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☆ Bank of Ireland says it has fixed glitch that sparked flurry of withdrawals
▼ + stars: | 2023-08-16 | by ( Padraic Halpin | ) www.reuters.com time to read: +3 min

Signage is seen outside a branch of the Bank of Ireland in Galway, Ireland, August 6, 2020. Pictures posted on social media purported to show queues at some ATMs after the glitch became a trending topic on social media platform X, formerly known as Twitter. A statement from Ireland's largest lender by assets said: "Yesterday a technical issue impacted a number of Bank of Ireland's services. Ireland's central bank said it was monitoring the situation and engaging with Bank of Ireland to ensure any issues and errors identified were resolved for customers. The digital banking platform said earlier this year that it had more than two million customers in Ireland.

Persons: Clodagh, Padraic Halpin, Sinead Cruise, David Goodman, Mark Potter Organizations: Bank of Ireland, REUTERS, Rights, Twitter, Reuters, Bank of, Revolut, Thomson Locations: Galway, Ireland, Dublin, London

☆ Pensions business boosts Legal & General H1 profit above expectations
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +1 min

LONDON, Aug 15 (Reuters) - Legal & General (LGEN.L) reported a forecast-beating operating profit of 941 million pounds ($1.20 billion) in the first half on Tuesday, boosted by its bulk annuity business, and said it was on track to meet its five-year ambitions. Analysts in a company-compiled consensus poll had forecast operating profit for the British life insurer and asset manager of 834 million pounds. Operating profit fell nearly 2% from a year earlier but analysts at Jefferies said they expected the results to be "well received" on Tuesday. British specialist insurer Just Group (JUSTJ.L) reported a 154% jump in first-half profit on Tuesday, also beating market estimates, boosted by bumper sales of its retirement income products and higher new business income. ($1 = 0.7868 pounds)Reporting by Carolyn Cohn in London and Eva Mathews in Bengaluru, editing by Sinead CruiseOur Standards: The Thomson Reuters Trust Principles.

Persons: Nigel Wilson, Jefferies, Carolyn Cohn, Eva Mathews, Sinead Cruise Organizations: General Investment Management, Thomson Locations: London, Bengaluru

Moscow's actions have deprived many foreign investors of the ability to trade in Russian securities, including depositary receipts. Investors are worried about future copycat actions by other governments who might look to reduce foreign influence over their leading companies. Depositary receipts, or DRs, are certificates issued by a bank representing shares in a foreign company traded on a local stock exchange. But events in Russia have forced many investors to write down the value of depositary receipts of Russian companies to zero, given their inability to trade them. CONSEQUENCESLoss of confidence in DRs could drain needed foreign capital from firms in emerging economies, for instance.

Persons: Dado Ruvic, Peter C, Earle, Christopher Day, Michael Ashley Schulman, Goldman Sachs, III, Detsky Mir, Goldman, Otkrytie, Schulman, Grzegorz Drozdz, Malcolm Dorson, Sinead Cruise, Carolina Mandl, David Gregorio Our Organizations: REUTERS, Global, American Institute for Economic Research, Reuters, Citigroup, Companies, Citi ., Reuters Graphics, DR, Investors, Doliver Advisors, Running, Capital Advisors, Conotoxia, Russian, Thomson Locations: Moscow, Ukraine, Brazil, China, Russia, GDR, GDRs, United States, Britain, London, Carolina, New York

☆ Man Group shares tumble as fund performance disappoints
▼ + stars: | 2023-08-01 | by ( Nell Mackenzie | ) www.reuters.com time to read: +3 min

LONDON, Aug 1 (Reuters) - British hedge fund manager Man Group (EMG.L) posted forecast-beating first-half pretax profit and record assets under management on Tuesday, but a disappointing performance across several of its funds roiled investors, sending shares lower. Man reported negative investment performance at its AHL Evolution Fund and Numeric Global Core Relative Return fund for the first half of 2023, as well as its actively managed GLG Global Emerging Markets Debt Total Return Fund. Performance fees in both Man's AHL Evolution and funds marked "other alternatives" both fell by over 80% from a year earlier. Despite the first quarter volatility, Man reported net inflows of $2.6 billion for the period, coming in around 2.5% higher than industry peers. Man recommended an interim dividend of 5.6 cents a share, in line with guidance offered a year ago.

