Yahoo News UK stock market relocations to New York do not amount to a crisis | Ian King
Looking at recent headlines, one could be forgiven that there is a host of UK-listed companies packing their bags and preparing to head to New York.
Looking at recent headlines, one could be forgiven that there is a host of UK-listed companies packing their bags and preparing to head to New York.
Three-month extension of energy price guarantee welcomed but key state support schemes expiring
It’s now seen as a 50-50 call on whether the Monetary Policy Committee lifts rates on Thursday
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The banking sector was thrown into crisis as markets tumbled in early trading on Monday following the emergency takeover of Credit Suisse by rival bank UBS.
(Bloomberg) -- Britain’s underlying price pressures are set to diverge with those in the eurozone, with signs of cooling inflation intensifying the debate over whether the Bank of England should halt its cycle of interest rate increases.Most Read from BloombergUS Studies Ways to Insure All Bank Deposits If Crisis GrowsUBS to Buy Credit Suisse in $3.3 Billion Deal to End CrisisJPMorgan Owned the LME ‘Nickel’ That Was Actually Bags of StonesVanguard Said to Shutter Business in China, Exit Ant Vent
Jeremy Hunt has committed to banking reforms intended to make the City of London more competitive, despite fears that looser regulation will introduce yet more risk to a fragile financial system.
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LONDON (Reuters) -Forcing asset managers to shift clearing of their euro derivatives trades from London to the European Union would be anti-competitive, split markets and increase costs, Europe's investment funds industry body said on Tuesday. The EU's executive European Commission has proposed that asset managers and banks in the EU open an "active account" with an EU-based clearing house to shift some clearing from London Stock Exchange Group (LSEG) and ICE to Deutsche Boerse in Frankfurt to end heavy post-Brexit reliance on UK clearers.
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(Bloomberg) -- For decades, Switzerland has sold itself as a haven of legal certainty for bond and equity investors. The collapse of Credit Suisse Group AG revealed some unpleasant home truths. In the race to secure UBS Group AG’s purchase of its smaller rival over the weekend, the government invoked the need for stability and emergency legislation to override two key aspects of open markets: competition law and shareholder rights. Then bondholders discovered that $17 billion worth of so-called
The Bank of England joined other European regulators on Monday in saying that shareholders of failed banks should bear losses ahead of holders of Additional Tier 1 bonds after the structure of Credit Suisse's rescue in Switzerland angered bondholders. Some 16 billion Swiss francs ($17.24 billion) of Credit Suisse's AT1 debt will be written down to zero on the orders of Swiss regulators as part of the bank's emergency takeover by UBS. That means Credit Suisse's AT1 bondholders appear to be left with nothing while shareholders, who typically sit below bonds in the priority ladder for repayment, will receive $3.23 billion under the UBS deal.
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The turmoil affecting the world's financial system was caused by "contagious bank runs", the US Treasury Secretary has said.
BlackRock's Gargi Chaudhuri said it's "just the beginning" for markets facing ramifications from chaos in the global banking sector.
UBS on Sunday agreed to buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. Klein, a veteran dealmaker, was merging his eponymous advisory boutique into Credit Suisse's investment banking operations to create CS First Boston as a standalone business which he would have led from New York. UBS has now assigned a legal team to examine how to void the contract Credit Suisse signed with Klein in the cheapest way possible, according to the FT report, which cited people with direct knowledge of the matter.
Jeremy Hunt’s Budget could cost UK housesholds thousands over the coming years
"It's too late to find a solution that prevents a hard landing and prevents severe financial stresses," "Dr. Doom" economist Nouriel Roubini said.