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☆ Banksy unveils new rhino art, part of an animal-themed series on London streets
▼ + stars: | 2024-08-13 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Ap-Live-Blog-Byline-Image.Png | The Associated Press | ) www.nbcnews.com time to read: +2 min

On Sunday, the artist claimed another artwork depicting piranhas which appeared on a police box near the Central Criminal Court, known as the Old Bailey, in London. A new design of swimming fish by Banksy, which appeared on a police box in the City of London, is cordoned off Monday. A spokesman for the City of London Corporation said it was looking at options to preserve it. The wolf design was seen taken down by men who carried it off on the same day it was revealed. Banksy began his career spray-painting buildings in Bristol, England, and has become one of the world’s best-known artists.

Persons: Banksy, Bailey, Emily Pennink Organizations: Central Criminal Court, Banksy, City of, AP, City of London Corporation Locations: London, Charlton, City, City of London, Walthamstow, Bristol, England

☆ We need more foreign direct investment in the UK: City of London Corporation
▼ + stars: | 2024-03-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe need more foreign direct investment in the UK: City of London CorporationChris Hayward, policy chairman of the City of London Corporation, discusses the U.K.'s Spring Budget and discusses what changes the Chancellor could make.

Persons: City of London Corporation Chris Hayward Organizations: City of London Corporation, of London Corporation

☆ City of London Corporation: U.K. government's policy on inflation reduction is not enough
▼ + stars: | 2023-11-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCity of London Corporation: U.K. government's policy on inflation reduction is not enoughChris Hayward, policy chairman at the City of London Corporation, gives his take on the inflationary risk of the U.K. government's new fiscal policies, how to rebuild "broken trust" with the EU, and why he sees Labour as a "pro-business party."

Persons: Chris Hayward Organizations: Email, of London Corporation, City of London Corporation, EU, Labour

☆ Pension funds reform: Britain is banking on this $3 trillion cash cow to revive its economy
▼ + stars: | 2023-07-11 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

London CNN —The UK economy badly needs a boost — and the government hopes the nation’s vast pension savings might deliver one. All UK workplace pension plans offer default funds, which savers who don’t choose their own investment strategy are automatically enrolled into. Measures to tap pension fund cash come at a crucial time for an economy suffering from stubbornly high inflation, depressed investment and feeble growth. UK pension funds’ exposure to domestic stock markets has fallen even more sharply: from 53% in 1997 to 6% in 2021. The combination of measures is likely to have “far-reaching” effects on the types of assets pension funds invest in, easing companies’ access to the capital they need to grow, he added.

Persons: Jeremy Hunt, Mercer, ” Hunt, Hunt, “, ”, Nicholas Lyons, Julia Hoggett, Nigel Peaple Organizations: London CNN, Aviva, London, European, London Stock Exchange, Nasdaq, EU, chipmaker ARM, House, of London Corporation, City of, Financial, New Financial, Pension, Lifetime Savings Association Locations: London, Britain, Frankfurt, Paris, New York, United States, United Kingdom, Edinburgh, City of London

☆ UK set to ease stock market listing rules
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

Hunt will also seek to roll back a European Union-era securities law, Treasury said. UK is set to approve recommendations in Rachel Kent's Independent Research Report, paving the way for a new "Research Platform" to provide a one-stop-shop for firms looking for research experts, the statement added. UK had last year announced the launch of the Investment Research Review - an independent review of financial services investment research and its contribution to UK capital markets competitiveness, headed by Kent. The approval also sets the way for potentially removing unbundling rules – an inherited EU law that requires brokers to charge a separate fee for research. "We will not countenance tax cuts if they make the battle against inflation harder," the newspaper quoted Hunt as saying.

Persons: Jeremy Hunt, UK's, Hunt, Rachel, Hogan Lovells, Rishi Sunak's, Nilutpal, Chris Reese, David Gregorio, Shri Organizations: Finance, UK's Treasury, Treasury, Investment Research, Financial Times, Aviva Plc, Phoenix Group Holdings, City of London Corporation, FT, Thomson Locations: Union, Kent, Bengaluru

[1/2] The HSBC headquarters is seen in the Canary Wharf financial district in east London February 15, 2015. The ripple effects of so many companies slashing office space has significantly impacted wider markets. 'GENIE OUT OF THE BOTTLE'HSBC for its part has one of the most aggressive targets to cut office space among major employers, with a commitment to axe around 40% globally. Canary Wharf Group, the Docklands commercial landlord, declined to comment. One of the Canary Wharf estate's newer developments, the YY building - a recently completed redevelopment of Thomson Reuters' former headquarters opposite Canary Wharf station - remains vacant, Bloomberg has reported.

Persons: Peter Nicholls, Tony Travers, Travers, Knight Frank, Weil, Gerardine Davies, HSBC's, Moody's, YY, Andrew Mawson, Iain Withers, Chiara Elisei, Sinead Cruise, Paul Sandle, Mark Potter Organizations: HSBC, REUTERS, Companies, London School of Economics, of, Perenna Capital Management, BT, UBS, City of London Corporation, Canary, Canary Wharf Group, Docklands, Thomson Reuters, Bloomberg, Workplace Associates, Employees, Thomson Locations: Canary, London, St Paul's Cathedral, of London, Real, Sweden, Aldgate, City, Swiss, Docklands, Canary Wharf

☆ Britain seeks to boost banking services from fintechs
▼ + stars: | 2023-04-17 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

"While significant progress has been made, there is more to be done to deliver the full benefits of open banking within retail banking markets, and beyond," the statement said. The recommendations from regulators will keep up momentum in open banking and extend its benefits to other sectors, said Marion King, chair of Open Banking Limited, which checks on whether the nine banks comply with open banking rules on customer data. Britain is keen to push open banking to the next stage following Brexit to attract more fintechs to set up in Britain as the European Union is poised to compete with its own version of open banking. The data protection draft law, now going through parliament, will be used to put open banking on a sustainable footing, Griffith said. "We now need to see proportionate regulation," said Janine Hirt, CEO of Innovate Finance, the UK fintech industry body.

