Banking

October 8, 2018

Brexit dividend discovered in Sheffield

It is proving increasingly difficult to identify the benefits Brexit might bring. Now a team of economists based in Sheffield have detected an upside in deflating an over-bloated UK finance sector, writes…

June 22, 2018

Barclays eyes Scotland as post-Brexit base

Glasgow is cost-friendly, has a good workforce – and might be in the EU when independent, staff reporters are told. Barclays’ headquarters in London could be in name only in a post-Brexit…

December 7, 2016

Pragmatic Frankfurt woos banking giant

The world’s biggest wealth manager, Swiss bank UBS, has chosen Frankfurt over London to set up its new subsidiary, UBS Europe SE. And the American banking giant, Citigroup, is considering moving some…

October 19, 2016

EU to profit as banks consider their future

As the UK government seems determined to pursue a hard Brexit, banks in the City are planning to shift some operations and thousands of jobs to other European Union countries to ensure…

October 12, 2016

The City takes its fight to the House

Up to 35,000 jobs and £5 billion of annual tax revenue could be at risk if the May Government pursues a hard Brexit, a parliamentary committee will be told today. Miles Celic,…

October 5, 2016

Deutsche Bank: death by a thousand cuts?

Deutsche Bank remains between a rock and a hard place. It has yet to persuade US authorities to lower their demand for $14 billion to settle allegations that it mis-sold mortgage-backed securities…

Russia targets Ukraine with intercontinental ballistic missile for first time, Kyiv says
Russia launched an intercontinental ballistic missile during an attack on Ukraine on Thursday, Kyiv’s air force said, in the first known use in the war of such a powerful, nuclear-capable weapon with a range of thousands of kilometres. The air force reported the launch after Ukraine fired US and British missiles at targets inside Russia this week, despite warnings by Moscow that it would see such action as a major escalation in the 33-month-old war. Russia, which invaded Ukraine in February 2022, did not immediately comment on the air force statement. Intercontinental ballistic missiles are strategic weapons designed to deliver nuclear warheads and are an important part of Russia’s nuclear deterrent. The Ukrainians did not specify what kind of warhead the missile had or what type of missile it was. There was no suggestion it was nuclear-armed. France 24, November 21

UK war tech sent to Russia by Insta model's company, documents seen by BBC show
High-tech equipment made by a UK company worth $2.1m (£1.6m) has been sold to companies in Russia connected to the military, customs documents seen by BBC News suggest. The documents indicate the British-made camera lenses were shipped by a company registered in Kyrgyzstan, apparently run by a swimwear model. The UK manufacturer, Beck Optronic Solutions, which has worked on British Challenger 2 tanks and F35 fighter jets, told us it had not breached sanctions, had no dealings with Russia or Kyrgyzstan, and was unaware of the shipments. Our investigation raises questions about the effectiveness of sanctions imposed on Russia since the war in Ukraine began. BBC news, November 21

Gaza food production ‘decimated’ with 70% of farmland hit, UN finds
More than 90 per cent of cattle have died and about 70 per cent of land for crops in Gaza has been destroyed or damaged since the beginning of the war in the territory, an analysis of satellite imagery by the UN has found. More than half of sheep and goat herds have been wiped out, while more than three-quarters of the territory’s famous orchards have been destroyed or damaged, the survey in September found. Local food production in Gaza had been “decimated”, Rein Paulsen, the director of the Office of Emergencies and Resilience at the UN’s Food and Agriculture Organization, said last week. “Satellite images … indicate that heavy vehicle tracks, razing, shelling and other conflict-related pressures have damaged large areas of farmland, infrastructure, wells and other productive infrastructure,” Paulsen told the UN security council, adding that the destruction substantially increased the risk of famine there. The Guardian, November 21

US seeks Google divestitures including Chrome sale in search monopoly case
The US Department of Justice has asked a judge to force Google to divest its Chrome browser and if necessary its Android mobile operating system, in a bold remedy request aimed at curbing the group’s power over online search. In a proposal filed late on Wednesday, the DoJ argued divestitures would free the search market from Google’s long-standing grip. Prosecutors also sought to impose restrictions on how the company trains artificial intelligence models. The broad request follows a ruling this year by US district judge Amit Mehta, who found that Google had developed an illegal monopoly in online search by spending billions of dollars on exclusive deals with wireless carriers, browser developers and device manufacturers, in particular Apple. It will be up to the judge to decide ultimately what remedies to impose on Google. If adopted, the requested relief would be a landmark win for the DoJ’s antitrust unit, which under Jonathan Kanter has cracked down on anti-competitive conduct across the economy, with a particular focus on Big Tech. Financial Times, November 21

