Canada Corporation looks east to China in post-Brexit plans October 13, 2019 London must capitalise on the US-China trade war to increase Chinese investment and help offset the potential effects of Brexit, according to the City’s governing body. Canada Corporation proposes to position London as a “top global financial centre” and as a “supporter to China’s financial reform” in a motion to be reviewed [...]
Revolut in bid to raise £1.2bn and become Europe’s most valuable fintech firm October 12, 2019 Fintech firm Revolut is seeking to raise £1.2bn from its investors in the coming months. The British-Based payment firm has hired investment bank JP Morgan to arrange a £395m equity raise and issuance of a £790m convertible loan, according to Sky News. Read more: Martin Gilbert to step down from Stand Life and join Revolut [...]
Mastercard and Visa join Paypal and others in abandoning Facebook’s Libra cryptocurrency project October 12, 2019 Mastercard, Visa, eBay and Stripe have all pulled out of Facebook’s cryptocurrency project, Libra. It comes a week Paypal announced they were withdrawing from Libra and is a huge blow to the social network’s plans to launch what it envisioned as a global currency. Read more: Paypal become first firm to drop out of Facebook’s [...]
Royal Mint launches solid gold debit card worth £20,000 October 11, 2019 The Royal Mint has produced a payment card made of 18-carat gold which will cost almost £20,000. The firm worked with Mastercard and payments technology firm Accomplish to produce the cards, which will use a Raris account. Read more: Royal Mint releases new coin after August gold rush The debit cards can be personalised for [...]
Shares in housebuilders and UK banks jump on new Brexit deal optimism October 11, 2019 Shares in UK housebuilders and banks jumped this morning on renewed optimism a Brexit deal is achievable. Prime Minister Boris Johnson and Irish Prime Minister Leo Varadkar met yesterday, with Varadkar saying he believes a deal is possible by 31 October. Read more: Sterling barrels past $1.25 as Donald Tusk welcomes progress on Brexit talks [...]
Barclays execs feared jail over plan to pay hidden fees to Qatar, fraud trial hears October 10, 2019 Senior Barclays bankers discussed their fears of going to jail as they scrambled to create a mechanism to pay extra fees to Qatar during a £2bn fundraising in 2008, a court heard today. Roger Jenkins, Richard Boath and Thomas Kalaris are standing trial at the Old Bailey, accused of conspiracy to commit fraud by false [...]
Danske Bank begins hiring freeze to meet costs associated with money laundering scandal October 10, 2019 Danske Bank has initiated a hiring freeze on non-critical positions in a bid to meet rising compliance costs related to its involvement in a money laundering scandal. “The hiring freeze comes after we’ve seen higher compliance costs and costs related to our anti-money laundering efforts,” a spokesperson for the bank said. Read more: Former head [...]
Goldman reviews role in planned Megvii IPO after US blacklisting October 9, 2019 Goldman Sachs is reviewing its role in the planned listing of a Chinese tech firm that has been blacklisted by the US. The bank said today that it was looking at its involvement in Megvii Technology’s potential initial public offering (IPO). Read more: Weaker European market expected to be at centre of potential HSBC job [...]
Ex-Barclays bankers accused of creating ‘smoke-screen’ to hide secret fees paid to Qatar October 9, 2019 Three senior ex-Barclays bankers on trial for fraud were accused today of creating a “smoke-screen” to try and justify millions of pounds surreptitiously paid to Qatar in exchange for a multi-billion pound investment in 2008. Roger Jenkins, Richard Boath and Thomas Kalaris are standing trial at the Old Bailey, accused of conspiracy to commit fraud [...]
Britain’s financial system ‘prepared’ for worst case Brexit scenario, says Bank of England October 9, 2019 Britain’s banks and financial system are prepared for a “worst case disorderly Brexit”, the Bank of England (BoE) said, although it warned there could still be disruption, particularly for borrowers from the European Union (EU). Extensive preparations by UK authorities and businesses have mitigated “most risks to UK financial stability that could arise from disruption [...]