IMF boss indicates opposition to Sunak’s call for Canada exemption to G7 tax deal June 13, 2021 The head of the International Monetary Fund has strongly indicated Canada firms should not be exempt from the global tax plan agreed at the G7, after Rishi Sunak called for a special carve-out for the UK’s financial services industry. When asked by Morning Wire if she supported Sunak’s push, IMF managing director Kristalina [...]
Credit Suisse ‘wooed’ Sanjeev Gupta before Greensill collapse June 11, 2021 Credit Suisse has been embroiled in further controversy over its links to Sanjeev Gupta after details emerged about the Swiss lender’s direct relationship with the tycoon. Former executives at the bank told the Financial Times that leadership wooed Gupta, offering him a string of services as his private wealth manager, as well as VIP treatment. [...]
BoE and BIS launch London banking hub for post-pandemic tech boom June 11, 2021 The Bank of England (BoE) and Bank for International Settlements (BIS) have launched a London coordination hub today, that seeks to coordinate central banks on technological innovation. The BIS Innovation Hub London Centre, the fourth new BIS Innovation Hub in two years, will help banks in the era of digital acceleration post-pandemic. “The UK is [...]
Deutsche Bank set to take €100m hit after German court ruling June 10, 2021 Deutsche Bank has said it anticipates to book a €100m charge in the second quarter after a court ruling allowed some clients to challenge higher fees. The German lender also expects to take a revenue hit by another €100m in the second and third quarter, finance chief James von Moltke said. The case was brought [...]
Treasury sets up new expert panel to tackle ‘greenwashing’ June 9, 2021 The Treasury has today set up a new group of expert advisers in order to clamp down on “greenwashing” amid the economic transition to a net zero economy. With businesses under more pressure than ever by shareholders and activists to ensure that their operations and investments do not damage the environment, ministers have been urged [...]
Paragon bank posts record profits, reaping the benefits of lending surge June 8, 2021 Paragon banking group has posted record profits in the last six months, reaping the benefits of a surge in lending and chasmic margins. Since revealing the strong results, the banking group’s shares rocketed 9.47 per cent in the afternoon’s London trading, taking Paragon’s share price to 560.5p per share. The group’s profit before tax soared [...]
Bank of England launches climate stress test for banks and insurers June 8, 2021 The Bank of England has set out its first climate stress test for the UK’s top banks and insurers but have said the results will not currently be used to determine capital requirements. The test will scrutinise the resilience of Britain’s financial system to stresses from a shift to a net zero-carbon economy as well [...]
Amanda Staveley’s appeal refused in Barclays ‘lifeline loan’ case June 7, 2021 Businesswoman Amanda Staveley’s appeal to overturn a court’s verdict against her in her case against Barclays has been refused, a court filing seen by Reuters today showed. A London High Court judge in February found Barclays guilty of “serious deceit” over how the British bank negotiated a lifeline with Amanda Staveley during the 2008 financial [...]
Brexit: Forced relocation of derivatives clearing from City to Frankfurt would only hurt EU, LSE warns June 7, 2021 In case the European Union does press ahead with the forced relocation of Euro derivates clearing from London to European capitals, costs for customers will jump and would ultimately put EU firms at a competitive disadvantage compared to their international rivals, according to the London Stock Exchange. “Restricting access to the EU economy and the [...]