Republicans block release of an ethics report
House Republicans voted to block the release of an Ethics Committee report about allegations of sexual misconduct and illicit drug use against Matt Gaetz, President-elect Donald Trump’s choice for attorney general, setting up a possible constitutional clash between the House and the Senate. Separately, federal investigators established a trail of payments made by Gaetz to women, including some who testified that he had hired them for sex, according to a document obtained by The Times and a lawyer representing some of the women. The document shows a web of thousands of dollars in Venmo payments between Gaetz and a group of his friends, associates and women who had drug-fuelled sex parties between 2017 and 2020, according to testimony that participants are said to have given to federal and congressional investigators. New York Times, November 21

Ford cuts 800 jobs in UK as part of Europe-wide cull
Another 800 jobs are to go at Ford, just 18 months after the company cut one fifth of its UK workforce. The hundreds of jobs going this time represent 15 per cent of the 5,100 remaining people the company employs in the UK. Last spring the US motor company made 1,300 people of its UK workforce redundant from the 6,400 it then employed. The latest round of redundancies, part of 4,000 jobs across Europe, comes as the company struggles to make the transition to retiring petrol and diesel engine cars and moving to a zero-emission future, despite its bold and unfulfilled promises to be an all-electric brand in Europe in 2025. “Making this announcement isn’t something that anybody wants to do and I appreciate it will have a very significant impact on our employees,” said Lisa Brankin, managing director of Ford in the UK. The Times, November 21

Los Angeles passes 'sanctuary city' ordinance to protect migrants from deportation under Trump
The Los Angeles City Council on Tuesday unanimously passed a “sanctuary city” ordinance to protect immigrants living in the city, a policy that would prohibit the use of city resources and personnel to carry out federal immigration enforcement. The move by the Southern California city, the second most populated city in the US after New York City, follows President-elect Donald Trump’s vow to carry out mass deportations of immigrants. The ordinance codifies the protection of migrants in municipal law. Council member Paul Krekorian said the measure addresses “the need to ensure that our immigrant community here in Los Angeles understands that we understand their fear”. France 24, November 20

ECB warns low growth and high debt risk Eurozone crisis
The Eurozone risks another debt crisis if the bloc cannot boost growth, lower public debt and fix “policy uncertainty”, the European Central Bank has warned. In its annual Financial Stability Review, published on Wednesday, the ECB sounded the alarm over a potential return of “market concerns over sovereign debt sustainability”. It pointed to “elevated debt levels and high budget deficits” as well as tepid growth and uncertainties caused by recent “election outcomes at the European and national levels, notably in France”. Luis de Guindos, ECB vice-president, also pointed to “poor historical compliance with EU fiscal rules” by some EU governments. The borrowing costs of countries such as Italy and Spain, which were at the centre of the Eurozone crisis, remain far below the peaks they reached in the market turmoil more than a decade ago. But investor worries have recently risen over debt in countries such as France. Financial Times, November 20

MPs to summon Elon Musk to testify about X’s role in UK summer riots
MPs are to summon Elon Musk to testify about X’s role in spreading disinformation, in a parliamentary inquiry into the UK riots and the rise of false and harmful AI content, the Guardian has learned. Senior executives from Meta, which runs Facebook and Instagram, and TikTok are also expected to be called for questioning as part of a Commons science and technology select committee social media inquiry. The first hearings will take place in the new year, amid rising concern that UK online safety laws risk being outpaced by rapidly advancing technology and the politicisation of platforms such as X. The MPs will investigate the consequences of generative AI, which was used in widely shared images posted on Facebook and X inciting people to join Islamophobic protests after the killing of three schoolgirls in Southport in August. They will also investigate Silicon Valley business models that “encourage the spread of content that can mislead and harm”. The Guardian, November 20