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The project to revamp the LME's electronic system was due to go live in June this year. Sources said the front-end trading platform developed by U.S.-based Trading Technologies does not work for the complicated structure of contracts on the LME. In response to a request for comment, Trading Technologies said: "We would defer to the LME on this." The problem comes from the LME's unique date structure which allows trading for any day between the cash contract and the benchmark three-month forward. One important aspect, the LME said, is aligning its platform with other exchanges.

Persons: Peter Nicholls, Pratima Desai, David Evans Organizations: London Metal Exchange, City of, REUTERS, Companies Hong Kong Exchanges, Trust, Hong Kong Exchanges, HK, U.S, Technologies, Trading Technologies, Thomson Locations: City, City of London, Britain

☆ London stocks slip as downbeat earnings weigh
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 down 0.8%, FTSE 250 off 0.6%Oct 26 (Reuters) - The UK's FTSE 100 edged lower on Thursday as Standard Chartered led a slide in bank stocks and Unilever led a drop in consumer shares after the two blue-chip companies posted disappointing earnings. The FTSE 100 (.FTSE) declined 0.8% by 0709 GMT, while the mid-cap FTSE 250 (.FTMC) dipped 0.6%, extending losses to a third straight day. Shares of Standard Chartered (STAN.L) dropped 12.8%, the most on the FTSE 100, after the UK lender flagged a 33% drop in pre-tax profit in the third quarter. The Dove soap maker's shares fell 3.1%, while the personal care, drug and grocery stores index (.FTNMX452010) lost 1.9%.

Persons: Toby Melville, Khushi Singh, Savio D'Souza Organizations: London Stock Exchange Group, City of, REUTERS, Chartered, Unilever, FTSE, Standard Chartered, WPP, Thomson Locations: City, City of London, Britain

☆ BoE likely to keep high rates on hold even as signs of slowdown mount
▼ + stars: | 2023-10-25 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

The last Monetary Policy Committee meeting in September resulted in five members voting to pause, just outnumbering the four who sought another increase. So far, investors are not challenging the BoE's message that interest rates will stay high for a considerable period. BOE Chief Economist Huw Pill likened the outlook for monetary policy to the lofty, flat and long profile of Table Mountain during a visit to South Africa in late August. But economists expected little change in the BoE's previous forecasts that inflation will fall to 2% in two years' time. "Recent geopolitical events will probably induce a modicum of monetary policy caution, reinforcing the likelihood of unaltered policy settings," analysts at NatWest Markets said.

Persons: Hollie Adams, BoE, Andrew Bailey, James Smith, Smith, BOE, Huw Pill, Pill, Bailey, Rishi Sunak, Price, William Schomberg, Jonathan Oatis Organizations: Bank of England, City of, REUTERS, Reuters, ING, Investors, U.S . Federal, Monetary Fund, NatWest Markets, Thomson Locations: City, City of London, Britain, South Africa

☆ Britain scraps cap on banker bonuses inherited from EU
▼ + stars: | 2023-10-24 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

A general view of the Bank of England in the City of London, Britain, September 25, 2023. REUTERS/Hollie Adams/File Photo Acquire Licensing RightsLONDON, Oct 24 (Reuters) - Britain on Tuesday scrapped a decade-old cap on banker bonuses inherited from the European Union, signalling a clear divergence in post-Brexit financial rules from the 27-country bloc it left in 2020. The BoE and Financial Conduct Authority proposed scrapping the cap in a public consultation earlier this year, and its abolition was confirmed in final policy published on Tuesday. The TUC confederation of labour unions said the decision to scrap the bonus cap was "obscene". Law firm Linklaters said scrapping the cap puts Britain back into line with the rest of the world, apart from the EU, but it would continue to apply to staff working at EU banks in London who are regulated under the bloc's rules.

Persons: Hollie Adams, BoE, Suzanne Horne, Paul Hastings, Paul Nowak, Linklaters, David Milliken, Iain Withers, Barbara Lewis, Mark Potter, Jonathan Oatis Organizations: Bank of England, City of, REUTERS, European Union, Financial, Authority, London, Finance, TUC, Britain, Thomson Locations: City, City of London, Britain, EU, London, New York, United States, Asia

☆ UK 30-year borrowing costs rise to highest since 1998
▼ + stars: | 2023-10-20 | by ( David Milliken | ) www.reuters.com time to read: +2 min

A bus passes the Bank of England in the City of London, Britain, February 14, 2017. Ten-year gilt yields were 2 basis point higher on the day at 4.69%, not far off a 15-year high of 4.755% set on Aug. 17. The BoE has raised its interest rate 14 times since December 2021 to 5.25%, but investors think it is now on pause, with only a 13% chance of a rate rise on Nov. 2 after its next meeting. The chances of a further quarter-point rate to 5.5% by March next year stand at around 55%. Reporting by David Milliken; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

