After the Nvidelity comes the Huangover. Jensen Huang joins long list who confused boardroom and bedroom
Citi and JP Morgan top regulators’ list of systemically important banks, as HSBC and Barclays move to lower tier November 21, 2016 Citigroup has joined JP Morgan Chase as one of the world's top two "systemically important banks", according to an updated list published today by the Financial Stability Board (FSB). Banks in the top tier will have to hold 2.5 per cent of their assets as buffer capital in case of another crisis. This means that US [...]
Lloyds said to be frontrunner in bidding for Bank of America’s £7bn-valued MBNA November 21, 2016 Lloyds Banking Group is thought to be the frontrunner for Bank of America’s £7bn-valued UK credit card business. The UK lender is reported to have edged ahead of US private equity group Cerberus in the bidding for MBNA’s British credit card operation. For Lloyds, it would mark the first acquisition since it was bailed out by [...]
Meet the 18 companies joining the FCA’s regulatory sandbox November 7, 2016 The UK's foward-thinking financial regulator has chosen 18 companies to participate in its so-called regulatory sandbox, where they will be able to test out new technologies without breaching rules. Launched over the summer, the sandbox is designed to foster fintech innovation while remaining under the supervisory eye of the City watchdog, the Financial Conduct Authority. Read more: [...]
HSBC’s shares rise four per cent despite larger-than-expected profit slump after Brazil disposal November 7, 2016 HSBC's share price rose by more than four per cent this morning, despite a sharper-than-expected slump in profits in the third quarter – although stripping out currency fluctuations, things looked rather better… The figures Pre-tax profit at the British lender fell 86 per cent to $843m in the quarter ended 30 September, down from $6.1bn in [...]
City Moves for 4 November 2016 | Who’s switching jobs November 4, 2016 Hastings Group Hastings Group has appointed Teresa Robson-Capps and Alison Burns as non-executive directors with immediate effect. Teresa is currently a non-executive director and member of the audit committee for Clydesdale and Yorkshire Bank Group and is chairman of the ACS Group. She was previously a non-executive director for National Australia Bank; Europe/Clydesdale Bank. Teresa brings significant [...]
National insurance is a complicated relic: Axe it in three simple steps November 3, 2016 If we were designing a new tax system from scratch, would anyone seriously suggest running three slightly different income tax systems at the same time? The fact that the government does precisely this is a relic of the past that has no place in a modern tax system. The combination of charges – income tax, plus employer’s [...]
Facebook data and privacy rules sink Admiral’s insurtech plans November 2, 2016 Facebook has sunk plans by Admiral to offer a reduced car insurance premium based on users posts on the social network. It turns out the insurance firm has fallen foul of Facebook's terms of use, which stipulate that data from Facebook can't be used for assessing eligibility. That's exactly what Admiral wanted to do, using posts [...]
So Moneysupermarket? Comparison site is on track for a “record year” November 1, 2016 It looks like the men in hotpants are working for Moneysupermarket.com, whose chief executive said today it is on track for a "record year". The figures The company's main site, MoneySupermarket.com, reported revenues of £76m in the three months to the end of September, up 13 per cent on the same time last year. That was pushed up by a 12 per [...]
Saudi Arabia’s bonds have broken the record for an emerging market issue, but are they good value? October 25, 2016 With three huge sovereign bond debuts, this has been a bumper year for emerging market government debt issues. First came Argentina, with a record-breaking $16.5bn (£13.5bn) sale in April, followed the next month by a $9bn issue from Qatar – double the amount it had originally planned for. Both were overawed last week, however, when [...]
Credit Suisse and Italian authorities agree to settle after offshore transfer investigation October 21, 2016 Credit Suisse has paid €110m (£98m) to settle allegations by Italian prosecutors that it helped clients divert undisclosed funds to offshore bank accounts. Italian authorities believed that the Swiss bank had helped some 13,000 clients transfer up to €14bn abroad using certain insurance products. An investigation has been running since 2014 and under Italian law today's settlement does not constitute an [...]