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Banking
UK interest rates at 16-year highest of 5.25%
Andrew Bailey, the Bank of England's deputy governor, said that it was important to keep interest rates low in order to maintain a low inflation rate.
The monetary committee voted by 7-2 to freeze the base rate of 5.25 percent, which is…
Bank of England to keep interest rates at 16 year high
Bank of England will likely leave interest rates unchanged for the seventh consecutive time at its Thursday meeting, despite the fact that inflation has returned to the UK official target for nearly three years.
At midday, the central…
Tax increases are inevitable because of the losses from quantitative easement
Goldman Sachs warned that tax increases are "inevitable", as the legacy of quantitative ease from the Bank of England will be felt after the elections.
The American Investment Bank has stated that the losses from the quantitative easing…
JP Morgan says that a Labour victory in the election would be a ‘net positive for…
In an analysis which highlights the appeal of Keir Starmer’s “centrist platform” to the City of London, strategists from the US bank JP Morgan said that a Labour victory would be a “net positive” for the financial markets.
In a Monday…
European Central Bank to Cut Interest Rates for First Time in Five Years
European Central Bank will likely cut interest rates at its meeting this Thursday for the first time since almost five years. A survey of the private sector showed that activity had increased at the fastest rate in a full year, while…
The trial of’super ATMs’ in England has provided a new lifeline to bank customers.
The first of a planned series of "super-ATMs", which will allow customers from multiple banks to deposit cash and withdraw money for free, has opened its doors.
Major high-street banks are collaborating to install "multibank deposit…
Standard Chartered Bank, UK accused of funding terrorists and Iran
According to a New York filing, whistleblowers claim Standard Chartered allegedly conducted billions of dollars in previously undetected transactions on behalf of Iran-linked entities or terrorist organizations.
Last week, two…
Chief economist of the European Central Bank says that they are ready to begin cutting interest…
The European Central Bank sent a strong signal to the world that it would cut rates next week from their historic highs. Its chief economist dismissed fears that cutting interest rates before the US Federal Reserve might backfire.
ECB is…
London stockbroker’s US operations shut after Deutsche Bank takeover
After reducing the value of Numis following a takeover, Deutsche Bank has decided to shut down the US operations.
The German lender will merge its New York headquarters with Numis Securities, a US subsidiary.
Numis employs 12 people…
HSBC fined £6.2m after failing to pay customers who were in arrears
HSBC was fined over £6.2 million by the Financial Conduct Authority for failing to treat customers in arrears and financial difficulties. This put about 1.5 million people's financial futures at risk.
The Financial Conduct Authority…
Hargreaves Lansdown share price surges 20pc amid hopes for a bidding war
Hargreaves Lansdown shares rose the most since a decade ago on Thursday, after a surprise bid led to speculation about a bidding battle.
The FTSE 250 company's shares jumped nearly a fifth in one day, marking the largest rise since 2014.…
Election in the UK casts doubt on NatWest’s share sale
A general election that was held earlier than expected has cast doubt on UK government plans for a mass public sale of NatWest share.
Rishi Sunak (UK Prime Minister) announced on Wednesday that an election would be held on July 4. This…
Citigroup fined for ‘fat-finger’ error which led to £1.1bn in mistaken orders
Financial regulators have fined Citigroup £61.6m after their internal systems failed in preventing a fat-fingered Banker from causing a Flash Crash by placing erroneously more than £1bn worth of orders.
The trader intended to sell $58m…
The card giants are facing a crackdown on fees
Mastercard and Visa are facing a regulatory crackdown. The payments watchdog has said that the companies have too much dominance and were able to increase the fees they charge British business unchecked.
The Payment Systems Regulator…
Bank of England Governor predicts “quite a fall” in UK inflation figure for April
Bank of England Governor said that he expects "quite a fall" in the inflation rate to be around the 2 percent target level when the official figures are released on Tuesday. He also predicted that the central bank will cut interest rates in…
Before voting on Virgin Money’s takeover, the auditors will delay the vote.
Virgin Money UK shareholders will vote on the proposed £2.9billion takeover of Nationwide Building Society next week without having seen the audited results from the last half-year due to delays caused by the change in auditor.
PwC…
Capital Group purchases more than £110m worth of NatWest shares following UK Government share cuts
After a significant cut in government shareholding, a leading US investor began to pour cash into NatWest after allaying fears of state interference in the bailed out banking group.
Los Angeles-headquartered Capital Group, which is one…
Bank chief economist says that immigration has fueled Britain’s housing shortage.
According to the Bank of England chief economist, high levels of immigration fuel Britain's housing crises. He blamed skyrocketing rental prices on a lack of properties.
Huw Pill claimed that higher interest rates are not to blame for…