Five banks fined £2bn by regulators over forex failings
HSBC, Royal Bank of Scotland, Swiss Bank UBS and US Banks JP Morgan Chase and Citibank have all been collectively fined £2bn by UK and US regulators for trader’s attempted manipulation of foreign exchange rates. The fines follow a year-long investigation by regulators into claims Read more…
US Stocks fall as crude oil prices have hit a four-year low
US Stocks fall as crude oil prices have hit a four-year low after Saudi Arabia, the world’s largest exporter, unexpectedly cut the price of oil sold to them in a further sign of an escalating war for control of global energy markets. raising concerns about Read more…
Nikkei leads Asia higher
Japan led Asian shares higher after the Bank of Japan (BOJ) surprised markets by announcing more stimulus measures. The BOJ decision sought to ease monetary policy on worries that lower oil prices would affect consumer prices. The central bank will increase the pace at which Read more…
Lloyds Bank confirms 9,000 job losses and branch closures
Lloyds Banking Group has confirmed 9,000 job losses and the closure of 150 branches over the next three years. The latest job losses – representing about 10% of its workforce – come on top of 43,000 cuts made since 2008. The group is also setting Read more…
Tesco Chairman to step down
Sir Richard Broadbent will leave Tesco following bigger than forecast hole on profits. First half year profits overestimations now have increased to £263m after last month’s estimates of £250m. Deloitte are investigating the misreported gains and have found that Tesco have been banking promotions deals Read more…
Government to consider new peer-to-peer lending ISA
The Treasury is launching a consultation on a proposal to create a third and different ISA for peer to peer lending, in a move which could propel the concept into the front rank of financial options. The plan is to create one for people who Read more…
Private sector pay ‘to rise faster than public sector’
A report from the Institute for Fiscal Studies has said pay in the private sector is likely to rise faster than public sector wages in the next four years. The independent research institute said the pay gap between public and private sector workers had nearly Read more…
Survey reveals fifth of UK mortgage holders would struggle with rate rise
The Money Advice Service said that 19 percent of mortgage holders said they would “really struggle to find the extra money” to cover any increase in repayments. This proportion increased to 47 percent if mortgage payments were to rise by 150 pounds a month – Read more…
Osborne to cut pensions ‘death tax’
The government is to abolish the 55% pensions death tax charge, Chancellor George Osborne will announce later today. The measure will come into force in April 2015 alongside the pension reforms outlined in the Budget. The new rules mean that if a person who dies Read more…
11/08/14 Market Movements
Market news The FTSE100 closed up 65.46 points at 6,632.82 and snapped a three day losing streak after tensions appeared to be easing in Ukraine after Russia said it would pull troops back from the Ukrainian border. Despite the daily increase of 1%, investors remained Read more…
15/07/14 Market Movements
Market news The FTSE100 closed the day down 25.69 points at 6,710.45 as tech shares tumbled. Shares in the German firm fell nearly 14% after it said it now saw 2014 revenues from business process management products stagnating from a year earlier, denting sentiment on Read more…
CPI nears Bank of England target
The Consumer Prices Index (CPI) rose to 1.9%, up from 1.5% in May, according to the Office for National Statistics. With women’s clothing prices, air fares and furniture prices being the greatest contributors, the rate is now very close to the Bank of England’s 2% Read more…
Executive pay ‘180 times average’
According to a recent report from The High Pay Centre, executive pay has grown from 60 times that of the average worker to almost 180 times since the 1990s. It noted that shareholders were still backing high executive pay deals despite new powers to vote Read more…
Poundland Profits Rise
Profits to the end of March rose to £36.8m, up 23.5%. This news follows Poundland’s successful IPO in March 2014. Currently, the discount chain operates 528 stores in UK and Ireland. The first store in Spain was launched yesterday, at the resort location of Torremolinos.
Governor hints at possible interest rate rise
In a keynote speech yesterday, the Governor of the Bank of England Mark Carney, said an interest rate rise “could happen sooner than markets currently expect”. The consensus among economists was that rates would rise in the first half of next year, or even earlier. Read more…
Market Commentary – 19th September 2018
The global economic cycle Despite all the risks and the worries that the media portrays over the overall global economy, it is fair to say that we are still in a strong place and shouldn’t be too worried about what is going to happen, however Read more…
Market Commentary – 12th Sept 2018
It’s all about the cycle and trying to avoid the roller coaster! Rather than give the usual economic update I thought it would be prudent to inform you of our positioning and to try and explain what is going on from where we sit Read more…
The James Grayson Blog
On the board Pre season games finally came to an end with a win against a tough Glasgow team. With a near full strength team in preparation for Gloucester it was good to be out there with the boys having a run about on Read more…
Market Commentary – 5th Sept 2018
Why have the markets been volatile this week? I think the main theme to focus on this week’s commentary is to report that the global economy is doing just fine, despite the jitters on the political and economic face, which is very normal, and Read more…
The James Grayson Blog
A round up of Pre Season As you could imagine pre season is the time of year all rugby players dread. You’ve had some time off to go on holiday, drink lots, eat lots and generally give your body a rest after a very long Read more…