Latest Barclays update: glimpse at Whatsapp inquiry
Barclays (BARC.L) set aside $200 million to recoup the expenditure in its half-year results on Thursday, joining a number of other European banks feeling the heat from a U.S. regulatory investigation into breaches involving the usage of messaging applications like Whatsapp. Since the pandemic caused more bankers to work from home, U.S. regulators have intensified their…
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European shares tumble in global selloff
European stocks slumped to mark a third week of losses. This is as jitters over monetary policy tightening by central banks this year. Weak economic data sparked steep declines across global equities. The pan-European STOXX 600 dropped 1.8%, and was down 1.4% over the week. Mining stocks were the day’s worst performers, losing 3.3%. Anglo-Australian miner…
EU looking to relax the rules of cutting-edge chip plant
The European Union may ease state-aid rules. This is to allow the funding of new chip plants for tackling the shortages in the bloc. Due to its reliance on Asian chips, the EU has been particularly hard hit by an unprecedented global shortage in semiconductors. This is on those that are holding up the delivery…
EU pledges faithful application of global bank capital rules
The European Union published draft laws to faithfully implement the final batch of tougher global bank capital rules from 2025. After the initial rules, banks in Europe hold roughly triple the amount of capital that they did in the run up to the 2007-09 global financial. Brussels says that its proposals would modestly increase capital requirements. Banks on…
New direction data protection reform
The UK government launched its consultation on reforms to the UK’s data protection laws. The consultation paper, titled ‘Data: a new direction’, runs to 146 pages, including some significant proposals. The data protection rules have seen plenty of changes. In 2018 May, the EU’s General Data Protection Regulation came into effect. They have had the impact…
Shares lifted by prospect of lower rates
Their longest winning streak in three months were posted by the Global shares. This is aided by the chance of low interest rates for longer in the United States and talk of more stimulus in Japan and China. In the meanwhile, oil slid as the Saudis cut prices for Asian customers. For thin trading conditions,…
With European recovery in sight, property investors bank on the office
Property investors are betting that demand for office space in Europe will rise as COVID vaccinations are rolled out and people return to work. Global office real estate leasing volumes dropped 31% in the first quarter. This is according to the real estate broker JLL, although Europe proved more resilient than the United States. Keith…
EU leaders to commit to finishing banking union one day
European leaders will promise to complete the EU’s banking union in the future, but will leave it to their finance ministers to work out when, their draft conclusions showed. Completion of the banking union, which would mean setting up a controversial common deposit insurance scheme, would sharply reduce the possibility of a major banking crisis….
Trust comes before EU access for city of London
The European Union is not intent on stealing business from the City of London. EU financial services chief Mairead McGuinness said that the future access for Britain to the bloc’s financial market will hinge on. Since Britain left the EU, the trading arrangements for Northern Ireland have created tensions. This is with Britain unilaterally delaying…
EU watchdog tells banks to have a 10-year climate plan
Banks in the European Union must have a 10-year plan about their way of dealing with environmental, social and governance (ESG) risks to their bottom line, the bloc’s banking watchdog said. Climate-friendly investment gets increasing money. Regulators want investors to have a reliable snapshot of a company’s green credentials. European Banking Authority gave a report…