Persons: Antoine Forterre, Man, Luke Ellis, Man's, Robyn Grew, Ellis, Group's Forterre, Jefferies, Nell Mackenzie, Sinead Cruise, Sharon Singleton Organizations: Man, Credit Suisse, Reuters, AHL Evolution Fund, GLG, Varagon Capital Partners, Thomson Locations: U.S

LONDON/SYDNEY, July 31 (Reuters) - Commercial real estate investors and lenders are slowly confronting an ugly question - if people never again shop in malls or work in offices the way they did before the pandemic, how safe are the fortunes they piled into bricks and mortar? WALL OF DEBTGlobal banks hold about half of the $6 trillion outstanding commercial real estate debt, Moody's Investors Service said in June, with the largest share maturing in 2023-2026. U.S. banks revealed spiralling losses from property in their first half figures and warned of more to come. Borrowers in the UK real estate holding & development category were 4% more likely to default. But the whale could be commercial real estate in the U.S.".

Persons: Richard Murphy, Jeffrey Sherman, Charles, Henry Monchau, Bank Syz, Jones Lang LaSalle, Savills, JLL, Dhara Ranasinghe, Huw Jones, Clare Jim, Kirsten Donovan Organizations: Employers, UK's Sheffield University, Reuters, Investors, Moody's Investors Service, Fed, Federal, Bank, Suisse, Washington D.C, HSBC, Capital Economics, Thomson Locations: SYDNEY, London, Los Angeles and New York, U.S, New York, Beijing, San Francisco, Tokyo, Washington, Shanghai, North America, Hong Kong

"The culture wars are coming to UK businesses, including the financial sector," said Andre Spicer, dean of City University's Bayes Business School. It also cited "risk factors including... controversial public statements which were felt to conflict with the bank's purpose". However, data from watchdog the Financial Ombudsman Service showed complaints about account closures represented a tiny fraction of a bank's overall customer base. Experts say other banks will now be scrambling to ensure their own policies and committees are behaving appropriately, to avoid further scandals. The CEO of Britain's biggest domestic bank Lloyds said on Wednesday the bank's own policies did not include looking at customers' political or personal beliefs.

Persons: Nigel Farage, Coutts, Andre Spicer, Howard Davies, Alison Rose, Rose, Peter Flavel, Charles Dickens, Queen Elizabeth II, Spicer, Harriet Baldwin, Bill Winters, Samuel Gregg, Banks, Gregg, University's Spicer, Rupert Younger, ", Sinead Cruise, Iain Withers, Lawrence White, Daniel Wallis Organizations: Brexit Party, NatWest, Bayes Business School, Coutts, Treasury, Bank of England, BBC, Standard Chartered, Farage, American Institute for Economic Research, Facebook, Financial, Service, Barclays, Lloyds, Centre, Oxford University's Said Business School, Thomson Locations: America

[1/2] A man walks past ATM machines at branch of the NatWest bank in Manchester, Britain September 21, 2017. Davies said he intended to stay at the bank for now and confirmed for the first time on Friday that political pressure had played a part in Rose's exit. "The political reaction to retaining Alison as CEO was such that her position was untenable," he told reporters. NatWest reported pre-tax profit of 3.6 billion pounds ($4.6 billion) for the period, compared to 2.6 billion pounds the prior year and above the 3.3 billion pound average of analyst forecasts compiled by the bank. NatWest booked a 233 million pounds charge for potential loan defaults - compared to the release of 54 million pounds last year - and lowered its net interest margin forecast for the year to below 3.2%, with an expectation of it hitting 3.15%.

Persons: Phil Noble, Davies, Nigel Farage's, Rose, Howard Davies, Alison Rose, Nigel Farage, Coutts, Peter Flavel, Alison, We've, NatWest's, Paul Thwaite, Thwaite, Iain Withers, Lawrence White, Sinead Cruise, Tomasz Janowski Organizations: NatWest, REUTERS, Rose NatWest, BBC, Reuters, Rivals Barclays, Lloyds, Barclays, Thomson Locations: Manchester, Britain, Britain's, Rose's

Davies said he intended to stay on at the bank for now - after also facing calls to resign - and confirmed for the first time that political pressure forced the board's hand in Rose's exit. "The political reaction to that was such... that her position was then untenable," he told reporters. Britain's finance ministry said the decision for Rose to depart was made by her and the bank's board. "The NatWest board is responsible for the bank's strategic and operational management," a Treasury spokesperson said. ($1 = 0.7820 pounds)Reporting by Iain Withers and Lawrence White, editing by Sinead Cruise and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Davies, Nigel Farage's, Rose, Howard Davies, Alison Rose, Nigel Farage, Coutts, Peter Flavel, We've, Alison, Travers Smith, Paul Thwaite, Iain Withers, Lawrence White, Sinead Cruise, Tomasz Janowski Organizations: NatWest, Rose NatWest, BBC, Treasury, Reuters, Thomson Locations: Britain's, Rose's, Britain

