British banks threatened by rise in consumer credit the Bank of England warns April 4, 2017 The rapid growth of lending to consumers risks weakening the resilience of British banks, according to the Bank of England body tasked with maintaining the UK’s financial stability. Weaker underwriting standards could “reduce the resilience of lenders to shocks”, the Financial Policy Committee said, according to the minutes from its latest meeting. The FPC said [...]
The UK has awarded 25 oil exploration licenses for under-explored areas of the North Sea March 23, 2017 The UK has awarded 25 licences for oil and gas exploration across frontier areas of the North Sea. Licences were issued to 17 companies, and for the first time in 20 years they all focused on under-explored regions of the UK Continental Shelf (UKCS), the Oil and Gas Authority (OGA) said. Although the OGA said [...]
Britain is right to reject EEA membership: As an Icelander, I should know March 23, 2017 The British government is absolutely right to reject remaining a member of the European Economic Area (EEA) after leaving the European Union. The government is also quite right to say that, by leaving the EU, Britain will at the same time exit the EEA, which includes all the EU member states plus three of the [...]
Why a red tape bonfire won’t help fintech: The FCA’s Christopher Woolard talks to City A.M. about regulation testing March 20, 2017 Regulation arguably doesn’t have the best reputation in the cutting-edge tech sector. Critics slam red tape for stifling creativity, while the regulators themselves get stick for failing to keep pace with ever-changing markets. This contempt creates dilemmas in the field of fintech, an industry which melds the fast-paced world of technology with the highly-regulated field [...]
Wood Group’s chief exec says regulators must consider the fact North Sea oil has moved on March 19, 2017 The chief executive of Wood Group said its £5bn merger with Amec Foster Wheeler will not be bad for the North Sea oil sector. Last Monday Wood Group announced it had agreed a deal with Amec in the hope of generating cost savings of more than £100m. Read more: UK oil services companies in £5bn merger deal The [...]
Investor relief at Dutch election: what next for stock markets? March 16, 2017 European stock markets have expressed relief at the Dutch election result. Traders had been anxious and share prices put under pressure in the run up to polling day yesterday. But centre-right Prime Minister Mark Rutte saw off a challenge from the Party for Freedom (PVV), led by anti-immigration nationalist Geert Wilders. The election had [...]
Investor relief at Dutch election: what next for stock markets? March 16, 2017 European stock markets have expressed relief at the Dutch election result. Traders had been anxious and share prices put under pressure in the run up to polling day yesterday. But centre-right Prime Minister Mark Rutte saw off a challenge from the Party for Freedom (PVV), led by anti-immigration nationalist Geert Wilders. The election had been [...]
21st Century Fox £12bn takeover of Sky has been referred to regulators Ofcom and the CMA by culture secretary Karen Bradley March 16, 2017 The bid by Rupert Murdoch's 21st Century Fox to take over Sky has been referred to regulators by the culture secretary. Karen Bradley confirmed her decision this morning after already announcing she was “minded” to do so. Broadcast regulator Ofcom will examine “public interest considerations” and the Competition and Markets Authority (CMA) “jurisdiction issues”. Read more: Sky takeover [...]
Blockchain is changing finance forever: It will do the same to flawed energy markets March 16, 2017 An innovation imbalance has developed in the energy sector. Consumers can switch on their boiler with a smartphone, yet switching energy suppliers is a complex three week process. New innovations and interfaces have been layered on top of clunky pre-internet systems that make seemingly simple procedures difficult and slow. Blockchain, best known as the technology [...]
Vodafone chooses Britain to launch new jobs as part of multi-billion pound home investment March 13, 2017 Mobile operator Vodafone will today announce the creation of 2,100 jobs in one of the largest single UK employment expansions in recent years. The new roles are part of Vodafone’s ongoing £2bn investment in Britain. Customer service positions will be created in the north of England, the Midlands, Scotland and Wales Read more: Vodafone: Two reasons to [...]