Bank shares fall following UK chancellor’s Autumn Statement
The UK government’s decision to reduce the amount of profit that lenders can offset by losses caused mild market jitters yesterday, with British bank shares suffering as a result.
The UK government’s decision to reduce the amount of profit that lenders can offset by losses caused mild market jitters yesterday, with British bank shares suffering as a result.
The New York-based private investment firm Centerbridge Partners has paid $1.2 billion for IPC, a software company that aims to speed up the trading cycle for financial market professionals.
A clampdown on payday loan companies in the US has seen some companies adopt an elaborate ruse to escape interest-rate regulations, according to Bloomberg, with $4 billion worth of loans supplied by Native American tribes last year.
Shares in the social media giant Twitter have dropped by 6% after ratings agency Standard & Poor gave the company’s $1.8 billion September debt issue a speculative BB- rating.
The state-owned Vietnam Asset Management Company (VAMC) is piloting a new method to revive the country’s financial system.
Virgin Money and the Yorkshire Building Society (YBS) are calling for the Competition Markets Authority (CMA) to divide up the “Big Five” in order to create more, smaller challenger banks to boost competition.
On Wednesday, the Bank of England (BoE) will release its quarterly inflation report – and is expected to lower its UK growth and inflation forecasts, pushing back an interest rate hike until after the election.
“The bitcoin industry is not stable and therefore must collapse,” says Kevin Dowd, professor of finance and economics at Durham University and partner at Cobden Partners.
Currency controls may be on the cards for Russia after the Russian Central Bank announced that it would stop using unlimited foreign interventions to prevent against rapid devaluation.
Profits at the world’s foremost card companies, Visa and MasterCard, exceeded expectations this quarter, with MasterCard seeing shares rise to August 2011 levels and Visa reporting the biggest single day jump since June 2011.