State Street denies claims it is planning to take over Credit Suisse after Swiss bank’s chief brushes aside rumours June 9, 2022 State Street today denied claims it is planning to take over Credit Suisse, after a Swiss website published a report claiming the Boston bank is planning to buy out Zurich headquartered investment bank. The denial comes after the head of Credit Suisse also brushed aside claims Credit Suisse could be bought out by Boston bank [...]
UK’s financial watchdog vows to crack down on greenwashing June 9, 2022 The UK’s financial watchdog has said it is “actively” monitoring the markets for instances of greenwashing, involving false and exaggerated claims around ESG. The Financial Conduct Authority (FCA) told Morning Wire that it has “made it a priority that investors are given clear and reliable information about ESG products,” as the watchdog said it is [...]
Thousands of jobs at risk after Sanjeev Gupta’s GFG Alliance loses bid to throw winding up order out of court June 9, 2022 Three of the firms that make up Sanjeev Gupta’s steel empire could be plunged into administration imminently, after a court rejected GFG Alliance’s bid to have a winding up order thrown out of court. The court ruled that the metals group’s financial difficulties were not due to Covid-19, as it rejected GFG Alliance’s claims the [...]
City broker Britannia Global Markets cancels LME membership following March nickel price fiasco June 9, 2022 Derivatives broker Britannia Global Markets has said it is giving up its membership to the London Metal Exchange (LME), after the London market halted nickel trading in March in response to surging prices. Britannia said it had decided to cancel its Category 2 membership to the LME, which allows it to trade on behalf of [...]
Truck makers ‘cartel’ to face landmark £2bn opt-in lawsuit over decade long price fixing scheme June 9, 2022 A UK competition tribunal has given a trucking industry trade body the green light to bring forward a more than £2bn opt-in claim against a “cartel” of European truck makers, over allegations they fixed the prices of lorries for more than a decade. The UK’s Road Haulage Association (RHA) trade body’s claim is set to [...]
Deloitte denies claims it is set to follow EY by splitting its business in two June 9, 2022 Deloitte has said claims it is considering splitting itself up, and spinning off its consulting business, are “categorically untrue”. The Big Four accountancy firm denied claims it is mulling over a split, after the Wall Street Journal yesterday reported that Deloitte is exploring the options of separating out its global audit and consulting practices. Instead, [...]
Mishcon de Reya delays IPO for the ‘foreseeable future’ June 8, 2022 London law firm Mishcon de Reya has put its plans to float on the stock exchange on hold, after saying it plans to set them aside for the “foreseeable future”. The Silver Circle firm said it had decided to scrap its plans for an initial public offering (IPO) due to current “market conditions”. In a [...]
Hedge Funds hit out at London Metal Exchange over ‘conflicts-of-interest’ in nickel price fiasco June 8, 2022 The Managed Funds Association (MFA), a powerful Washington lobby group, has accused the London Metal Exchange (LME) of failing to manage its “conflicts-of-interest,” as the market faces mounting criticism over its decision to halt nickel trading last March. In comments submitted to the LME, the industry body which represents hedge funds with £2.6trn worth of [...]
Insurers need more data to properly model climate risk, Bank of England insurance chief says June 8, 2022 The UK’s insurance sector lacks “comprehensive and high quality data” it needs to properly evaluate climate risk, the head of the Bank of England’s (BoE’s) insurance division has said. Speaking at the Association of British Insurers’ (ABI’s) climate summit 2022, Stefan Claus, the head of the BoE’s general insurance division, said insurers are struggling to [...]
Moscow will cover Russian oil tankers hit by UK and EU insurance ban, Putin ally says June 8, 2022 Vladimir Putin’s right-hand man has said Moscow will cover Russian oil tankers to ensure they are able to continue making deliveries, if they are unable to get insurance due to Western sanctions. Speaking via messenger platform Telegram, former Russian president and key Putin ally Dmitry Medvedev said the Kremlin will cover uninsured ships, through assurances [...]