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☆ Metro Bank plunges on talk of big fundraising to fix finances
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. As of Wednesday's close, Metro Bank was valued at 87 million pounds. The fundraising could include more than 100 million pounds from selling shares to bolster capital, three sources familiar with the matter told Reuters on Wednesday. Metro Bank recently brought in Morgan Stanley as adviser, the people said. Metro Bank is subject to higher capital requirements set by the regulator if unable to use its own models, a concern that has been weighing on the stock.

Persons: Hannah McKay, Gary Greenwood, Morgan Stanley, Danilo Masoni, Iain Withers, Sinead Cruise, Mark Potter Organizations: Metro Bank, REUTERS, Reuters, Shore Capital, Bank of England's Prudential, Authority, Metro, Thomson Locations: London, Britain

☆ The shadow banking sector 'is a worry,' says PRA CEO
▼ + stars: | 2023-09-19 | 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 EmailThe shadow banking sector 'is a worry,' says PRA CEOSam Woods, deputy governor of the Bank of England and CEO of the Prudential Regulation Authority, discusses the British banking sector.

Persons: Sam Woods Organizations: Bank of England, Prudential, Authority

☆ Bank of England deputy governor says impairments rising among UK lenders
▼ + stars: | 2023-09-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

In August, the Bank of England increased interest rates for the 14th time in a row. The British banking sector is seeing a rise in impairments amid rising inflation and ensuing interest rate hikes, according to Bank of England Deputy Governor Sam Woods. The economy has proven surprisingly resilient, but Woods, also CEO of the Prudential Regulation Authority, said regulators are closely monitoring potential stresses in the banking sector. "As we're looking at it now, we are actually seeing a pickup in impairments across the banking sector. "So it's going up but from a very low base, and we've got a close eye on it," he added.

Persons: Sam Woods, Woods, we've Organizations: Bank of England, Prudential, Authority, CNBC

☆ Metro Bank shares dip as mortgage risk model change drags
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

Sept 12 (Reuters) - Britain's Metro Bank (MTRO.L) said on Tuesday that the Bank of England's Prudential Regulation Authority (PRA) would likely not approve its application to use internal credit risk models in its residential mortgages business this year. Shares in the lender fell 7% in early trading as stock-holders reacted to the news. Without permission to use its own risk models, Metro Bank remains subject to higher capital requirements set by the regulator, which have weighed on returns for its investors. "The board retains conviction in the merits of Metro Bank's customer-centric model and strongly believes that there is a significant opportunity set that the company can capitalise on, subject to renewed balance sheet strength," Metro said. "Larger scale is needed to absorb the high, branch-centric expense base which can be achieved only if current capital constraints ... are resolved," Peel Hunt said.

Persons: Peel Hunt, Radhika Anilkumar, Sinead Cruise, Savio D'Souza, Rashmi Aich, Iain Withers Organizations: Britain's Metro Bank, Bank of England's Prudential, Authority, Metro Bank, Metro, Peel, Thomson Locations: Bengaluru, London

☆ How Trump will fight the classified documents charges he's facing
▼ + stars: | 2023-07-11 | by ( Tierney Sneed | ) edition.cnn.com time to read: +5 min

Trump and Nauta have pleaded not guilty to the charges, which include obstruction-related allegations in addition to the accusations that Trump illegally retained national defense information. Did the special counsel have the authority to bring the charges? Trump has claimed at times that he declassified the documents in question, though his lawyers have stopped short of making such assertions in legal filings. The charges Smith brought, however, do not necessarily turn on whether the materials were classified. Trump and Nauta say they won’t know how much of a dispute over these procedures there will be until they have a chance to review the classified discovery.

