London generates £74bn of financial and professional services exports October 13, 2022 London generates £74bn of the UK’s financial and professional services exports, according to a new report out yesterday. The City’s banks, brokers, insurers and law firms’ share of Britain’s £130bn financial and professional services export industry is running at 57 per cent, according to Square Mile lobby group TheCityUK. However, the body’s research illustrated that [...]
London’s FTSE 100 weighed down UK banks tumbling October 12, 2022 London’s FTSE 100 was marred by the UK’s largest listed lenders falling sharply today on fears over borrowers struggling to pay home loans. The capital’s premier index fell 0.86 per cent to 6,826.15 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, dropped 1.73 per [...]
BCB Group’s new DeFi Yield product offers investors attractive returns within a safe structure October 12, 2022 London, 11th October 2022 – BCB Group – a leading provider of business accounts and trading services for the digital asset economy, announces the launch of its latest new investment strategy – DeFi Yield – and appoints Re7 Capital as the fund manager for this strategy. Earlier this year, BCB Group successfully launched BCB Yield, [...]
Bank of England warns of ‘severe risks’ to market stability and financial crisis debt levels October 12, 2022 The Bank of England’s emergency £65bn bond buying scheme – that its chief Andrew Bailey last night confirmed will end on Friday – has been fighting “severe risks” to UK financial stability, the central bank said today. Turmoil in UK gilt markets since the government’s mini budget threatened to trigger “an excessive and sudden tightening [...]
UK economy on recession cliff edge as GDP unexpectedly shrinks October 12, 2022 The UK is staring over a recession cliff edge, caused by soaring inflation and rising interest rates, that will be lengthened by turmoil in financial markets, official figures published today revealed. The economy unexpectedly shrank 0.3 per cent over the month to August, according to the Office for National Statistics (ONS). Economists had expected gross [...]
Bailey: No extension to emergency bond-buying programme October 11, 2022 Bailey tells pension funds the Bank is "out" of the bond-buying market
London’s FTSE 100 pulled down by pension managers after more BoE bond support October 11, 2022 London’s FTSE 100 today was pulled down by the UK’s largest money managers dropping after the Bank of England stepped up its support for the bond market again. The capital’s premier index dropped 1.06 per cent to 6,885.23 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the [...]
Bank of England steps up bond market support again to tame ‘risk to financial stability’ October 11, 2022 The Bank of England today stepped up its emergency bond buying scheme to tackle “a material risk to UK financial stability”. It is the second time in as many days the Bank has ramped up support for the UK bond market, underscoring the scale of volatility it is grappling with. The monetary authority led by [...]
Nissan logs £613m hit as Japanese carmaker exits Russia and shuts factory October 11, 2022 Japanese carmaker Nissan has said it plans to sell its Russian operations to its local partner and withdraw from manufacturing there. The company said its executive committee approved the sale to Russia’s Central Research and Development Automobile and Engine Institute (NAMI). The sale includes Nissan’s factory and R&D facilities in St Petersburg and its sales [...]
UK headed for stagnation on worst inflation crisis in G7, IMF warns October 11, 2022 A historic hit to Brits’ living standards from roaring inflation and rising interest rates has thrown the UK economy on course to stagnation, the world’s lender of last resort warned today. The UK economy will grow a better than expected 3.6 per cent this year, according to the International Monetary Fund’s (IMF) latest World Economic [...]