The ousting of Flavel is one of the first actions taken by NatWest's interim CEO Paul Thwaite, after the group's former CEO Alison Rose quit on Wednesday over the same matter. NatWest has faced intense scrutiny over the decision by Coutts to sever ties with Farage. An internal review obtained by the politician-turned-TV show host showed Coutts' wealth reputational risk committee had said his values did not align with the bank's own. Australian-born Flavel, who previously served as CEO of JPMorgan Private Wealth Management in Asia Pacific region, took the top job at Coutts in 2016. Mohammad Kamal Syed will step into the role of interim CEO of Coutts and NatWest's wealth businesses, Thwaite said, adding that Flavel was stepping down by "mutual consent".

Persons: Coutts, Peter Flavel, Nigel Farage's, Flavel, Paul Thwaite, Alison Rose, Rose, she'd, Farage, Howard Davies, Charles Dickens, Queen Elizabeth II, Mohammad Kamal Syed, Thwaite, Iain Withers, Sinead Cruise, Lawrence White Organizations: NatWest, BBC, Reuters, JPMorgan Private Wealth Management, Thomson Locations: Asia Pacific

July 27 (Reuters) - British asset manager Schroders (SDR.L) reported a drop in first-half assets under management on Thursday, due to weaker investor sentiment and market volatility. Schroders' assets under management fell to 726.1 billion pounds ($940 billion) in the six months to June 30, from 737.5 billion pounds at December-end. The company generated 5.7 billion pounds in net new business, excluding joint ventures and associates. In contrast, Jupiter Fund Management (JUP.L) jumped 14% to the top of the FTSE mid-cap (.FTMC) after it reported assets under management rose 2% to 51.4 billion pounds. The fund manager saw "small" net inflows of 23 million pounds, helped by institutional client demand.

Persons: Schroders, Calastone, Peter Harrison, Jefferies, James's, Peel Hunt, Eva Mathews, Savio D'Souza, Sinead Cruise, Sharon Singleton Organizations: Reuters, Bank of England, JPMorgan, Jupiter Fund, Peel, Thomson Locations: British, Bengaluru

☆ British asset manager St James's Place attracts $4.4 billion in first-half net inflows
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 27 (Reuters) - British asset manager St James's Place (SJP.L) reported a fall in half-yearly profit after tax on Thursday but attracted 3.4 billion pounds ($4.40 billion) of net inflows in what the company called a "challenging period" for UK investors. Funds under management hit a record 157.5 billion pounds, up from 148.4 billion in December 2022. Profit after tax fell to 161.7 million, down from 208.2 million in the same period last year, and the interim dividend was 15.83 pence per share, representing 30% of the previous full-year dividend, the company said. "As we look ahead, there continue to be challenges for UK consumers," he said. ($1 = 0.7722 pounds)($1 = 0.7719 pounds)Reporting by Elizabeth Howcroft, editing by Sinead CruiseOur Standards: The Thomson Reuters Trust Principles.

Persons: St James's, Andrew Croft, Croft, Elizabeth Howcroft, Sinead Cruise Organizations: St, Funds, UK savers, Thomson Locations: British, U.S

LONDON, July 27 (Reuters) - Barclays (BARC.L) warned on Thursday of growing pressure on its UK business and missed forecasts for its investment bank as a global corporate dealmaking slump persists, sending its shares down despite announcing a bigger share buyback. The British bank reported first-half pretax profit of 4.6 billion pounds ($6 billion), in line with the average analyst forecast of 4.5 billion pounds, and higher than the 3.7 billion pounds in the same period a year ago. The bank set aside 896 million pounds in the six-month period for potentially soured loans, more than double the 341 million pound charge the previous year. European rivals are also struggling, with Deutsche Bank reporting on Wednesday investment bank revenues would fall this year instead of staying flat. Several investors told Reuters this month they wanted the bank to prioritise returning more capital to shareholders instead of investing it, after the lender completed a 500 million pound buyback in April.

