He will be based in Salesforce’s UK headquarters in the [...]