Persons: Hannah McKay, Liz Truss, Jerome Powell, Richard Hunter, Jeremy Hunt, BoE, David Milliken, William James Our Organizations: Bank of England, City of, REUTERS, Treasury, Federal, Interactive Investor, Bank of, Thomson Locations: City, City of London, Britain

☆ Moody's lifts UK's outlook to 'stable' on restoration of policy predictability
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Hollie Adams/File Photo Acquire Licensing RightsOct 20 (Reuters) - Ratings agency Moody's revised Britain's outlook to "stable" from "negative" on Friday, saying policy predictability has been restored after heightened volatility last year around the so-called "mini-budget" under then-Prime Minister Liz Truss. Moody's last changed its outlook on Britain one year ago, when Truss had spooked markets with unfunded tax pledges, culminating in her resignation. "Policy predictability has been restored after heightened volatility last year around the mini-budget," the ratings agency said, affirming the country's rating at "Aa3". The government borrowed 81.7 billion pounds ($99.35 billion) in the first half of the 2023/24 financial year, 15.3 billion pounds more than between April and September 2022, but about 20 billion pounds less than the government forecast in March. On Friday S&P affirmed its AA rating and stable outlook for Britain.

Persons: Hollie Adams, Moody's, Liz Truss, Truss, Rishi Sunak, Jeremy Hunt, Hunt, Poor's, Aatrayee Chatterjee, David Milliken, Alistair Smout, Shailesh Kuber, Daniel Wallis Organizations: REUTERS, Monetary Fund, Britain's, Conservative Party, Britain, Thomson Locations: City, London, Britain, Bengaluru

☆ London stocks set for weekly declines on rising yields
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 down 0.6%, FTSE 250 off 0.7%Oct 20 (Reuters) - THe UK's FTSE 100 inched down on Friday as industrial metal miners slipped and a rise in long-term bond yields kept investors away from risky assets. The main FTSE 100 (.FTSE) index was down 0.7% by 7:13 GMT, and was on track for weekly declines of nearly 2%. The FTSE 250 (.FTMC) index also lost 0.7% and was set for its fifth consecutive weekly fall. Adding to the declines, industrial metal miners (.FTNMX551020) shed 1.6% as copper prices fell on a strengthening dollar.

Persons: Toby Melville, Sterling, Khushi Singh, Dhanya Ann Thoppil Organizations: London Stock Exchange Group, City of, REUTERS, FTSE, U.S, Thomson Locations: City, City of London, Britain

☆ London stock exchange sees first trading halt in 4 years; blue chips spared
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Oct 19 (Reuters) - The London Stock Exchange (LSE) (LSEG.L) was forced to halt trading in smaller stocks on Thursday after an incident disrupted activity, although blue chip shares suffered no interruptions. London Stock Exchange Group (LSEG) said FTSE 100 (.FTSE), FTSE 250 (.FTMC) and International Order Book securities - those shares listed in London by overseas companies - were operating normally. The FTSE 100 closed down 1.2% on the day. In 2019, the London Stock Exchange suffered an almost two-hour outage that hit FTSE 100 and midcap stocks, which LSEG said was caused by a “technical software issue”.

Persons: Toby Melville, LSEG, Fiona Cincotta, Thomson, Akanksha, Huw Jones, Harry Robertson, Alun John, Joice Alves, Amanda Cooper, Danilo Masoni, Kirsten Donovan, Susan Fenton Organizations: London Stock Exchange Group, City of, REUTERS, London Stock Exchange, LSE, FTSE, Traders, Reuters, City, Thomson Reuters, Thomson Locations: City, City of London, Britain, London, LSEG, Bengaluru, Milan

☆ BOE Leaves Key Interest Rate At 5.25%
▼ + stars: | 2023-10-16 | by ( Paul Hannon | ) www.wsj.com time to read: 1 min

A city worker passes the Bank of England (BOE) in the City of London, UK, on Monday, Oct. 16, 2023. Photo: Jason Alden/Bloomberg NewsThe Bank of England’s policy makers Thursday left their key interest rate unchanged for the second straight meeting, but said they don’t expect to ease policy soon. The decision to hold the rate at 5.25% was backed by six members of the Monetary Policy Committee, while three voted for a rise in the key rate to 5.5%. At their last meeting in September, four members voted for a higher rate. Prior to that decision to hold, the BOE had raised its key rate in 14 straight meetings.

