When is the Bank of England interest rate decision and what is going to happen? March 23, 2023 The Bank of England is going to deliver its interest rate decision today against the backdrop of a shock rise in inflation and a now becalmed banking mini-crisis. Before Wednesday’s surprise increase in inflation to 10.4 per cent, there was speculation about whether the Bank’s decision making body, the Monetary Policy Committee (MPC) would raise [...]
Hurricane Ian sees global insurance sector suffer more than $100bn loss for the fifth time since 1970 March 22, 2023 The global insurance sector suffered natural catastrophe losses of more than $100bn (£81bn) for just the fifth time in 2022, after taking a major hit from Hurricane Ian, new research shows. Natural catastrophes caused $275bn worth of damage in 2022, costing insurance companies $125bn, the research from reinsurance company Swiss Re shows. The hit [...]
UBS set to benefit from Credit Suisse deal as dust settles on dramatic acquisition March 22, 2023 Analysts were increasingly convinced that UBS’ acquisition of Credit Suisse had the potential to create long-term value for the newly merged entity. Bank of America’s Alastair Ryan said: “The industrial logic is impeccable: Credit Suisse was the closest competitor to UBS in wealth management and Switzerland; and both banks are heavy in Swiss central costs. [...]
Axa rejects claim FCA’s Consumer Duty could hurt City’s finance sector March 22, 2023 The head of Axa’s UK & Ireland division has pushed back against claims the Financial Conduct Authority’s new Consumer Duty could hinder the City’s competitiveness. Claudio Gienal, chief executive of AXA UK and Ireland, told City A.M. he “supports” the FCA’s new customer-focused mandate. Gienal also said he doesn’t “see an issue with competitiveness” around [...]
European insurance M&A deals hit record high as investors shrugged off recession and interest rate fears March 22, 2023 The market for M&A deals involving European insurance companies surged in 2022, as private equity funds continued to drive the market forwards, despite the headwinds facing the global economy. The boom saw investors shrug off rising interest rates to complete a record 435 M&A deals in 2022, up from 285 in 2020 and 379 in [...]
Get short term loan on luxury assets March 22, 2023 Release My Capital is a specialist in secured short-term pawn loans on luxury assets. Clients can borrow up to £2m of equity against their prized belongings, including prestige, classic and vintage cars, vintage, classic and prestige watches, fine jewellery and gems, fine art, wine and spirits, and collectables and objets d’art. No mark will be [...]
The Notebook: Neil Wilson on Credit Suisse, interest rates and Ayn Rand March 22, 2023 How did you go bankrupt?” Two ways. Gradually, then suddenly.” Hemingway’s wisecrack could be the epitaph for Credit Suisse, whose ignominious end caps a series of disasters at the Swiss bank, eventually bringing it to the brink on Sunday. UBS has probably done rather well, picking up CS for cents on the dollar, even if it will take [...]
First Republic’s share price jumps nearly 50 per cent after Yellen indicates more protection for depositors March 21, 2023 First Republic Bank’s future looked increasingly secure on Tuesday as the possibility of further government support sparked a dramatic share price revival. Speaking to the American Bankers Association, Treasury Secretary Janet Yellen indicated that the Federal Deposit Insurance Corporation (FDIC) could step in to guarantee all deposits, as it did with Silicon Valley Bank (SVB), [...]
Moody’s follows S&P in UBS ratings downgrade as concerns grow over Credit Suisse deal March 21, 2023 Moody’s downgraded the outlook on UBS today, following a similar move by S&P over the weekend, after the Swiss banking giant’s acquisition of Credit Suisse. The ratings agency said “the transaction poses significant financial, cultural and franchise related integration challenges” to UBS. These challenges included the difficulty of maintaining key members of staff, the need [...]
Why pension funds might not be to blame for the UK’s capital market decline March 21, 2023 Pension funds have taken on an interesting new role in the City psyche over the past year. Once just guardians of the country’s retirement cash, they have morphed into punch bags on which to unleash frustration at the UK’s capital market decline. A sort of anti-growth coalition unwilling to back home-reared equities and believe in [...]