Budget 2020: Government to tax financial services firms to pay for economic crime fight March 11, 2020 The chancellor said today that the government would bring forward a levy on financial services firms to help pay for the fight against economic crime. It said businesses subject to the money laundering regulations would be subject to the tax which would aim to deliver reforms laid out in the government’s economic crime plan. Businesses [...]
UK coronavirus: Sixth Brit dies as Covid-19 infections hit 373 March 10, 2020 A sixth person has died after testing positive for coronavirus in the UK, as the number of confirmed cases rises to 373. The patient, who was in their eighties and had underlying health conditions, was treated by West Hertfordshire Hospitals NHS Trust. Chief medical officer Professor Chris Whitty said it appeared that the virus was [...]
UK banks announce lending support for coronavirus-hit firms March 10, 2020 Some of the UK’s biggest banks have announced measures to help businesses and customers to cope with the economic impact of the coronavirus outbreak. Britain’s largest high-street lender Lloyds said it would offer £2bn of loans without fees to small firms hit by the virus, and said some of the worst-affected businesses would be offered [...]
Global stocks plunge amid oil crash and coronavirus outbreak March 9, 2020 Global stock markets plunged today as a crash in oil prices and the rapid spread of coronavirus caused panic to set in on trading floors around the world. The UK’s FTSE 100 slumped 7.7 per cent in its biggest one-day fall since the 2008 financial crisis. The rout wiped £125bn off the value of the [...]
NY Fed increases short-term funding as US stocks brace for open March 9, 2020 The Federal Reserve Bank of New York has ramped up the amount of money it provides in very short-term loans to the financial system in a bid to keep Wall Street steady amid a coronavirus-driven market rout. The NY Fed today said daily overnight repurchase agreement (repo) operations will increase to $150bn (£115bn) from $100bn. [...]
DEBATE: Should companies use tracking software to monitor their staff? March 9, 2020 Following the Barclays scandal, should firms use tracking software to monitor their staff? YES, says Jasmit Sagoo, senior director and head of technology UK and Ireland at Veritas Technologies Monitoring is not the same as “spying”. In most cases, it is businesses being obliged to track activities for compliance — and it’s almost always better [...]
Bob Diamond appoints ex-Barclays colleague Rich Ricci to lead Panmure Gordon March 6, 2020 Bob Diamond has hired his former right-hand man from his time at Barclays to head up loss-making stockbroker Panmure Gordon. Diamond appointed Rich Ricci as chief executive of London-based Panmure, which he acquired two years ago. The former Barclays boss will be reunited with 56-year-old American investment banker Ricci, who ran the old Barclays capital [...]
Firms send staff home as coronavirus arrives in Canary Wharf March 6, 2020 Contagion fears gripped Canary Wharf last night after a host of multinational firms pressed the button on coronavirus contingency plans in what could be just a taste of things to come. On a rollercoaster day in one of the globe’s most important financial hubs HSBC took the decision to evacuate more than a hundred staff [...]
JP Morgan moves London staff amid coronavirus outbreak March 5, 2020 JP Morgan is sending some employees to backup locations to reduce disruptions if employees are exposed to coronavirus. In a memo sent to staff, head of sales Marc Badrichani and head of trading, Troy Rohrbaugh, said the company has “started to test and implement alternative working arrangements for employees in New York and London”. “Dividing [...]
Car industry calls for electric vehicle tax break as new sales decline March 5, 2020 The Society of Motor Manufacturers and Traders (SMMT) has called for a tax break on all new battery electric, plug-in hybrid electric and hydrogen fuel cell electric cars in order to encourage the take up of more environmentally friendly models in the UK. According to the SMMT, cutting VAT on such models would reduce the [...]