At the close: Miners send the FTSE higher as the banking roller coaster rolls on April 28, 2016 The FTSE 100 has somewhat recovered after a dreadful afternoon and has managed to pick up from earlier lows thanks to a rally in oil prices. The FTSE ended the day flat at 6,322.4 points, up just two points from 6,319.91 on Wednesday. Investors were initially caught off-guard by the news that the Bank of Japan would not extend its stimulus plan. [...]
RBS and other UK banks facing first quarter earnings woe after US lenders posted a sharp drop in profit April 25, 2016 British banks are set to post first quarter profits this week that are weighed down by the rising risk of Brexit, bad debt, and poor investment banking performance. The difficult period has already dragged down profits at some the biggest US banks, though they largely managed to beat low estimates. Citibank, Goldman Sachs, Bank of [...]
Hiscox just stole the man from the Pru as it announces Aki Hussain as its new chief financial officer April 22, 2016 Hiscox, the FTSE 250 and Lloyd's of London insurer, has appointed Aki Hussain as its new chief financial officer (CFO) this morning – poaching the chartered accountant from rivals Prudential. Hussain spent seven years at the Pru after starting his career with big four accounting firm, KPMG, and will be responsible for developing Hiscox's financial products and overseeing its [...]
One Direction has a lot to learn: This group of grandads is the UK’s richest band April 21, 2016 Wild horses couldn't stop the Rolling Stones from being crowned the wealthiest band in Britain and Ireland. Sir Mick Jagger, Keith Richards, Charlie Watts, and Ronnie Wood have combined fortunes of £630m, up £40m on 2015. Read more: London has more billionaires than any other city in the world It was also a beautiful day for U2, who have a [...]
Seafaring Britain’s future prosperity depends on international cooperation April 18, 2016 Having been born in Sweden, with a Norwegian grandmother, and after visiting Finland countless times on business, my current trip to these Nordic nations almost feels like a homecoming. Many of the topics to be discussed during this week-long trip are equally familiar. The growing global maritime industry will be one of them, and, as [...]
London’s biggest banks will struggle to reach sustained profitability due to bad debts and regulatory fines, IMF and KPMG warn April 14, 2016 A toxic mix of bad debts and regulatory fines will see some of London’s biggest banks struggle to reach sustained profitability, according to two major new reports from the International Monetary Fund (IMF) and KPMG. The hard-hitting reports have prompted city analysts to predict looming job cuts in the Square Mile and Canary Wharf, while [...]
The S&P 500 and Dow Jones indices have hit a new high for 2016 as investors pile into banking stocks: JP Morgan, Bank of America, Morgan Stanley, Citigroup all climb April 13, 2016 US stocks have risen to highs for the year in New York, pushed on by investors piling into banking shares. Both the S&P 500 and the the Dow Jones Industrial Average reached fresh highs for 2016. The S&P 500 was up 0.7 per cent in early morning trading at 2,075.21 in early trading, while the Dow Jones Industrial [...]
City workers warned over looming job losses, bonus cuts, and hard times in the square mile April 11, 2016 Workers in the square mile should brace for deep cuts to both bonuses and jobs with economists warning that faltering deals, stalled IPOs and market difficulties will take an extreme toll on the City over the coming months. No fewer than five separate bodies have issued downbeat forecasts about the state of London's dominant banking [...]
EX referendum: Brexit vote would be bad for business, say two-thirds of insurers April 4, 2016 More than two-thirds of insurers, brokers and service providers working in London's international insurance market believe a Brexit would be bad for business. Some 68.7 per cent of market practitioners surveyed believe a UK vote to leave the European Union would “hurt” or “severely damage” Lloyd's of London. Meanwhile, 6.2 per cent said it would benefit [...]
London 2012 Olympics Aquatics Centre architect Dame Zaha Hadid dies aged 65 March 31, 2016 One of the UK's leading architects, Dame Zaha Hadid, has died aged 65. Today Zaha Hadid Architects said Hadid, who is best known for work including the London 2012 Aquatics Centre and the Serpentine Sackler Gallery, died suddenly while being treated in hospital in Miami in the early hours of the morning, after contracting bronchitis earlier this [...]