“People can judge me on whatever basis they like” – departing SFO director David Green says final farewell April 13, 2018 The view of Trafalgar Square surrounding David Green’s office is one he will miss. The departing director of the Serious Fraud Office (SFO) has enjoyed the architecture for the six years that he has been in, and reshaped, the role that has attracted – perhaps surprisingly – a fair amount of political drama. Green has [...]
Provident Financial share price falls after completing a £331m rights issue April 10, 2018 Doorstep lender Provident Financial has completed a £331m cash call from investors, it announced this morning. A deadline for rights issue acceptances passed yesterday at 11am with 96.3 per cent of shareholders backing the capital raise. The success of the rights issue will come as little surprise to many traders as almost three-quarters (73.4 per [...]
‘Beast from the East’ keeps shoppers at home as consumer spending growth slows to 2.0 per cent in March April 10, 2018 Consumer spending growth slowed in March as extreme weather brought about by ‘the Beast from the East’ kept shoppers at home. Data from Barclaycard found that consumer spending grew by 2.0 per cent in March, its lowest level since April 2016, dropping from 3.8 per cent in February. In-store spending was particular affected, contracting by [...]
Bank of England to publish new cyber standards by summer to protect financial system under “almost constant attack” April 9, 2018 Britain’s financial system is “under almost constant cyber attack” according to a top Bank of England official, with the regulator planning to introduce new standards for financial firms’ computer security. Sam Woods, a deputy governor at the Bank, said the the Prudential Regulation Authority (PRA), which he heads, will publish new standards expected of firms. [...]
Five traders from Barclays and Deutsche Bank to appear in first Euribor-rigging trial tomorrow April 8, 2018 The first trial into manipulations of the Euro Interbank Offered Rate (Euribor) will kick off tomorrow as five former traders stand accused of manipulating the Brussels-based benchmark at the height of the financial crisis. Four former Barclays traders – Philippe Moryoussef, Carlo Palombo, Colin Bermingham and Sisse Bohart – and ex- Deutsche Bank trader Achim [...]
Forty per cent fall in demand for diesel pushes new car sales down by nearly 16 per cent in March April 5, 2018 The ongoing onslaught against diesel cars continues to push down UK sales, with sales for new cars slumping by 16 per cent in March. Demand for diesel was down nearly 40 per cent compared with the same month last year, while alternatively fuelled vehicles (AVFS) were up 5.7 per cent . Demand for petrol was [...]
Gold up, dollar down: Markets react as China unveils retaliatory $50bn tariffs on US products April 4, 2018 Donald Trump has denied the US is in a trade war with China, as markets fell on the back of retaliatory tariffs unveiled by Beijing this morning. The US dollar fell against the yen, euro and pound this morning after China revealed its tit-for-tat $50bn measures. Beijing confirmed a 25 per cent levy on US [...]
From vicars to City titans: Goldman Sachs, Shell and Barclays among names behind £550m Lloyds legal battle | City A.M. April 4, 2018 Today City A.M. reveals the varied and surprising names behind a massive £550m legal battle with Lloyds over its takeover of HBOS at the height of the financial crisis – and the cast includes major institutions, aristocrats, vicars and politicians. The groups, which includes institutions such as Goldman Sachs, Nomura Asset Management and pension funds [...]
Goldman Sachs has sunk down the advisory rankings for UK M&A this year as Morgan Stanley pinches the top spot April 3, 2018 Goldman Sachs has seen a dramatic reduction in the value of UK mergers and acquisitions (M&A) it has advised on so far this year, falling from the top spot in the first quarter of last year to 12th in 2018. In the first three months of 2018, Goldman has been engaged on 15 announced deals [...]
Private equity’s push to turn Brexit positive: Equistone explains it’s just another day in the office April 3, 2018 Britain may currently be navigating through uncharted geopolitical waters, but that isn’t putting too much of a damper on the spirits of one of the UK’s oldest private equity houses. Equistone, a former Barclays division which is celebrating its 40th anniversary in the UK next year and last month raised its largest-yet €2.8bn (£2.5bn) fund, [...]