Rishi Sunak announces post-Brexit outline for Canada November 9, 2020 Rishi Sunak has outlined Canada’s future after Brexit, which will aim to provide stability for EU financial services firms operating in the UK while also trying to open up the sector to more international markets. Sunak said the Treasury today was unliterally publishing “a set of equivalence decisions for EU and EEA [...]
Weekly outlook, 9-13 November: Investors shift their focus back to the UK economy November 9, 2020 Investors were kept busy with the drama across the Atlantic last week, but they’ll soon want to focus back on the UK in what will be a busy week of results and economic updates. After a nail-biting election, markets will likely be considering the implication of a Biden presidency. But with GDP and unemployment figures [...]
Co-op Bank narrows losses but remains deep in the red November 6, 2020 The Co-operative Bank narrowed its losses in the third quarter, putting the lender on course for a better year than in 2019, despite the coronavirus pandemic. The bank’s statutory loss before tax in the third quarter was £23.5m, it said in a trading update today. That was down sharply from a loss of £80.1m in [...]
With America divided, the spotlight once again falls on the Fed November 6, 2020 Amid the continued uncertainty of the US presidential election, one thing is clear: Joe Biden’s White House, should he secure victory in the coming days, will struggle to deliver its desired fiscal stimulus package through a Republican Senate. The US economy’s path through the Covid recession will therefore be shaped by the actions of a [...]
Bank of England to ‘look into’ suspected leak of stimulus decision November 5, 2020 The Bank of England will “look into” a suspected leak of its monetary policy decision to The Sun newspaper, which correctly reported its decision to pump £150bn into the economy before the BoE officially announced the position. There is no suggestion that The Sun acted improperly in its reporting of the story, which also said [...]
Lloyds ramps up cost-cutting measures, axing 1,000 more jobs November 4, 2020 Lloyds is set to axe over 1,000 jobs, as Britain’s biggest domestic lender ramps up cost-cutting efforts despite returning to profitability during the third quarter. Lloyds will cut 1,070 roles across its commercial and retail bank and has announced plans to create 340 new positions. Read more: Lloyds profit beats forecasts on pandemic mortgage boom [...]
Brexit: UK and EU clash on share trading rules November 4, 2020 Square Mile banks and asset managers can use exchanges from the European Union to trade shares from January, creating a cross-border clash in securities rules for investors.
Four things to watch as the Bank of England sets interest rates November 4, 2020 The Bank of England’s group of interest rate-setters will announce their latest monetary policy decision tomorrow, albeit virtually. Since the last meeting in September, the government has announced a new month-long lockdown for England amid soaring coronavirus cases. Most analysts expect the Bank to launch more stimulus to support the economy during the winter. Here [...]
Surge in trading revenues helps BNP Paribas beat expectations November 3, 2020 A surge in currency and commodity trading and lower than expected provisions for bad loans helped BNP Paribas beat earnings expectations for the third quarter. France’s biggest bank reported a 2.3 per cent drop in net income, which fell to €1.9bn (£1.7bn) for the three months to September – beating analysts expectations of €1.5bn. Overall [...]
Got an HSBC account? It’s time to show your support for the people of Hong Kong November 3, 2020 British consumers have faced a tough few months — but for those banking with HSBC, times may be about to get tougher still. Following a reported 35 per cent fall in its quarterly profits, HSBC has announced that it might have to start charging its customers for basic services such as current accounts British customers [...]