Finance

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'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...

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...

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...

‘Bacon, ‘cheddar’ and ‘bread’ have emerged among the top 40 slang words Brits use for money.  Phrases such as ‘dosh’, ‘notes’ ‘bob’ and ‘dough’ are also more common place now as is ‘spondulix’, ‘reddies’ and ‘buckaroos’. Others admitted they refer to their hard-earned cash as ‘loot’, while ‘lolly’, ‘bucks’, ‘Arthur Ashe’ or ‘plunder’ also made the list. Regional favourites include ‘bob’ (42 per cent) in Yorkshire, ‘tuppence’ (41 per cent) in the South West, and ‘wedge’ (39 per cent) in...

French national Maxime Renahy says he operated undercover for the Direction Generale de la Securite Exeterieure

Sentiment and volumes are deteriorating sharply in the financial services sector, with various indicators at their lowest since the Financial Crisis of 2008, according to the latest CBI/PwC Financial Services Survey. The quarterly survey of 84 firms found that optimism about the overall business situation in the financial services sector plunged sharply, falling at the quickest pace since December 2008. Optimism has now been flat or falling for over three years. Business volumes fell for a second consecutive quarter, and...

The EU’s agreement of a short extension of Article 50 reduces the likelihood of a no-deal ‘Brexident’ next week. Even if Scope has expected the UK to avoid a no-deal exit, the consequences of prolonged uncertainty for the UK’s credit ratings are growing. The EU agreed Thursday to a short Article 50 extension until 22 May, less than the UK’s request for an extension to 30 June and conditional on the Brexit deal being approved in the UK Parliament next...

The Treasury Committee has warned that the UK must get a grip on money laundering and that is could even increase post-Brexit. The Committee concluded that efforts to fight money laundering in the UK is “highly fragmented.” at the moment. They urged the government not to ignore the seriousness of economic crime in a rush to secure new trade deal in the post-Brexit political environment. Committee chair Nicky Morgan said government should not "bow to buccaneering regulatory pressures” The Treasury...