Persons: Donald Trump, Walt Nauta, Jack Smith, Aileen Cannon, Trump, ”, Nauta, –, Robert Mueller, Smith Organizations: CNN, Trump, Records, Presidential Locations: United States, Russia

☆ Trump says 'I would do that' after Sean Hannity says he 'can't imagine' Trump taking classified records from the White House
▼ + stars: | 2023-03-28 | by ( Sonam Sheth | ) www.businessinsider.com time to read: +4 min

Sean Hannity told Trump he couldn't imagine Trump taking documents from the White House. Trump corrected Hannity, saying, "I would do that" and adding that he has the right to "take stuff." "I can't imagine you ever saying, um, 'Bring me some of the boxes that we brought back from the White House, I'd like to look at them,'" Hannity told Trump during the interview that aired Monday night. According to the Justice Department, Trump did exactly that, and refused to return the records for months after leaving the White House. —nikki mccann ramírez (@NikkiMcR) March 28, 2023Trump's lawyers have repeatedly invoked the Presidential Records Act when arguing that he was justified in moving records from the White House after leaving office.

☆ Bank of England welcomes Credit Suisse deal, says UK banks are safe
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 19, 2023. REUTERS/Moritz HagerLONDON, March 19 (Reuters) - The Bank of England welcomed moves by the Swiss authorities to broker a take-over by UBS of Credit Suisse on Sunday, indicating it would support approval of the deal, and it said the British banking system was well funded. UBS (UBSG.S) agreed to buy rival Swiss bank Credit Suisse (CSGN.S) for 3 billion Swiss francs ($3.23 billion) in stock and assume up to 5 billion francs ($5.4 billion) in losses in a merger engineered by Swiss authorities. "The UK government welcomes the steps taken today by the Swiss authorities in relation to Credit Suisse to support financial stability, and will continue to engage with the FCA and the Bank of England as is usual," a finance ministry spokesperson said. ($1 = 0.9280 Swiss francs)Reporting by Alistair Smout and Huw Jones Editing by William SchombergOur Standards: The Thomson Reuters Trust Principles.

☆ London fintech Griffin lands UK banking license with restrictions after years-long process as it eyes fresh funding in 2023
▼ + stars: | 2023-03-07 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

British fintech startup Griffin has secured a banking license after a years-long process. The Prudential Regulation Authority (PRA) has approved the startup, subject to restrictions. Banking-as-a-service startup Griffin has become the latest fintech to land a UK banking license with restrictions after a years-long process. Securing a UK banking license is no mean feat. Neobanks like Revolut, founded in 2015, haven't yet managed to get a UK banking license with stringent processes in place, with Jarvis suggesting that the application process isn't something "you can just throw money at."

Reuters reported in March 2020 that Syneos was working with investment bank Centerview Partners LLC to explore a sale. Syneos, which has a market capitalization of $3.9 billion and carries a $2.9 billion debt pile, was not immediately available for comment. Based in Morrisville, North Carolina, Syneos helps pharmaceutical companies with clinical trials and to market their drugs. There has been a wave of consolidation among contract research organizations in a bid to lower costs, amass more clinical trial data and win customers. Labcorp (LH.N), for example, said earlier this month that it will complete the spinoff of its contract research organization, called Fortrea, by the middle of this year.

☆ Britain's Treasury in discussions to speed up Solvency II reforms - FT
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

Feb 10 (Reuters) - Britain's Treasury is in discussions to speed up a post-Brexit reform that will unlock 100 billion pounds ($120.88 billion) of investment from UK's insurance sector, the Financial Times reported on Friday, citing people familiar with the matter. British officials are discussing whether to pursue a two-stage implementation of the European Union's Solvency II regime, the report said. The British government was in "active discussions with the Prudential Regulation Authority, which supervises the insurance sector, and insurers as to how we can speed up implementation over the coming months," the newspaper quoted a Treasury source as saying. The Bank of England had already proposed easing Solvency II, a set of capital requirements for insurers inherited from the EU, but insurers want more capital released. British Finance Minister Jeremy Hunt in a speech last month said that reforms to the European Union's Solvency II rules will be implemented in the coming months, allowing insurers to invest more in the economy.