Persons: Jefferies, Goldman Sachs, Jeremy Barnum, Lawrence White, Iain Withers, Sinead Cruise, Mark Potter Organizations: Barclays, Banking, JPMorgan, United, Citigroup, Deutsche Bank, Thomson Locations: Britain, United States

NatWest lifer Rose climbed up the ranks over more than three decades from graduate trainee to boardroom, becoming the first woman to run one of Britain's major banks. "You can be a hero one day, a zero the next, as Alison Rose has found out." Davies lamented the "sad moment" while Rose paid tribute to colleagues who had helped her build solid foundations for the bank, in a statement accompanying the news. RBS TO NATWESTRose succeeded Ross McEwan as CEO of NatWest in 2019, becoming the lender's first female boss. But under Rose's supervision, the bank became one of Britain's biggest participants in government-designed loan schemes to keep ailing businesses afloat.

Persons: Alison Rose, Nigel Farage, NatWest lifer Rose, Coutts, Rishi Sunak, Rupert Younger, Rose, Howard Davies, Rose's, Davies, Charlie Nunn, Farage, impinging, NATWEST Rose, Ross McEwan, McEwan, Stephen Hester, Fred Goodwin, Lawrence White, Conor Humphries Organizations: NatWest's, Brexit Party, NatWest, Oxford University's, Lloyds Banking Group, Britain's, RBS, NATWEST, Royal Bank of Scotland, Thomson Locations: Europe, Westminster, Britain

LONDON, July 26 (Reuters) - Lloyds Banking Group (LLOY.L) reported a higher charge for troubled loans and missed first-half profit expectations as Britain's economic chills weighed on its finances and upped pressure on management to do more to help struggling savers. Lloyds shares fell 5% in early trading against a flat FTSE 100 index (.FTSE). Lloyds shares fell 5% in early trading on Wednesday, against a flat FTSE 100 index (.FTSE). The bank said it expected this to fall more slowly than previously forecast, dipping to 3.10% this year instead of 3.05%. ($1 = 0.7754 pounds)Reporting by Iain Withers and Lawrence White; editing by Sinead Cruise and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Zoe Gillespie, we’ve, Fran Boait, Charlie Nunn, Nunn, Alison Rose, Nigel Farage, Coutts, Iain Withers, Lawrence White, Sinead Cruise, Jason Neely Organizations: Lloyds Banking Group, Lloyds, . Banking, JPMorgan, Bank of, RBC Brewin Dolphin, NatWest, Thomson

NatWest has faced intense political and media scrutiny over a decision by its private bank Coutts to close Farage's accounts. In a post on the X social media platform on Wednesday, Farage called for further heads to roll in the wake of Rose's resignation. On Tuesday, Farage said on his eponymous TV show that Rose was "unfit" to run a bank. She realised that her comments had left Jack with the impression that the decision to close Farage's accounts was solely a commercial one, Rose said in the statement. Rose also said she was not part of the decision-making process to "exit" Farage's accounts and said this was a decision made by Coutts.

Persons: Alison Rose, Nigel Farage's, Paul Thwaite, Coutts, Farage, Rose, Simon Jack, Howard Davies, Davies, Peter Flavel, Jack, NatWest's, Sheldon Mills, Andrew Griffith, Iain Withers, Sinead Cruise, Urvi, Juby Babu, Simon Jessop, Mark Potter, Edwina Gibbs, Louise Heavens Organizations: NatWest, BBC, BBC Business, UK Treasury, Reuters, Government Investments, Authority, Thomson Locations: Bengaluru

☆ Farage makes fresh allegations against UK's Coutts over account closures
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

Reuters previously reported that Coutts was closing Farage's accounts mainly for commercial reasons, citing a source familiar with the matter. The BBC previously reported Farage had fallen below the financial threshold required to be a customer of the private bank - something Farage said he had had no knowledge of. A Coutts spokesperson told Reuters that its ability to respond to Farage's fresh claims were restricted by obligations to protect client confidentiality. Farage told Reuters the issue "raises very broad questions about our banks and how deeply political they have become." Farage previously said he believed it was because he was deemed a "politically exposed person" (PEP), meaning banks have to apply additional scrutiny to accounts.

Persons: Nigel Farage, Coutts, Farage, Donald Trump, Iain Withers, Sinead Cruise, David Evans Organizations: Brexit Party, NatWest Group, Twitter, Reuters, BBC, Farage, Britain's Daily Telegraph, Thomson Locations: Russia

☆ Aviva releases H1 2023 profit guidance, growth estimates
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 19 (Reuters) - Aviva (AV.L) said on Wednesday it expected to deliver around 700 million pounds ($907.20 million) in group operating profit in the first half of 2023, with full-year profit estimated to grow by 5-7% year-on-year. Aviva said the change principally reflected accounting changes to its annuities and protection businesses, with new business profit now being deferred over the lifetime of a contract. It added that the new accounting standards would have "no impact to strategy, capital generation, dividend guidance, or capital return outlook." "There is no impact on our dividend guidance for 2023 of around 915 million pounds, with low-to-mid single digit growth in the cash cost of the dividend thereafter," the company said. ($1 = 0.7716 pounds)Reporting By Sinead Cruise, Editing by Iain WithersOur Standards: The Thomson Reuters Trust Principles.

