Venezuela heads back to court over £800m pot of gold in the Bank of England September 22, 2020 The Venezuelan central bank is heading to court in London today, as it appeals a ruling from over the summer that affirmed the UK’s recognition of Juan Guaido as the country’s interim leader. Banco Central de Venezuela (BCV) has brought a case at the Court of Appeal to decide ownership of a £800m horde of [...]
Bank and government support to UK firms tops £100bn September 22, 2020 Struggling UK companies have now received more than £100bn worth of support from banks and the government through various coronavirus stimulus schemes, official figures have shown. UK banks have lent out more than £58bn to hard-hit companies through the government-backed coronavirus loan schemes, according to Treasury figures out today. HMRC figures showed that companies have [...]
Bank of England to do ‘everything it can’ during Covid surge September 22, 2020 Bank of England governor Andrew Bailey has said the BoE “is going to do everything we can” to help the UK economy as it faces the prospect of a second lockdown. Speaking at a British Chambers of Commerce webinar, Bailey said the recent rise in coronavirus cases and new government restrictions were “extremely difficult news [...]
EU gives banks until 2022 to cut ‘excessive’ use of London clearing September 21, 2020 The European Union’s banks have until mid-2022 to reduce their “excessive exposures” to London’s derivatives clearing houses, the European Commission has said. The bloc’s new finance chief Valdis Dombrovskis said he had approved a proposal to let EU banks and market participants access Britain’s clearing systems for 18 months after the Brexit transition finishes at [...]
HSBC shares hit lowest level since 1990s amid FinCEN scandal September 21, 2020 HSBC’s rotten run has continued, with its UK share price falling to its lowest level since the 1990s amid allegations of money laundering. Banks have already been squeezed hard by the pandemic: interest rates have been slashed and business loans look shaky. HSBC has also been embroiled in a geopolitical dispute between the US and [...]
Leaked document trove reveals banking giants enabled money laundering September 20, 2020 Some of the world’s biggest banks have been caught enabling trillions of dollars in money laundering to flourish under their watch, thousands of leaked government documents have revealed. The FinCEN Files, named after the US Treasury’s anti-fraud agency, have been shared by Buzzfeed News and the International Consortium of Investigative Journalists (ICIJ). They claim to [...]
HMRC to receive powers to enforce disclosure of assets September 19, 2020 HM Revenue & Customs (HMRC) will be given new powers that will allow it to force financial institutions to provide information about people’s assets. The firms will be required to pass on customer information if served with a “financial institution notice” by HMRC under new measures proposed in the next finance bill. It will mean [...]
Bank of England keeps policy on hold and flags solid recovery September 17, 2020 The Bank of England has kept monetary policy on hold, saying the UK economy’s recovery had been “a little stronger” than expected but warning that coronavirus could knock it off course. The Bank kept its main interest rate at the record-low level of 0.1 per cent, and the bond-buying target stayed at £745bn. The vote [...]
Will the BoE inject more stimulus into the UK economy? September 16, 2020 The Bank of England is preparing to announce its latest interest rate decision tomorrow, as it closely monitors the UK economy’s rebound from the record 20.4 per cent contraction in the second quarter. Since then, there have been many positive signs. The economy grew by a huge 8.7 per cent in June and another 6.6 [...]
EU plans two-year extension of London clearing access September 15, 2020 The European Union is set to tell banks they can continue accessing London’s vital financial infrastructure for 18 more months in an effort to avoid instability when the Brexit transition period finishes at the end of this year. The bloc’s Commission has proposed that lenders’ access to London clearing houses should stay as it is [...]
