A London blockchain startup is spending $30m on building ‘a new internet’ June 28, 2018 The roll-out of the Decentralised Architecture for a Democratic Internet, or DADI for short, begins today as the London-based blockchain startup seeks to build an internet run and owned by the public. Labelled as a peer-to-peer network built on decentralised ledger technology, the Dadi network is promised to be up to 60 per cent cheaper [...]
Move over Wall Street wolves, women are winning investment’s battle of the sexes June 28, 2018 Anyone with even a passing knowledge of the stock market could be forgiven for thinking that it is a strident, bullish, and dare I say masculine environment. Think of images of trading floors – there’s rarely a woman in sight – or of Leonardo DiCaprio in The Wolf of Wall Street and Damian Lewis in [...]
Tom Hayes’ lawyer slams lack of disclosure around $100m Citi settlement over Libor rigging in US June 20, 2018 The lawyer for Tom Hayes, a former Citi banker jailed for rigging the London Interbank Offered Rate (Libor), has slammed the Serious Fraud Office (SFO) for failing to disclose the bank's recent settlement with a group of US states over allegations it manipulated the interest rate benchmark. The banking giant reached a $100m (£76m) settlement [...]
Former Barclays trader accused of Euribor rigging was ‘lowballing’ whistleblower, court hears June 19, 2018 A former Barclays trader on trial for allegedly rigging the Euro Interbank Offered Rate (Euribor) was a whistleblower for the lowballing scandal that rocked the banking industry, a court has heard. "Lowballing" is a term used to describe the scandal that engulfed European and British banking when some banks during the credit crisis moved [...]
CYBG agrees deal with Virgin Money June 18, 2018 This morning CYBG confirmed that it had reached a £1.7bn deal with Virgin Money to create a new challenger bank to the big four of HSBC, Barclays, Lloyds and RBS. While some have suggested that the terms of the deal aren’t exactly generous I think the deal is less about the terms than whether it's [...]
Ranked: The banks that have closed the most branches since 2015 – and which regions have been hardest hit June 15, 2018 New analysis has revealed which of banks have shut the most branches since 2015, with NatWest, HSBC and Lloyds Bank reporting the highest number of closures. Some 2,868 UK retail branches will have shut up shop by the end of this year, with 879 bank closures during last year, according to Which? Money research. That [...]
The Deliveroo vs Just Eat food fight has only just begun June 14, 2018 In the City, you never know when you might be someone else's breakfast. Firms are hungry for market share, and a competitive edge is the dish of choice. Just Eat's shares plunged yesterday after Deliveroo announced an expansion of its platform which saw it square up to the FTSE 100 giant. For the first time, [...]
The system was flawed, says lawyer acting for trader accused of Euribor rigging June 14, 2018 The barrister defending a former Barclays trader accused of taking part in a conspiracy to rig the Euro Interbank Offered Rate (Euribor) has said the system was "flawed" and that his client never acted dishonestly. Sean Larkin QC is defending Carlo Palombo against accusations of rigging the interest rate relied on by a number of [...]
Just Eat shares plunge as Deliveroo’s new feature bites June 13, 2018 Shares in Just Eat dropped more than seven per cent this morning after Deliveroo announced dramatic expansion plans and a new feature. Deliveroo anticipates that it will add 5,000 new restaurants to its platform with the 'Marketplace+' feature, which puts it in direct competition with Just Eat. Restaurants which handle their own delivery will now [...]
CPPIB becomes world’s first pension fund to issue green bonds June 12, 2018 Green bonds will be issued by a pension fund in a world first for the sector. The Canada Pension Plan Investment Board (CPPIB) will become the first pension fund to increase its holdings in renewables and energy efficient buildings. CPPIB, which handles a total of $356.1bn assets, says the sale will put more than C$3bn [...]