“Shocking ignorance” from MPs who don’t know where money actually comes from October 27, 2017 The majority of Britain’s politicians don’t know where money comes from, despite being tasked with deciding how much of it ends up being spent, according to a poll of MPs published today. Only 15 per cent of MPs surveyed answered correctly when asked a true/false question on whether banks create money when they make loans. [...]
Barclays offers free housing to help with “shocking cost” of landing first job out of university October 24, 2017 Barclays will offer graduate job interviewees free accommodation in London, Birmingham and Manchester to help offset the “shocking cost” of landing a post-university position. Job hunters with interviews during November will be able to apply for two free nights’ accommodation. The banking giant said UK graduates spend an average of over £500 landing their first [...]
Financial Conduct Authority (FCA) slaps Merrill Lynch with £34.5m fine for derivative trading failings October 23, 2017 The City’s top watchdog has slapped banking giant Merrill Lynch with a £34.5m fine for not reporting tens of millions of derivative trades over a two year period. The groundbreaking enforcement action by the Financial Conduct Authority (FCA) follows Merrill Lynch’s failure to report details of 68.5m derivative transactions under the European Markets Infrastructure Regulation [...]
London and Dublin must work together to champion financial services across Europe October 16, 2017 Last week I had the pleasure of visiting both the Republic of Ireland and Northern Ireland– my final two visits as lord mayor of the City of London. As my year in office draws to a close, it was the perfect opportunity to hear the views of senior representatives from the country and region, and [...]
Fintechs can now apply for Financial Conduct Authority approval for accessing data from top banks as Open Banking moves a step closer October 12, 2017 Fintech startups are a step closer to getting their hands on customer data from some of the biggest high street banks in another move towards Open Banking. Firms wanting to take advantage of account information being made available under rules outlined by the competition authority last year can apply to the Financial Conduct Authority from [...]
Former Shawbrook duo launch new investment firm for speciality finance businesses October 11, 2017 A duo from challenger bank Shawbrook have embarked on setting up a new investment firm, focused on companies in the speciality finance sector. Marc Sefton and Kieran McSweeney have founded Aquilam Capital, which will focus on investing and lending to businesses in the consumer and small to medium-sized enterprise (SME) finance niches and in the [...]
Three charts that suggest banks are stronger now than before Northern Rock October 10, 2017 September marked the 10th anniversary of the moment most people had their first inkling all was not completely well with the global financial system. On 13 September 2007, word began to spread that Northern Rock had asked for emergency funding from the Bank of England in its capacity as "lender of last resort", thus prompting [...]
Royal Mail strikes: It is time postal boss Moya Greene stepped into the limelight October 9, 2017 Barring an eleventh-hour U-turn, Royal Mail will today go to the High Court in a bid to delay a planned shutdown of Britain’s postal service, almost eight years to the day after the last one. The strike is over changes to pensions, pay and working conditions. We’ve seen a lot of the Communication Workers Union [...]
Dialog Semiconductor, the UK-based German chipmaker and supplier to Apple, has acquired US tech firm Silego for $306m October 5, 2017 A UK-based German chipmaker which supplies Apple has snapped up a US tech firm in a deal worth up to $306m. Dialog Semiconductor will buy California’s Silego Technology in a $276m cash deal with a further consideration of $30.4m it announced on Thursday morning. Silego makes Configurable Mixed-signal ICs (CMIC) – that is, chips which [...]
Ashish Thakkar to leave the board of Atlas Mara, the African banking group he co-founded with Bob Diamond October 3, 2017 Former Barclays chief executive Bob Diamond is to be left as the sole founder on the board of African financial services group Atlas Mara, as it was announced today that co-founder Ashish Thakkar would be leaving. His departure from the board comes as a result of new shareholder Fairfax Africa, a Canada-based investment fund, wanting [...]