ION Group, the financial data firm's parent company, said in a statement on its website that the attack began on Tuesday. "The incident is contained to a specific environment, all the affected servers are disconnected, and remediation of services is ongoing," ION Group said, declining requests for further comment. ABN told clients on Wednesday that due to "technical disruption" from ION, some applications were unavailable and were expected to remain so for a "number of days". It added that its staff had to process trades directly with the exchange. Intesa Sanpaolo told clients that its brokerage and clearing operations on exchange-traded derivatives had been "severely hampered" by IT problems at ION and that it was not able to handle orders.

WASHINGTON — The National Archives and Records Administration on Thursday requested that former presidents and vice presidents "conduct an assessment" to determine if they have any classified materials in their possession. Under the Presidential Records Act, all presidential and vice presidential records - including any classified documents - must be turned over to Archives by the end of their terms. A spokesperson for the Archives declined to comment on the letter, which was sent after classified documents were found at the homes of former Vice Presidents Joe Biden and Mike Pence, as well as an office Biden previously used. On Thursday, Bush's office responded to the Archives letter by saying, "Thank you for your note. Former Vice President Dan Quayle’s office said Thursday: “We have not received an inquiry from the National Archives.

☆ British banking damaged by slow supervisors warns industry report
▼ + stars: | 2023-01-26 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

[1/2] People walk over the Millennium Bridge with the City of London financial district in the background, in London, Britain, January 13, 2023. REUTERS/Henry Nicholls/File PhotoLONDON, Jan 26 (Reuters) - Britain's regulators can be slow, inefficient and unpredictable, raising costs and slowly damaging the financial sector's global competitiveness, industry body TheCityUK said in a report. Complex, opaque and slow authorisations, such as for a new chief executive or a new product, can discourage growth and investment, the report published on Thursday said. It said The Financial Conduct Authority (FCA) and the Bank of England's Prudential Regulation Authority (PRA) were taking steps to speed up authorisations, but further action was needed. The Bank of England said it recognised the need to improve the timeliness of approving senior managers in particular and was taking steps in line with many of the recommendations.

☆ National Archives asks former U.S. presidents, VPs to check for classified documents- CNN
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, Jan 26 (Reuters) - The National Archives asked former U.S. presidents and vice presidents on Thursday to re-check their personal records for any classified documents or other presidential records after the discovery of such documents in the possession of former President Donald Trump, President Joe Biden and former Vice President Mike Pence, CNN reported. The National Archives and Records Administration, or NARA, sent a letter to representatives of former presidents and vice presidents from the last six presidential administrations covered by the Presidential Records Act (PRA), the report added. A spokesman for former President Barack Obama told Reuters when asked about possible classified documents that his office had been given a "clean bill of health" by the National Archives. Former President Jimmy Carter did not receive a letter from the National Archives, since the Presidential Records Act took effect after he left office. The National Archives has come under criticism from Republicans who say it has not been transparent in the documents cases.

☆ The National Archives wants former presidents and vice presidents to see if they have any classified documents stashed anywhere
▼ + stars: | 2023-01-26 | by ( Natalie Musumeci | Nicole Gaudiano | ) www.businessinsider.com time to read: +3 min

The NARA has reportedly reached out to representatives of former presidents and vice presidents. NARA wants them to check their records for classified information, according to a letter seen by CNN. Reps for Obama, George W. Bush, and Clinton have told Insider they don't have classified documents. The request comes after classified documents were found in recent months at the homes and offices of President Joe Biden, former President Donald Trump, and former Vice President Mike Pence. Bush and Ronald Reagan, and former Vice Presidents Mike Pence, Biden, Dick Cheney, Al Gore and Dan Quayle, CNN reported.