Persons: Sinead Cruise, Iain Withers Organizations: Aviva, IFRS, Thomson

According to JPM's circular, the shares currently unaccounted for are estimated to be less than 1% of the shares held in custody at another financial institution. This meant Deutsche was unable to reconcile the company shares held at another custodian bank with the depositary receipts on its own books. The Bank of Russia did not immediately respond to a request for comment on JP Morgan's search for the potentially missing Magnit shares. More than 60% of Magnit's shares are free-float, with shareholders including major global asset managers, Refinitiv data shows. When first announcing the plans, Magnit said its voluntary tender offer was also addressed to JPM, regarding shares held in its DR program custody account.

Persons: Morgan Chase, Mike Segar, Morgan, JPM, Deutsche, Russia's, Magnit, Sinead Cruise, Alexander Marrow, Jane Merriman Organizations: Co, New York City, REUTERS, Reuters, Deutsche Bank, Deutsche Bank . Lawyers, Deutsche, Bank of Russia, Settlement Depository, NSD, Kremlin, Thomson Locations: New York, Ukraine, Moscow, Russian, Krasnodar, Russia, Uzbekistan, Euroclear

Transactions associated with sanctioned entities accounted for 44% of 2022's record-high $20.1 billion worth of crypto crime, Chainalysis said in January. Crypto payments to ransomware attackers hit $449.1 million in the first half of 2023, up $175.8 million from the same period last year, Chainalysis said. If this continues, ransomware attackers will have their second best year on record, the analysts added. "Big game hunting - that is, the targeting of large, deep-pocketed organizations by ransomware attackers - seems to have bounced back after a lull in 2022. At the same time, the number of successful small attacks has also grown," Chainalysis said.

Persons: Chainalysis, fraudsters, Elizabeth Howcroft, Sinead Cruise, Mark Potter Organizations: Thomson

Another source inside Barclays' investment bank, talking anonymously because they are not authorised to speak to the media, said lower staff attrition at its technology and back office operations had started to worry cost-conscious managers. The BCG review could lead to layoffs, the source familiar with the review said, although no decisions have been made. Some top Barclays investors, however, told Reuters they would have misgivings about a plan to prioritise investment over capital distributions. But a recent shake-up at its investment bank has raised concern about Barclays' ability to compete amid a worldwide dealmaking slump. They are not valued properly together," said Alan Beaney, chief executive at RC Brown Investment Management, which has held Barclays shares since 2012.

Persons: C.S, shivers, Richard Marwood, Venkat, Edward Bramson, Richard Buxton, Alan Beaney, Elisa Martinuzzi, Mark Potter Organizations: Barclays, Boston Consulting, Reuters, Royal London Asset Management, Lehman Brothers, Jupiter Asset, RC Brown Investment Management, BNP, HSBC, Reuters Graphics Barclays, Jefferies, Thomson Locations: U.S, Africa

Tucker told officials an "ice-breaking" spirit adopted by British businesses historically would help the UK and China overcome challenges and geopolitical tensions, a bank statement published on Wednesday said. HSBC will make key investments in its asset management arm in China this year, including launching new teams dedicated to green assets and fixed income, the first of the two sources and a third source with knowledge of the matter said. HSBC has stepped up expansion in China despite criticism from some lawmakers in the West of the bank's conduct in the region. HSBC said last week it was "open to opportunities" to expand its businesses in China, after its local partner put a 31% stake in its HSBC Jintrust Fund Management joint venture on the block. HSBC's green finance push builds on its acquisition of Hong Kong-based specialist asset manager Green Transition Partners in January, when the bank said it planned to grow its green infrastructure services across the Asia-Pacific region.

