Don’t worry, be happy: FTSE 100 shakes off its ECB woes to open higher, pushed up by Aviva March 11, 2016 The FTSE 100 stormed back into positive territory this morning, after a miserable finish to yesterday's trading. The market was up 1.5 per cent at 6,131.6 points, after it edged perilously close to the 6,000 mark yesterday, when comments by European Central Bank chief Mario Draghi hinted rates are unlikely to be cut any further. [...]
Businesses and law enforcement must work closer together to stamp out cyber crime, warn cyber security experts March 10, 2016 Cyber crimes could be better prevented and dealt with if businesses and law enforcement worked closer together, a panel of cyber security experts has urged this evening. Esther George, author and former senior policy advisor for the Crown Prosecution Service, told a roundtable event hosted by access rights management consultancy 8Man: "If [businesses] would share some of [...]
Standard Bank talks up “buoyant” 2016 African landscape for M&A March 10, 2016 Africa’s landscape for mergers and acquisitions (M&A) is "buoyant” and there are more opportunities in the continent than ever before, according to South Africa-based Standard Bank. “There has been an increase in M&A activity, especially in East and West Africa, as European multinationals search for opportunities to counter slowing growth at home," said the bank's [...]
City A.M. joins the Lord Mayor and finance bosses at Mansion House to plan City Giving Day 2016 March 10, 2016 Leaders from over 60 City businesses joined the Lord Mayor for breakfast at Mansion House to hear why, when and how they should take part in City Giving Day 2016 this September. Lord Mayor Jeffery Evans sat down with senior execs from bank Credit Agricole and City A.M.'s resident grandee Lawson Muncaster in a bid to [...]
Societe Generale to cut 550 jobs over next five years March 9, 2016 Societe Generale is to cut 550 jobs over the next five years. The bank confirmed it is targeting 550 job reductions in the back offices of its French retail banking network, resulting in the closures of six out of 20 locations. The French bank said the plan would not rely on mandatory redundancies. The move is part [...]
Fixie derivative trading, anyone? Barclays takes after PwC and installs exercise bikes in its Canary Wharf offices to boost productivity March 9, 2016 Not content with a ruthlessly strict dress code after it banned flip-flops, Barclays bosses are having a go at changing their workers' lifestyles – by furnishing its Canary Wharf offices with exercise bikes. Barclays has been offering "High Octane Rides" to bankers since August, in an attempt to find new ways to boost productivity in the workplace. The idea is that [...]
German industrial production rises at sharpest rate since 2009 March 8, 2016 Industrial production in Germany, the Eurozone's largest economy, jumped 3.3 per cent in January on the month before, figures released this morning show. Production was lifted by construction, which rose seven per cent. Manufacturing output climbed 3.2 per cent, the data from German statistical office Eurostat shows. Industrial production makes up nearly a third of the German economy's [...]
Moody’s: RBS, Lloyds, Barclays, Santander, HSBC and Nationwide need to close a £129bn capital shortfall to satisfy new Bank of England requirements March 8, 2016 Britain's biggest banks need to close a £129bn shortfall in capital requirements by the end of the decade if they are going to satisfy new Bank of England rules by the time they go into effect in 2019, according to a new report out today. Moody's said Britain's seven largest banks – Royal Bank of Scotland [...]
Bad news: Bonuses on Wall Street have fallen as companies were hit by compliance costs March 8, 2016 If you're in securities, look away now. A new report has shown the average bonus paid on Wall Street has fallen nine per cent to $146,200 (£102,565) as finance firms' revenues were hit by extra compliance costs. The figure, by the Office of the New York State Comptroller, Thomas DiNapoli, showed profits at New York City's securities [...]
Why Mario Draghi is in a bind over negative interest rates March 8, 2016 What a difference a few weeks make. Sentiment has improved and fears of imminent recession now appear a touch hasty. But the question of where markets head next still depends on policy-makers’ ability to deliver decisive action. Step forward Mario Draghi, who is expected to tinker with the Eurozone’s financial plumbing this week in the [...]