Paco Rabanne: Fashion designer dies aged 88 February 3, 2023 Spanish fashion designer Paco Rabanne has died at the age of 88, it has been announced. Rabanne, whose real name was Francisco Rabaneda Cuervo, founded the renowned fashion house named after him in 1966. Alongside French designers Pierre Cardin and Andre Courreges, he helped upset the status quo of Paris fashion of the time, earning [...]
‘Important we enguard against doing too much’ with rate rises, Bank of England’s top economist Pill warns February 3, 2023 The chief economist of the Bank of England has cautioned that it is important the Bank does not raise borrowing costs too high. Huw Pill’s warning came a day after the central bank hiked interest rates by 0.5 percentage points to 4% but indicated it could slow down recent rate-hiking activity. He told Times Radio [...]
NatWest boss U-turns on snub of Westminster committee after plea to ensure it won’t be an all-male panel February 3, 2023 The boss of NatWest has U-turned on her decision not to appear in front of MPs next week as they scrutinise the UK’s biggest banks on why savings rates are so low while borrowing costs have spiked. Dame Alison Rose, NatWest’s chief executive, came under pressure from the Treasury Committee after saying she was too [...]
Another interest rate hike to boost banks’ profits, but how long will the windfall last? February 2, 2023 Bank shares prices were mixed after the Bank of England raised interest rates by 50 basis points earlier today, as the pressure on banks to pass on higher interest rates to savers grew. The more domestically focused Lloyds and Natwest were trading 1.0 per cent and 0.6 per cent higher respectively. Barclays was up 0.8 [...]
Peel Hunt joins forces with rival brokers to launch retail capital markets and IPO investment platform February 2, 2023 Peel Hunt is set to launch a new independent retail investment platform alongside other brokers in the second half of 2023, as it seeks to broaden access to capital markets amongst retail investors. The investment bank will establish RetailBook as a new legal entity which will own and operate a deal platform based on Peel [...]
King Charles will not appear on Australian banknote as Queen Elizabeth II’s portrait is replaced February 2, 2023 Queen Elizabeth II will no longer appear on the Australian $5 banknote and King Charles III will not replace her, the Reserve Bank of Australia (RBA) said on Thursday. Her Majesty’s portrait will be swapped for an updated design which “honours the culture and history of the First Australians”, according to a statement from the [...]
Chris Woolard on BNPL, regulatory run-ins and getting financial rulemaking right February 2, 2023 The regulatory veteran wants a rulebook for the 21st century, but getting it right might trump speed, Charlie Conchie writes. Urgent. That was the word used by the former-interim chief of the City watchdog Chris Woolard when he gave his verdict on regulation of buy-now pay-later services in a landmark review two years ago today. [...]
Warning of ‘marked slowdown’ in mortgage lending from Santander UK chief as bank’s profit creeps up two per cent February 2, 2023 Santander UK’s net mortgage lending climbed higher in 2022, helping to boost profits, but its CEO warned that the bank would have to navigate “a marked slowdown” in mortgage lending in 2023. The Spanish bank’s net mortgage lending increased to £9.8bn from £7.5bn last year helping pretax profit creep up two per cent. CEO Mark [...]
London digital lender Zopa bags £75m for dealmaking push February 2, 2023 Digital lender Zopa today said it had raised £75m as it looks to kick off a major growth push and flurry of dealmaking in the coming months. The London-based fintech said the fresh funding round would be used to meet the capital requirements of its “growing balance sheet” as well as fund a major acquisition [...]
Architects of UK financial rules question direction of Edinburgh reforms February 1, 2023 Two leading architects of the UK’s financial regulations today questioned the idea of giving regulators a competitiveness mandate and warned that reforms to Solvency II could expose the financial sector to greater risks. In a Treasury committee hearing today, John Vickers, chair of the independent banking commission, doubted the idea of giving financial regulators a [...]