Persons: Mark Tucker, Tucker, Xi Jinping, HSBC's Tucker, Noel Quinn, Iain Withers, Sinead Cruise, Selena Li, Mark Potter Organizations: HSBC, Ping An Insurance, Morningstar, Beijing, Credit Suisse, UBS, Reuters, HSBC Jintrust Fund Management, Green Transition Partners, Hong, Thomson Locations: HONG KONG, China, Beijing, Asia, Western, West, Hong Kong, Pacific, London

☆ Stress test shows top 8 UK banks have enough capital, says Bank of England
▼ + stars: | 2023-07-12 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

[1/3] A worker cleans a Barclays logo outside a bank branch in the financial district of London, Britain July 8, 2019. The test also measured how well the lenders would cope with a global rise in interest rates. "Major UK banks’ capital and liquidity positions remain robust and profitability has increased, which enables them both to improve their capital positions and to support their customers." The Bank said it had decided to maintain its counter-cyclical capital buffer (CCyB) for banks unchanged. Given its successful completion of the stress test, Virgin Money said it anticipated resuming its share buyback programme during this year, sending its shares 3% higher in early trading.

Persons: Simon Dawson, BoE, Virgin Money, Huw Jones, Sinead Cruise, Mark Potter Organizations: Barclays, REUTERS, Bank of England, Lloyds, HSBC, NatWest, Santander UK, Standard Chartered, Nationwide Building Society, Virgin Money, The Bank, Bank, Virgin, Britain's, Nationwide, Standard, Silicon Valley Bank, Thomson Locations: London, Britain, United States, Silicon Valley, U.S

[1/2] British Chancellor of the Exchequer Jeremy Hunt holds a Ministerial Statement at the House of Commons in London, Britain, June 26, 2023. The government rocked pension savers last September with a fiscal statement that drove government bond yields higher and forced pension schemes to scramble for cash, triggering a parliamentary inquiry into their investments. The government is under pressure to revitalise domestic investor interest in several industries considered key to Britain's growth, including fintech, biotech, life science and clean technology. Encouraging greater investment in growth assets will help younger savers but the reforms offer little hope to those retiring in the near term. Inflation continues to ravage Britain's economy, with rates running higher than in any other major rich country.

Persons: Jeremy Hunt, Jessica Taylor, Handout, Richard Gnodde, Becky O’Connor, Jon Hatchett, Hymans Robertson, Andrew Bailey, Hunt, Anna Anthony, Sinead Cruise, Carolyn Cohn, Nick Macfie Organizations: REUTERS, Aviva, Goldman Sachs, Public Affairs, Bank of England, Financial, Thomson Locations: London, Britain, City, PensionBee, Britain's

LONDON, July 7 (Reuters) - As Thames Water's financial troubles raise questions about such investments, Britain will next week try to persuade pension schemes to plough billions of pounds into infrastructure and start-ups in its next leg of post-Brexit reforms. British Finance Minister Jeremy Hunt will on Monday set out the government's latest thinking on getting cash locked up in pension pots to work in the economy. The Conservative government's long-trailed policy focuses on persuading pension schemes to invest a portion of their money in infrastructure, start-ups and 'green' technology. But the problems at Thames Water, which is battling for survival under 14 billion pounds ($18 billion) of debt, would leave some pension schemes that had made large investments in it embarrassed, said independent pensions consultant John Ralfe. The finance ministry had no immediate comment on Hunt's speech, but the pensions industry has already said it opposes mandatory investment quotas.

Persons: Jeremy Hunt, Hunt, John Ralfe, Ralfe, Nobody, Huw Jones, Alexander Smith Organizations: Thames, British, Conservative, Amsterdam, London, EU, Thomson Locations: Britain, London's, New York, London

☆ Clearstream suspends processing of new Russian share conversions after EU sanctions
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

June 29 (Reuters) - European clearing giant Clearstream has suspended processing new client instructions to convert or cancel their American and Global Depository Receipt holdings in Russian companies after the latest round of European Union sanctions against Moscow. Investors globally are facing challenges in recovering stranded Russian investments in a saga that is spilling over to implicate Western depositories. Deutsche Bank (DBKGn.DE) has told clients it can no longer guarantee full access to Russian stocks that belong to them. Clearstream previously halted DR conversions in June 2022, only to resume processing in October. "The new rules quite strictly limit the conditions for the conversion of Russian securities for residents and citizens of the European Union," Grzegorz Drozdz, market analyst at investment company Conotoxia said.

Persons: Western, Clearstream, Grzegorz Drozdz, Conotoxia, Alexander Marrow, Sinead Cruise, Emelia Sithole Organizations: Global, Union, Moscow, Deutsche Bank, Deutsche, EU, Clearstream Banking, European Union, Thomson Locations: Russia, Europe

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