Global markets on track for worst quarter since 2011 September 30, 2015 The commodity price rout, fresh concerns over the Chinese economy followed by its shock devaluation, uncertainty surrounding the Greek bailout deal, the prospect of a September interest rate rise from the Fed were some of the factors that made this summer a white knuckle ride for investors. Federal Reserve's first interest rate rise since 2006. [...]
The Bank of England is being probed by the Serious Fraud Office over liquidity auctions during the financial crisis September 29, 2015 The Bank of England (BoE) is being probed by UK investigators over whether the central bank's emergency auctions held during the onset of the global financial crisis were rigged. The Serious Fraud Office (SFO) is looking into whether banks and building societies were told to offer roughly the same amount of collateral, meaning no lender would [...]
Kurobuta London’s controversial sign at Mayfair restaurant pits East against West September 29, 2015 Kurobuta, the sleek and exclusive oriental eatery just off Mayfair, has made an enemy of a section of London’s Japanese community after locals discovered a sign in the restaurant’s window advertises something other than sashimi. Readers of Japanese language local newspaper Japan Journals wrote in horror after discovering that the sign for the restaurant, [...]
Care International UK’s Lend With Care loan platform bringing capitalism to the world’s poor September 28, 2015 Most people are familiar with the Lend Lease arrangement between the US and the UK during the Second World War, wherein the US government provided Britain and other allied nations with supplies to support the war effort. Fewer will be aware of the food parcels that US citizens generously sent across the pond to [...]
Switzerland watchdog Weko probes banks including HSBC, UBS, Deutsche Bank and Barclays over metals market manipulation September 28, 2015 Switzerland's competition watchdog, Weko, has said it is investigating several big banks over the possible manipulation of the precious metals market. The investigation, which comes after a preliminary probe, will look at possible collusion of bid/ask spreads in the metals market by UBS, Julius Baer, Deutsche Bank, HSBC, Barclays, Morgan Stanley and Mitsui. Read more: Forex [...]
Countryside Properties eyes up £1bn return to the stock market September 28, 2015 Housebuilder Countryside Properties is planning to return to the stock market with a £1bn float, over 10 years since it delisted. The company was bought for £222m in 2005 by a joint venture between HBOS, now Lloyds Banking Group, and the founder Alan Cherry. It was subsequently bought by US private equity firm Oaktree Capital [...]
LLoyds share price rises after chancellor George Osborne announced government sold more Lloyds shares, reducing holding to 12 per cent September 25, 2015 Chancellor George Osborne has announced the government has sold another one per cent of its shareholding in Lloyds Banking Group, taking its total shareholding to less than 12 per cent. Lloyds' share price rose 1.3 per cent in early morning trading on the news. The sale programme started last December, and has raised £15bn so [...]
The future of the FTSE 100: What next? The quarterly reshuffle has changed the complexion of the leading index September 23, 2015 The Bloodbath continued yesterday as mining shares plummeted further and the FTSE dipped below 6,000 points. Glencore, whose shares fell by 10.63 per cent yesterday, only graduated to the elite index in 2011, but the commodities supercycle has come to a juddering halt, depressing the internationally exposed FTSE. This week also saw one [...]
Eileen Burbidge succeds Joanna Shields as Tech City UK chair September 22, 2015 The queen of UK tech Eileen Burbidge is adding another feather to her cap as the new chair of Tech City UK. Burbidge, a partner at Passion Capital and recently appointed FinTech envoy to the UK government, will chair the group and a newly formed entrepreneurs advisory panel, succeeding former Facebook boss Baroness Shields who [...]
RSA Insurance Group’s share price plunges as Zurich tells RSA: It’s not you, it’s us September 22, 2015 RSA Insurance Group’s share price plunged yesterday after rival firm Zurich revealed it was walking away from a £5.6bn takeover bid. RSA’s share price closed down 20.84 per cent as investors digested the shock news. Zurich’s share price was also down, albeit a less remarkable 2.79 per cent. Zurich said it was abandoning [...]