World pension ages on the rise: when will you retire? December 1, 2017 State pension ages are rising around the world. Most countries will increase the point at which people can withdraw payments to 67 in coming decades. Some governments have been more aggressive. The UK and Ireland will increase the age to 68, and the British government has indicated that more even higher ages are inevitable. The [...]
City firms on hiring spree as salaries look set to keep rising December 1, 2017 City firms are set to embark on a hiring spree next year as the need to deal with new rules and technology trumps the ongoing political uncertainty over the Brexit process. More than two-thirds of financial services firms plan to recruit staff over the next 12 months, with the majority planning to bring permanent staff [...]
No need for disclosure of Bank of England emergency funding to Lloyds investors in HBOS deal, Sir Victor Blank tells court November 30, 2017 Investors in Lloyds bank at the time of its merger with HBOS did not need to be told about emergency funding provided by the Bank of England (BoE), former Lloyds chairman Sir Victor Blank today told the High Court. Blank was giving evidence at a £550m legal case brought by shareholders who allege they were [...]
The Bank of England has just given a coded warning about the danger posed by a no-deal Brexit. It’s terrifying November 30, 2017 On Tuesday, the Bank of England released the details of its latest banking industry stress tests. The results made for some soothing sounding headlines – the UK financial system is strong enough to withstand a "disorderly Brexit". In other words, Britain’s banking system can withstand leaving the European Union (EU) without a trade deal. While [...]
Unicredit boss brands Brexit “much ado about nothing” and says London will retain standing as key financial hub November 30, 2017 The boss of Italian bank Unicredit has deemed Brexit and its potential disruption to the capital’s ranking as a major financial hub “much ado about nothing”. Jean Pierre Mustier, Unicredit’s chief executive told the Financial Times Banking Summit today that regulators are likely to find sensible solutions to any problems posed by Brexit, meaning there [...]
14 years of investment returns: history’s lesson for investors November 30, 2017 The stockmarket has provided the best returns among the major asset classes over the last 14 years. But the total profits belie wild fluctuations year by year. Such volatility can cause problems for those who need to draw down money from their investments at certain points of their lives. A sudden drop in the stock [...]
Carney praises efforts to reduce misconduct in financial markets, but hints that some rules may be dropped post-Brexit November 29, 2017 Bank of England governor Mark Carney today praised the efforts made by financial market players and regulators to reduce misconduct in the industry. Speaking on the second anniversary of the Fair and Effective Markets Review, which was designed to help prevent abuse of the fixed income, currency and commodities (FICC) markets, Carney said the industry [...]
Board of the London Stock Exchange accuses activist fund manager Sir Chris Hohn of sabotaging Xavier Rolet’s succession November 29, 2017 The board of the London Stock Exchange (LSE) has today accused activist hedge fund TCI of “damaging” the bourse’s reputation, through its efforts to reinstate outgoing boss Xavier Rolet. In a letter seen by City A.M., the board accused TCI and its boss Sir Christopher Hohn of launching “a public, concerted and highly personalised campaign” [...]
Bitcoin prices are creeping towards $11,000 after smashing the key $10,000 mark November 29, 2017 Bitcoin’s value has increased tenfold this year after it smashed through the $10,000 barrier on major exchanges today, but the rise has not stopped there. The cryptocurrency has charged ahead towards $11,000, trading up 9.41 per cent at $10,840.51 at the time of writing, according to Coindesk’s aggregate index. The notoriously volatile digital currency crashed [...]
London Stock Exchange boss Xavier Rolet steps down with immediate effect November 29, 2017 Xavier Rolet, the chief executive of the London Stock Exchange (LSE) Group, has stepped down with immediate effect after a row broke out between the board and an activist investor over his planned departure. The LSE first announced Rolet would leave by the end of 2018 in October, but shareholder The Children’s Investment (TCI) accused [...]