Lehman Brothers 10 years on September 4, 2018 It’s hard to believe that it’s almost ten years since financial markets globally underwent a cardiac arrest that brought the world economy to its knees. Financial markets had already been on a slow downward slope in the lead up to events in September 2008, over concerns about the stability of the global financial system that [...]
Business expense fraudsters are burgling from the boardroom’s bottom line September 4, 2018 Running a business costs money. That may sound simple – and in many ways, it is. From paying staff to keeping the lights on, some costs are all part of the never-ending challenge of running a business. But when it comes to employee expenses, things are rarely simple. With wide-ranging rules and limits often being [...]
Paul Pester steps down as TSB CEO after IT outages September 4, 2018 TSB boss Paul Pester is to step down from the UK high street bank, following seven years of service that ended amid a prolonged and ongoing IT crisis. However, the bank insisted Pester was not a “fall guy” for the outage that began in April, impacting around 1.9m customers. Read more: TSB apologises to customers [...]
August’s top and bottom performing funds September 4, 2018 The Turkish lira succumbed to a savage slump in August following a doubling of US tariffs on Turkish steel and aluminium in retaliation for the imprisonment of a pastor on terrorism charges. Concerns about the Turkish economy had been mounting for some time given President Erdogan’s increasingly autocratic rule and the appointment of his son-in-law [...]
Bank of England governor Mark Carney to face grilling on future after Downing Street intervention September 3, 2018 Mark Carney faces a grilling on his departure from the Bank of England tomorrow after 10 Downing Street today insisted he is still on track to leave Threadneedle Street in 2019. Carney is currently set to lead the Bank until the end of June 2019, three months after the UK leaves the EU, but 10 [...]
Libor replacement to be given first bond issue test September 3, 2018 The Bank of England’s replacement for the scandal-hit Libor interest rate is to take a major step forward as Lloyds Banking Group prepares to issue the first bonds tied to it. Lloyds will become the first commercial lender to use Sonia, a three-year sterling benchmark floating rate covered bond with is tied to the Sterling [...]
Downing Street says Mark Carney still set to leave the Bank of England in 2019 September 3, 2018 Mark Carney is still on track to leave the Bank of England in 2019 according to the Prime Minister's spokesperson, in spite of reports he may be considering an extension to his time as governor in Threadneedle Street. Carney is currently set to lead the Bank until the end of June 2019, three months after [...]
Exclusive: Asian buyer nears £425m deal for Commerzbank HQ September 2, 2018 Commerzbank’s London HQ is set to be sold in a deal worth almost £500m to an undisclosed Asian buyer later this week, City A.M. understands. An agreement for 30 Gresham Street, which was put on the market by Samsung Life Insurance earlier in the summer, is reportedly nearing its final stages, as the burgeoning Asian demand [...]
Editor’s Notes: Time for some forward guidance on the next Bank of England governor, Labour loses a man of principle and Warren Buffett’s lunch date August 31, 2018 Mark Carney’s first speech as governor of the Bank of England was on 28 August 2013, at a lunch co-hosted by the CBI and the Institute of Directors. I was working for the latter at the time, and was leaning against the back wall with a glass of warm white wine in my hand as [...]
Ollie Phillips’ Premiership preview: Saracens still the side to beat but Gloucester and Leicester are on the rise August 30, 2018 The Premiership kicks off tomorrow evening when new boys Bristol take on west country rivals Bath and I’m excited as ever for a new campaign. While it’s Bristol getting things under way, it is likely to be Saracens and Exeter who duke it out at the top of the table again. Last season’s champions Saracens have [...]