Persons: BOE, Jason Alden Organizations: Bank of England, City of, Bloomberg, The Bank of, Monetary, Committee Locations: City, City of London

☆ BoE's Bailey says he's puzzled by stubborn pay growth in UK
▼ + stars: | 2023-10-14 | by ( ) www.reuters.com time to read: +1 min

People walk outside the Bank of England in the City of London financial district in London, Britain May 11, 2023. REUTERS/Henry Nicholls/File photo Acquire Licensing RightsMARRAKECH, Morocco, Oct 14 (Reuters) - Bank of England Governor Andrew Bailey said on Saturday he was puzzled by the continued strength of pay growth in Britain which, unlike other areas of the economy, has not yet responded to the BoE's run of 14 back-to-back interest rate hikes. The increases in borrowing costs were having an impact on employment numbers and in the housing market, Bailey told a panel discussion on the sidelines of International Monetary Fund meetings in Morocco. "I should say what is more puzzling and in a sense we wait to see is the situation on pay and earnings where... the usual transmission mechanism is not yet being demonstrated," he said during the event organised by the Group of 30 consultative body. Reporting by Balazs Koranyi Writing by William SchombergOur Standards: The Thomson Reuters Trust Principles.

Persons: Henry Nicholls, Andrew Bailey, Bailey, Balazs Koranyi, William Schomberg Organizations: Bank of England, REUTERS, Rights, International Monetary Fund, Group, Thomson Locations: City, London, Britain, Rights MARRAKECH, Morocco

☆ Bank of England warns U.S. tech stock valuations may be out of whack
▼ + stars: | 2023-10-10 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

People walk outside the Bank of England in the City of London financial district, in London, Britain, January 26, 2023. Valuations for U.S technology stocks may be too high given the current macroeconomic backdrop and spike in rates, according to the Bank of England. "Given the impact of higher interest rates, and uncertainties associated with inflation and growth, some risky asset valuations appear to be stretched," the BoE's financial policy committee said Tuesday. "Stretched risky asset valuations increase the likelihood of a greater correction in prices if downside risks to growth materialise." To be sure, this isn't the first time that a central bank has warned of valuations over the years, but as a general rule, central bankers would rather not offer an opinion on any specific market price.

Persons: BoE, premia, Ben Bernanke, Lehman, Alan Greenspan, Greenspan's, — CNBC's Scott Schnipper Organizations: Bank of England, Microsoft, Nvidia, Lehman Brothers Locations: City, London, Britain, U.S

"There's been very little marking down of (private) assets," said Con Keating, head of research at Brighton Rock Group, an insurance company for pension schemes. "No-one knows where the next big blow-up for pensions will come from," said Henry Tapper, founder of pension market analysis group AgeWage. He said heavy selling of commercial property and private equity stakes by pension schemes is raising questions over private capital valuations. "It's the right approach to obviously put some scrutiny on private market valuations." But in deals where private equity firms and investors buy and sell portfolios of investments, assets are being valued at less.

Persons: Yann Tessier, Con Keating, Henry Tapper, EY's, Paul Kitson, Burgiss, Ben Leach, Willis Towers Watson, IOSCO, Wilfred Small, Sinead Cruise, John O'Donnell, Kirsten Donovan Organizations: City of, REUTERS, Britain's, Authority, Brighton Rock Group, Reuters, Numis Securities, Thomson Locations: City, City of London, Canary, London, Britain, Germany, Sweden

☆ Aviva shares jump 8% as Times cites takeover talk
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

The Aviva logo on a window at the company's head office in the City of London, Britain, March 7, 2019. REUTERS/Simon Dawson/File Photo Acquire Licensing RightsLONDON, Oct 6 (Reuters) - Shares in Aviva (AV.L) shot up almost 9% on Friday, after Britain's Times newspaper cited talk of a possible takeover of one of the UK's largest insurers by a foreign buyer. ($13.41 billion)The Times cited "chatter that refused to die down". Last month, Aviva said it had agreed to buy UK life insurance business of AIG (AIG.N) for 460 million pounds($563 million), in the largest acquisition to date by its CEO, Amanda Blanc. ($1 = 0.8201 pounds)Reporting by Joice Alves and Carolyn Cohn; Writing by Amanda Cooper; Editing by Dhara RanasingheOur Standards: The Thomson Reuters Trust Principles.

Persons: Simon Dawson, Amanda Blanc, Joice Alves, Carolyn Cohn, Amanda Cooper, Dhara Organizations: Aviva, City of, REUTERS, Britain's Times, Reuters, AIG, Thomson Locations: City, City of London, Britain

☆ Bank of England tells lenders to watch more closely for risky borrowers
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +2 min

A pedestrian walks past the Bank of England in the City of London, Britain, September 25, 2023. REUTERS/Hollie Adams Acquire Licensing Rights企業 Bank of England フォローLONDON, Sept 29 (Reuters) - The Bank of England wrote to lenders on Friday to urge them not to underestimate the risk of loan defaults as higher inflation and increased interest rates hit more vulnerable borrowers. However, in its letter to lenders, the BoE said they needed to look beyond aggregate risks and should identify whether particular types of borrower had specific vulnerabilities. Banks, for example, could look at spending patterns in their customers' current accounts and whether they had fixed-rate mortgages which would soon need to be refinanced at higher rates, the BoE suggested. It said for business lending, banks should not rely on a broad sector-based approach to risk and instead should in some cases consider specific companies' liquidity risks.

