Britain will permit banks to accept more volatility in order to remain viable
To maintain the City of London’s position as a preeminent global financial centre, Britain will reform its banking regulations to permit banks to take more risks, a government official said on Tuesday.The City of London is now more competitive due to centres like Paris and Frankfurt as well as long-time rivals like New York but…
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Lloyd’s of London exposed to Ida losses
Lloyd’s of London chairman said that it is likely to be exposed to around 10% of the billions of dollars of insured losses from Hurricane Ida. This is because of the commercial insurance market reported a swing to a first-half profit. Ida is one of the most powerful things that ever to strike the U.S….
Financial workers in London flock back to office
London’s financial sector is keen to return to normality after the pandemic. It is encouraging the employees back to their old lives. In some companies they are even offering free food and social events. And that seems to be working. London’s transport operator said that this week it recorded its busiest day since the pandemic…
London aiming New York
Taxes on banks needs to be retained by Britain. The financial and professional services lobby said that it can make it easier to hire staff from abroad. This can help London unseat New York as the world’s top international financial centre, and that too within five years of time. The strategy paper from TheCityUK reiterated…
FTSE 100 flat as losses in banks, energy stocks offset gains in miners
London’s FTSE 100 ended flat, dragged by weakness in banks and energy stocks, and posted a weekly loss pressured by concerns over surging COVID infections in the UK. After gaining as much as 0.52%, the blue-chip index FTSE 100 ended 0.03% lower. And this is with banks being the biggest drag. Energy stocks fell 0.8% with oil…
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…