☆ Mizuho Financial Group says to scrap online bank project
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: 1 min

New York catches up with London to head City's global centres survey, article with imageBusiness category · March 29, 2023London is no longer the clear leader among global financial centres after New York rose from second place to level peg with the British capital as more companies list in the United States, the City of London Corporation's said on Thursday.

☆ New York catches up with London to head City's global centres survey
▼ + stars: | 2023-03-29 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, March 30 (Reuters) - London is no longer the clear leader among global financial centres after New York rose from second place to level peg with the British capital as more companies list in the United States, the City of London Corporation's said on Thursday. The City, which administers London's financial district, said in its annual survey that benchmarks on the performance of global financial centres gave London an overall competitiveness score of 60, up from 59 in 2022, but New York increased its score to 60. New York overtook London in 2018 to become the top global financial centre in the separate Z/Yen survey. The City is due in the third quarter to set out recommendations for a long-term blueprint to "kickstart" London's role as a post-Brexit global financial centre by 2030. "The UK remains one of the most open and global financial centres with better access to international markets than the US, France, or Japan.

☆ Britain to bolster the City after Silicon Valley Bank collapse
▼ + stars: | 2023-03-15 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

[1/2] A person walks over Millennium Bridge amidst early morning fog, as the sun rises beyond the City of London financial district in the background, in London, Britain, February 8, 2023. Following the collapse of its parent company in the United States, Silicon Valley Bank's UK arm was sold to HSBC over the weekend to avoid disrupting its customers in Britain. Hunt said he would make a statement in the autumn on how the UK financial system would be strengthened. City Minister Andrew Griffith has said that an accounting rule for pension funds has become a "performance penalty" which holds back investment in Britain. The financial sector has called for faster implementation of the proposals after Amsterdam overtook London as Europe's biggest share trading centre.

☆ London fears for its future as companies defect to Wall Street
▼ + stars: | 2023-03-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —London is used to punching well above its weight in global financial markets. And 70% of global secondary bond market trading happens in the city, according to the London Stock Exchange. Beyond the jobs they create and the tax they generate, financial markets also channel capital into companies to fund future growth. In other words, to safeguard its future, London needs to reinvigorate its stock markets. Those “unicorns” should be listing in London “at an earlier stage,” Haynes argues, “rather than growing through private equity and being sold off to Nasdaq.”Hoggett of the London Stock Exchange puts it this way: “London needs to be young, scrappy and hungry.”

☆ UK banks told to break 'class ceiling' with new targets to boost diversity among senior hires
▼ + stars: | 2022-12-01 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The U.K.'s financial services sector has been issued new targets for at least half of senior leaders to come from working-class or lower socio-economic backgrounds by 2030. LONDON — The U.K.'s financial services sector must do more to "break the 'class' ceiling," according to a government-backed task force, with new targets calling for at least half of senior leaders to come from working-class or lower socioeconomic backgrounds by 2030. The City of London Corporation, the governing body that oversees the U.K.'s finance industry, said Wednesday that the moves were crucial not only for improving boardroom diversity but also for boosting growth in the sector. In a new report, the governing body's "socio-economic diversity taskforce," which was commissioned in 2020, outlined a pathway for firms to ensure that accents and parentage do not dictate workplace progression. "We need to break the 'class' ceiling — removing unfair barriers to progression is not only the right thing to do, it will enable firms to boost productivity, retention levels and innovation," Catherine McGuinness, chair of the task force, said.

LONDON, Nov 30 (Reuters) - Half of senior leaders in Britain's financial and professional services should come from a working class or intermediate social background by 2030, a government-backed taskforce recommended on Wednesday. The Socio-Economic Diversity Taskforce, headed by the City of London Corporation, which administers the capital's historic financial district, was commissioned by the finance and business ministries. Around half of all employees in financial services and professional sectors like accounting and law are from non-professional backgrounds, and progress 25% slower than their middle and upper class peers, a report from the taskforce said. Employees from non-professional backgrounds are also likely to get paid up to 17,500 pounds ($20,977) less per year, with no link to job performance. The voluntary target of boosting this level to 50% of senior leaders by 2030 will be reviewed in 2025 to ensure it remains representative and achievable, the taskforce said.

"Policy stability is absolutely critical," Miles Celic, chief executive of finance lobby group TheCityUK told Reuters. Finance chiefs want Sunak to balance spending on infrastructure with easing immigration policy for skilled workers and investing in education, Celic added. Sunak confirmed on Tuesday that he was keeping Hunt as his finance minister, after he was appointed late in Truss' brief premiership to shore up confidence in Britain's finances - and tear up much of her planned tax-cutting agenda. Britain's 164 billion pound ($185 billion) financial industry was largely locked out of directly serving EU customers after Brexit. Any moves to extract more tax from banks are likely to be met with industry opposition.

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