Fintech patents jump in “arms race” between banks and startups: These are the 10 countries filing the most April 18, 2017 The number of patents being filed for financial technology have jumped amid an “arms race” between fintech startups and banks, new figures reveal. Global fintech patents have grown by 49 per cent in the past five years, reaching 9,545 in 2016 according to official global filings. “The surge in patents reflects both the proliferation of [...]
Airbnb, Amazon, peer to peer lending and universities: There’s a simple reason why no sector is immune from radical change April 10, 2017 If you were to ask an economist why financial institutions or food retailers exist, I wonder if the answer would go beyond that which would be offered by a random person travelling on the Tube. Answers might include “to provide bank loans, insurance and savings products” and, in the case of food retailers, “to provide [...]
Trouble in store: More pain on the way for UK retail April 10, 2017 A triple-blow of tax hikes, rising costs and a squeeze on consumer spending is threatening to wipe out thousands of British retailers, with a string of familiar high street names expected to fall into administration this year. Nearly 23,000 retailers were under significant financial stress at the end of the first quarter according to insolvency [...]
Free banking threatened by new global financial reality says International Monetary Fund (IMF) April 6, 2017 Free banking services could become a thing of the past as falling demand for credit from consumers makes it less attractive for banks, according to the International Monetary Fund (IMF). In a broad-ranging investigation of the effect of a global economic climate of low growth, low interest rates on financial services, the IMF said the [...]
UK and London house prices: The disastrous new tax on buy to let landlords is really a tax on tenants April 6, 2017 Theresa May stood on the steps of Number 10 Downing Street last summer and pledged to help those “just about managing” families and build “a country that works for everyone”. After a divisive referendum campaign and a period of political turmoil, it was a reassuring message. Tackling Britain’s housing crisis was quickly identified as one [...]
Inside the Luxembourg bid to lure City firms after Brexit: How the Grand Duchy lines up against Frankfurt, Paris, Dublin and other rivals April 3, 2017 Alongside large and threatening Frankfurt, loud and opportunistic Paris and plucky Dublin, Luxembourg has kept a relatively low profile in the scramble to soak up some of London’s financial services power since the UK’s Brexit vote. But make no mistake, Luxembourg will be growing as a result of the UK’s decision. The city’s business area [...]
Government sells Bradford & Bingley loans for £11.8bn to Prudential and Blackstone after a “highly competitive sale process” | City A.M. March 31, 2017 The government has sold £11.8bn of Bradford & Bingley loans to insurance giant Prudential and US private equity behemoth Blackstone. The loans were bought by the UK taxpayer during the financial crisis and have been managed by the UK Asset Resolution (UKAR) on their behalf. Prudential and Blackstone prevailed in what the Treasury called a [...]
Lloyd’s of London EU move shows the UK must win the battle for parallel Brexit talks March 31, 2017 Lloyd’s of London chairman John Nelson said last year the iconic insurance market would have to move part of its business out of the UK if it was not given guarantees about access to European markets. Those guarantees could not be made, so a move has now been confirmed. It’s important to note that the [...]
Lloyd’s of London wants to be at the “heart of Europe” with its new EU base March 30, 2017 Lloyd’s of London is planning to attract new EU customers by placing itself at the “heart of Europe”, the corporation’s chairman said this morning. In the wake of the UK triggering Article 50 yesterday, the iconic insurance market this morning revealed it will set up an EU base in Brussels, with new business set to [...]
Lloyd’s of London moving EU business to Brussels after Article 50 triggered, according to reports March 29, 2017 As the UK waits for Theresa May to trigger Article 50 and kick off the Brexit process, Lloyd’s of London has reportedly come to a decision on where to move its EU business. The insurance giant will locate its new EU subsidiary in Brussels, according to a report by The Insurance Insider, which revealed the [...]