EU securities watchdog slaps DTCC’s derivatives unit in the City with £350k fine for ‘negligence’ July 12, 2021 The European Union’s securities watchdog said today it has issued the UK-based trade repository arm of U.S. clearing house DTCC a fine of nearly £350,000 for “negligence” over a four-year period. Trade repositories were set up in the aftermath of the global financial crisis to improve transparency in markets by keeping a record of derivatives [...]
UK firms to hire more staff as Covid recovery boosts confidence July 12, 2021 UK firms to hire more staff as Covid recovery boosts confidence
The City View, with SocGen’s Christophe Lattuada July 12, 2021 In this week’s The City View, Andy Silvester is joined by Societe Generale’s UK boss Christophe Lattuada. He’s guided the bank through the last of the interminable Brexit negotiations and, of course, through the pandemic that turned financial services and the world upside down. Christophe and Andy discuss the future of the office, how London [...]
Boris Johnson needs to tread a path back to a free market economy and focus on facilitating investment July 12, 2021 Boris Johnson has always been difficult to classify in ideological terms. Ten years ago, he was a small-state economic and social liberal who identified as a One Nation Conservative. His City Hall rival Ken Livingstone initially feared he was “the most hardline right-wing ideologue since Thatcher” but later concluded he was “a fairly lazy tosser [...]
Ministers ‘in secret visa talks’ to end lorry crisis July 12, 2021 The government has reportedly launched secret talks over a short-term visa scheme for foreign lorry drivers amid a staff shortage that threatens to overwhelm the haulage industry. The Department for Transport (DfT) is consulting with industry bosses on how to tackle the crisis as an estimated shortfall of 100,000 lorry drivers has left supermarket shelves [...]
KPMG: Financial services firms ability to tackle the pandemic and climate risk will be a measure of their success July 12, 2021 Tomorrow’s Financial Stability Report from the Bank of England will no doubt applaud the crucial role played by UK financial services in guiding our economy through the pandemic so far. But, to think we are out of the woods is an error – leaving lockdown will require every bit as much caution as surviving it has. [...]
UK business confidence surges to record high July 12, 2021 The approaching end of Covid restrictions on 19 July has propelled business confidence to its highest level on record, shows new research published today. Accountancy firm BDO’s latest optimism index jumped to 112.45 in June, up from 109.71, to its highest level since the survey started in 2005. The increase was the fifth consecutive month [...]
UK business confidence soars to highest level since 2005 July 11, 2021 UK business confidence has surged to its highest level since 2005 as companies look ahead to the final lifting of lockdown restrictions later this month. The latest business trends report from BDO showed the optimism index moved 2.74 points from 109.71 in May to 112.45 in June, marking the fifth consecutive month of growth and [...]
Liz Truss reportedly thinks UK-US trade deal before 2023 is unlikely July 11, 2021 International trade secretary Liz Truss is reportedly resigned to not closing a UK-US trade deal before 2023 as she prepares to travel to Washington today. Truss will go to the US to meet Joe Biden’s Trade Representative Katherine Tai as a part of a five-day working trip, which will also include a stop in California. [...]
Tees Valley mayor lines up £1bn bid for Britain’s largest freeport July 11, 2021 Tees Valley mayor Ben Houchen is said to be preparing a £1bn bid to take over Britain’s largest freeport in what could bring a major boost to the area. Canadian fund manager Brookfield has restarted the sale of PD Ports, which owns the huge Teesport gateway in North Yorkshire, after the process was halted due [...]