☆ I quit my IT job to install lights year-round. It's not easy but making people's days is worth it.
▼ + stars: | 2022-12-22 | by ( Melanie Carden | ) www.businessinsider.com time to read: +8 min

Doran Dal Pra first installed holiday lights in 2018 after a friend proposed the business idea. The holiday lights have to go up — snow or no snow. We're not building rockets; we're hanging holiday lights, which is something almost any homeowner can do. The New England Holiday Lighting CompanyThere's this home for older adults that goes bananas with its holiday lights each year. The New England Holiday Lighting CompanyI was on a ladder and pulling an extension cord through some branches when it got caught.

☆ British bank TSB fined £48.65 million over IT platform migration failures
▼ + stars: | 2022-12-20 | by ( ) www.cnbc.com time to read: +1 min

British lender TSB has been fined £48.65 million ($59.07 million) over a botched IT platform migration in 2018, the Financial Conduct Authority and the Bank of England said on Tuesday. The IT upgrade "immediately experienced technical failures", the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) said, resulting in "significant disruption" to TSB's in-person, online and phone banking services. TSB was fined £29.75 million by the FCA and £18.9 million by the PRA, receiving a 30% discount by agreeing to settle the issue, the statement said. In a statement, TSB CEO Robin Bulloch apologised to consumers hit by problems during the upgrade. TSB's Spanish owner lender Sabadell said in a statement that the settlement would be accounted for by TSB in the fourth quarter.

LONDON/MADRID, Dec 20 (Reuters) - British lender TSB has been fined 48.65 million pounds ($59.1 million) over a botched IT platform migration in 2018, UK regulators said on Tuesday. The regulators found that TSB failed to organise and control the migration adequately, and failed to manage operational risks from its IT outsourcing setup. TSB was fined 29.75 million pounds by the FCA and 18.9 million pounds by the PRA, receiving a 30% discount by agreeing to settle the issue, the statement said. In a statement, TSB CEO Robin Bulloch apologised to consumers hit by problems during the upgrade. "Over the past four years, we have harnessed our technology to deliver new products and better services for TSB customers."

☆ UK’s Big Bang barely mitigates City’s Brexit pain
▼ + stars: | 2022-12-09 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

Hence Friday’s package, long trailed as a “Big Bang”, supposed to turbocharge the City. Eventually, he could end the regime if banks prove they can safely be wound down. Hunt’s broader push is to enlist the Financial Conduct Authority and Prudential Regulation Authority supervisors in his Big Bang, giving them a statutory responsibility for boosting the economy’s competitiveness. The only way to undo the damage would be to align with European rules indefinitely or to re-join the bloc, both of which are political no-gos. The government will also introduce new statutory objectives for the Financial Conduct Authority watchdog and the Prudential Regulation Authority, which supervises banks and insurers.

☆ Factbox: UK sets out financial sector reforms
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 9 (Reuters) - Britain on Friday set out plans to overhaul the financial sector including a review of rules to make bankers accountable for their decisions and easing capital requirements on smaller lenders. Here are some of the measures announced:- Reforming the Ring-FencingRegime for Banks- Issuing new remit letters for the PRA and FCA with clear, targeted recommendations on growth and international competitiveness- Reforming securitisation regulation- Launching a Call for Evidence on reforming the Short Selling Regulation- Welcoming the PRA consultation on removing rules for the capital deduction of certain non-performing exposures held by banks- Overhauling the UK’s regulation of prospectuses- Committing to establish the independent Investment Research Review- Committing to having a regime for a UK consolidated tape in place by 2024- Consulting on reform to the VAT treatment of fund management- Consulting in Q1 2023 on bringing Environmental, Social, and Governance ratings providers into the regulatory perimeter- Consulting on a UK retail central bank digital currency alongside the Bank of England in the coming weeks- Publishing a response to the consultation on expanding the Investment Manager Exemption to include cryptoassets- Laying regulations in early 2023 to remove well-designed performance fees from the pensions regulatory charge capReporting by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ UK banks’ Big Bang thankfully looks like big flop
▼ + stars: | 2022-11-30 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

