The UK’s smaller businesses are lagging in net zero push, says British Business Bank October 20, 2021 Smaller businesses are responsible for around half of the UK’s business-produced emissions, according to new research by the British Business Bank. Despite climate commitments like net zero pledges becoming more prevalent among businesses as the government embarks on its ‘green revolution’, only around half of smaller firms have decarbonisation or cutting their environmental impact as [...]
Taxing times: Sunak to slim down Bank Surcharge October 19, 2021 The additional tax on banks is set to slashed in the Budget, a boost for the capital’s lenders. The Bank Surcharge, an eight per cent top-up to corporation tax levied on banks, will be reduced to three per cent in the upcoming budget according to the Financial Times. The Chancellor has previously signalled that the [...]
FCA fines Credit Suisse over £147m for ‘tuna bond’ loan failures in Mozambique October 19, 2021 Credit Suisse has been fined over £147 million by the Financial Conduct Authority (FCA). The investment bank has been punished for serious due diligence failings involving two loans worth over $1.3bn and a bond exchange arranged for the Republic of Mozambique. The fine settles a long-running US probe into Credit Suisse’s role in the Mozambique [...]
Goldman Sachs to continue business with fossil fuel companies October 19, 2021 Goldman Sachs will still work with fossil fuel companies. The Wall Street bank fears there will be “inflationary” consequences if private capital is diverted away from fossil fuels too aggressively. CEO David Solomon told Bloomberg that the bank will not stop its business with fossil fuel companies abruptly. Solomon stressed the need for a balanced [...]
Exclusive: NatWest-backed Updraft raises £72m in latest funding round October 19, 2021 NatWest-backed Updraft, an app which aims to help people get out of debt, has raised £72m in its latest funding round as it eyes expansion. The fintech firm, which is looking to lend £200m to UK customers next year, allows customers to connect their bank accounts and view their debts from across credit cards and [...]
Clear as mud: EU hints at extension to City’s equivalence deal for euro-clearing October 18, 2021 The EU’s head of financial services yesterday hinted at a possible extension to the post-Brexit carry-over deal which allows banks from the bloc to access clearing houses in the City. Mairead McGuinness told the Financial Times that Brussels was minded to avoid a “cliff edge” situation and avoid market instability. “We have to make sure [...]
NatWest chief warns supply chain crisis curtails growth among army of small firms October 18, 2021 NatWest’s business banking boss has said the supply chain crisis is holding back growth among Britain’s army of small firms and warned over mounting problems if shortages persist. Andrew Harrison said poor availability of key goods and materials was “curtailing” growth in the sector, which comes at a vital time for small firms as they [...]
Goldman Sachs on track for record full-year profit October 16, 2021 Goldman Sachs is on track for a record full-year profit after a week of skyrocketing bank earnings from a boom in dealmaking, reported the Financial Times. The group registered third-quarter earnings per share of $14.93 on a net income that increased from $3.4bn in 2020 to $5.4bn this year. As reported by the paper, the [...]
How challenger banks are revolutionising the sector October 15, 2021 | City Talk This article first appeared in ICAS’ CA magazine. Three expert CAs tell Karam Filfilan how a new wave of challenger banks are helping to revolutionise the sector, both for consumers and businesses. Read October’s CA magazine now Digital transformation has revolutionised the banking sector over the past decade. Gone are the days of neighbourhood bank branches [...]
Despite rise of 40 per cent so far this year, bank stocks have more room to run October 15, 2021 Bank stocks have already risen nearly 40 per cent this year, but National Securities Chief Market Strategist Art Hogan says they have more room to run. Watch the full report.
