Duchy of Cornwall assets top £1bn

The Duchy of Cornwall’s assets are worth more than £1 billion, annual accounts have shown. The assets of the Duchy, a portfolio of land, property and investments which provide an income for the Prince of Wales, have risen £33 million to £1,099,748,000 in 2018/2019. Charles’s annual income from the duchy is £21.6 million, down just over £100,000 on the previous financial year. Although the income generated for Charles fell slightly, the Duchy still expects to achieve its target of 2.6%...

Mounting no-deal Brexit fears and uncertainty damaging economy, warns Bank of England boss

Bank of England boss Mark Carney has warned that a “notable” increase in no-deal Brexit fears and ongoing uncertainty is damaging Britain’s economy. The Bank’s governor told MPs the lack of any progress towards a deal and the extended Brexit deadline is leaving firms in limbo in terms of preparations and investment. In a hearing with the Treasury Select Committee, Mr Carney said there has been a “notable increase” in market expectations of no deal. He said this uncertainty in...

Banks in Britain revive preparations for no-deal Brexit

Banks in Britain are showing signs of restarting preparations for a no-deal Brexit after a lull in the shift of financial services jobs and capital from Britain to the European Union in the past few months, consultants EY said on Wednesday. EY's Brexit Tracker of public announcements from 222 of the largest financial services firms in the three months ending May 31 found that the 7,000 planned job and a trillion pounds in capital relocation to new EU hubs was...

Boris Johnson courts financiers in race to become British PM

Boris Johnson, the frontrunner in the race to become Britain's next prime minister, has met hedge fund and private equity executives to raise donations for his leadership campaign, according to sources familiar with the matter.     Johnson, who on Tuesday reaffirmed his determination to take Britain out of the European Union on Oct 31, is seeking to build up a war chest for his campaign and rebuild ties with executives, which were strained last year by his expletive four-letter-word attack on...

Brexit risks not fully priced in by market

Brexit risks are not priced in by bond markets and Britain's exit from the European Union could turn more bitter than expected, Anthony Linehan deputy director at Ireland's debt management agency warned on Wednesday. "To me (Brexit) is an area that isn't priced into markets and it can't be because no one knows what it looks like, even a hard Brexit," he said, speaking at a conference in London. "The one thing that worries me is, it's like a divorce,...

Facebook launches its own global cryptocurrency: Libra

Facebook Inc plans to launch a cryptocurrency called Libra next year as part of its wider efforts to expand beyond social networking into e-commerce and global payments. Facebook said it has linked with 28 partners to form Libra Association, a Geneva-based entity governing its new digital coin, which it will launch in the first half of 2020, marketing materials and interviews with executives show. Facebook also created Calibra, a subsidiary which will offer digital wallets connected to messaging platforms Messenger...

Britain must do everything to keep finance competitive after Brexit, says Finance Minister

Britain's government is committed to doing whatever it can to keep its financial sector globally competitive after Brexit, financial services minister John Glen said on Tuesday. Britain is due to leave the European Union on Oct. 31 but it has yet to secure a divorce settlement with the bloc, the UK financial sector's single biggest customer. Uncertainty for finance has increased as a new British prime minister is being selected. Glen said there must be a "clear plan" to maintain...

Banking scandal – Watchdog defends not sanctioning RBS

Britain's financial watchdog has defended its controversial decision not to sanction lender RBS or its former executives for past mistreatment of small business customers. The Financial Conduct Authority said it was sticking by its decision not to apply penalties for actions of RBS's former turnaround unit, the Global Restructuring Group. "Our investigation has found that GRG clearly fell short of the high standards its clients expected but it was largely unregulated and so our powers to take action in such...

UK arm of global advisory group continues acquisition spree with an investment in specialist London accountancy firm

London, 2nd May: The UK arm of ETL Global, the international network of professional services firms, has acquired an interest in leading, top 40, London-based accountancy and business advisory firm, SRLV, for an undisclosed sum.  The transaction marks the 28th acquisition by the UK business and closely follows its investment in leading law firm Glaisyers Solicitors LLP in December last year. Based in the West End and founded some 30 years ago, SRLV supports numerous high net worth individuals, A-list...

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