Yet, the mooted changes would probably only benefit middling lenders like Santander UK, Virgin Money (VMUK.L) and Banco Sabadell’s (SABE.MC) TSB Bank, according to the FT. And on Wednesday, the BoE’s supervisory body said it planned largely to stick to international bank-capital rules, dubbed Basel 3.1. But the big flop might not be such a bad thing for the country’s financial sector. Separately, the government’s City minister Andrew Griffith said on Nov. 29 that he wanted to relax the so-called ringfencing regime that forces large British lenders to separate their retail and investment banking arms. According to the Financial Times, the ringfencing regime would still apply to the biggest UK banks but there could be exemptions for lenders with limited trading operations including Santander UK, Virgin Money and TSB Bank.

☆ Trump D.C. hotel receipts reveal $10,500-a-night rooms for foreign officials seeking to influence U.S.
▼ + stars: | 2022-11-14 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Anna_Byline.Jpg | Anna Schecter | ) www.nbcnews.com time to read: +8 min

For their part Qatari officials and connected companies spent at least $307,941 at the Trump hotel from late 2017 through mid-2018, according to the Oversight Committee’s findings. In the letter she requests presidential records from NARA that could be related to attempts by foreign governments and lobbyists working on their behalf to influence the Trump administration by spending money at the Trump Hotel. A spokesperson for the Malaysian Embassy did not immediately respond to a request for comment. According to the Oversight Committee, documents from Mazars show the Turkish Embassy sponsored two stays at the Trump hotel around the time of Erdoğan’s visit. The documentation obtained did not show how much the embassy spent at the hotel during either of these stays.

☆ Trump D.C. hotel receipts reveal $10,500-a-night rooms for foreign officials seeking to influence U.S. policy
▼ + stars: | 2022-11-14 | by ( Anna Schecter | ) www.cnbc.com time to read: +8 min

The Saudi revenues for the Trump hotel came during a period when Saudi Arabia and the UAE were lobbying the Trump administration to support them during their blockade against economic rival Qatar. In the letter she requests presidential records from NARA that could be related to attempts by foreign governments and lobbyists working on their behalf to influence the Trump administration by spending money at the Trump Hotel. The Malaysian expenditures at the Trump Hotel were the most extensive in a one-week period found by the Oversight Committee to date. A spokesperson for the Malaysian Embassy did not immediately respond to a request for comment. The documentation obtained did not show how much the embassy spent at the hotel during either of these stays.

☆ Trump's Chinese restaurant rant is an 'attack on the National Archives' says the former US Archivist who served under George H.W. Bush
▼ + stars: | 2022-10-16 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +6 min

Trump last week said Bush stored presidential records in a former Chinese restaurant/bowling alley. Bush Presidential Library and Museum is located — that it leased from the General Services Administration, which is responsible for securing buildings for government operations. He was the first archivist responsible for transferring presidential documents under the Presidential Records Act of 1978. Trump's attacks on the NARA process of preserving presidential records, Wilson said, was a "great danger" to democracy. Bush Presidential Library and Museum did not respond to Insider's request for comment.

☆ M&G names former AXA Investment Managers head as CEO
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 29 (Reuters) - M&G (MNG.L) named investment veteran Andrea Rossi as its new chief executive on Thursday, putting him at the helm of one of Britain's best known fund management companies. A former head of AXA Investment Managers, Rossi will replace John Foley, who led M&G's split from parent Prudential in 2019, and who announced in April his intention to retire. Register now for FREE unlimited access to Reuters.com RegisterMost recently, Rossi served as senior adviser to Boston Consulting Group. The appointment has been approved by the Britain's financial regulators the PRA and FCA, M&G said. ($1 = 0.9282 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Andres Gonzalez, editing by Sinead Cruise and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

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