L&G and NatWest to build green retirement homes in £500m joint venture August 4, 2021 Legal & General and NatWest Pension Trustee Limited (NWPTL) have announced a 15-year joint venture to deliver 5,100 zero carbon retirement homes. The £500 million deal will support Inspired Villages, L&G’s later living business, to create a portfolio of specialist, later-living properties across 34 sites with an estimated Gross Development Value of £4bn. Robert Waugh, [...]
Wall Street dragged down by sinking Amazon shares July 30, 2021 US stocks fell sharply on Friday morning driven by shares in Amazon sinking after the EU slapped the firm with a record fine. The blue-chip S&P 500 dropped 0.51 per cent, while the Dow Jones and the Nasdaq 0.36 per cent and 0.66 per cent respectively. Shares in Amazon sunk as much as 7.1 per [...]
City watchdog launches money laundering probe into Monzo July 30, 2021 The City watchdog is in the early stages of a probe into British digital bank Monzo over possible money laundering activity. Monzo announced the potential probe alongside its annual results today, which showed the challenger bank swung to a £130m loss, up from £114m last year. Read more: City watchdog slashes fundraising threshold to attract [...]
NatWest notches up £2.5bn in ‘resilient’ first half, as lending rises July 30, 2021 NatWest roped in some 2.5bn in operating profit before tax in the past six months, swinging from a loss of £770m in the first half of 2020. The British bank’s net lending rose by £2.2bn to £362.7bn in the six months to 30 June, while UK and RBSI retail and commercial businesses pushed lending to [...]
City Moves: Who’s switching jobs in the Square Mile this week? July 28, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Environmental Agency chair joins Green Finance Institute board The Green Finance Institute (GFI) has posted the chair of the UK’s Environmental Agency as its new interim chair, following the death of its founding chairman Sir Roger [...]
FTSE 100 in the red ahead of key week of corporate results July 26, 2021 The FTSE 100 started the week in the red this morning as energy and banking stocks dragged down the index. London’s premier market was down 0.4 per cent after two hours of trading, with the FTSE 250 faring little better at 0.2 per cent down. The slide comes ahead of a week stuffed with corporate [...]
Tech stocks lead gains on Wall Street July 23, 2021 US stocks opened up on Friday morning driven by a rally among megacap technology shares. The blue-chip S&P 500 rose 0.54 per cent during the opening session. The Dow Jones increased 0.41 per cent, while the tech-heavy Nasdaq was up 0.4 per cent. Investors piled into tech stocks after a string of strong earnings were [...]
NatWest’s Ulster bank to sell €7.6bn of assets to Irish bank Permanent TSB July 23, 2021 NatWest’s Ulster Bank is set to sell €7.6bn of loans and 25 branches to Irish bank Permanent TSB, as the British bank backs out of Ireland. Permanent TSB (PTSB) and Ulster Bank’s owner, NatWest, have signed a deal that will see between 400 and 500 Ulster Bank employees’ transfer over. The proposal will also have [...]
US stocks open flat on weak jobless claims July 22, 2021 US stocks opened broadly flat on Thursday morning after fresh data showed the American labour market recovery may be stalling. The blue-chip S&P 500 inched down 0.01 per cent during the open, while the Nasdaq crept up 0.23 per cent. The Dow Jones slipped 0.17 per cent. The lack of movement on the US’ main [...]
City of London Corporation calls for workers to return to Square Mile July 22, 2021 The City of London’s local authority has called for a mass return of office workers to the Square Mile now Covid restrictions have almost entirely been lifted, saying that “the economic bounce back has to start now”. Chris Hayward, the City of London Corporation’s deputy policy and resources chair, said the Square Mile had to [...]