Persons: Hollie Adams, BoE, Victoria Saporta, Wilko, Banks, David Milliken, Kylie MacLellan 私 Organizations: Bank of England, City of, REUTERS, 企業 Bank of England, prudential, Wales Locations: City, City of London, Britain, England

☆ UK households shoulder 3,500 pound tax hit - IFS
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

Rows of houses lie in front of the City of London skyline in London, Britain, March 19, 2023. "This is not, for the most part, a direct consequence of the pandemic," Ben Zaranko, a senior IFS research economist, said. "Rather, it reflects decisions to increase government spending, in part driven by demographic change, pressures on the health service, and some unwinding of austerity." The current parliament was likely to represent "a decisive and permanent shift to a higher-tax economy," he said. ($1 = 0.8197 pounds)Writing by William Schomberg, editing by Andy BruceOur Standards: The Thomson Reuters Trust Principles.

Persons: Henry Nicholls, Boris Johnson, Ben Zaranko, Rishi Sunak, Jeremy Hunt, Hunt, William Schomberg, Andy Bruce Organizations: REUTERS, Conservative Party, for Fiscal Studies, Conservatives, Labour Party, Thomson Locations: London, Britain

☆ London is suffering an office market 'recession.' Meta just paid $181 million to dump a lease
▼ + stars: | 2023-09-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —London’s office market has plunged into a “rental recession,” with the share of empty space hitting its highest level in three decades, investment bank Jefferies said in a note Wednesday. Packing upOn Monday, British Land said Meta had agreed to pay £149 million ($181 million) to break its lease on a 310,000-square-foot office near London’s Regent’s Park. More bankers are reportedly leaving the area as UBS (UBS) begins relocating staff working for Credit Suisse to its main London office in the City. Regulators have been watching the commercial real estate market closely for any sign that spiraling vacancy rates and falling rents could become the source of the next financial crisis. The downturn in office rentals stands in stark contrast to London’s residential rental market where demand is high and supply chronically low.

Persons: London CNN —, Jefferies, Michael Prew, Meta, Clifford Chance, Banks Organizations: London CNN, The, City of, Jefferies, CNN, Derwent London, “, HSBC, UBS, Credit Suisse, City . Credit Suisse, Regulators, Investment, Hamptons Locations: The New York, City, City of London, London, Canary Wharf, London’s, Canary

☆ Bank of England to leave rates on hold through mid-2024, cut in Q3
▼ + stars: | 2023-09-26 | by ( Shaloo Shrivastava | ) www.reuters.com time to read: +4 min

A pedestrian walks past the Bank of England in the City of London, Britain, September 25, 2023. Last week, the Bank surprised markets by not raising rates, sending sterling to a six-month low, but signalled rates would remain higher for longer. Still, over 40% of economists, 15 of 37, who answered an extra question said the BoE should hike rates again this year. Sixteen economists predicted Bank Rate at 5.00% in the third quarter, 10 forecast 4.75%, six said 4.50%, one expected 4.25% and one 3.75%. The European Central Bank was predicted to cut rates in the third quarter next year but the Federal Reserve might start in the second quarter, separate Reuters polls showed.

Persons: Hollie Adams, The BoE, BoE, James Smith, James Rossiter, Shaloo Shrivastava, Anitta Sunil, Purujit Arun, Jonathan Cable, Bernadette Baum Organizations: Bank of England, City of, REUTERS, Rights, Bank, Monetary, The, ING Financial Markets, TD Securities, European Central Bank, Federal Reserve, Thomson Locations: City, City of London, Britain

☆ Aviva agrees to buy AIG's UK protection business for $563 million
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

A pedestrians walks past the Aviva logo outside the company head office in the city of London, Britain March 7, 2019. REUTERS/Simon Dawson/file photo Acquire Licensing RightsLONDON, Sept 25 (Reuters) - British insurer Aviva (AV.L) said on Monday it had agreed to acquire the UK protection business of AIG (AIG.N) for 460 million pounds ($563 million). Aviva said it would buy the unit - known as AIG Life UK - from Corebridge Financial, Inc (CRBG.N), a New York-listed subsidiary of AIG. The transaction will add 1.3 million individual protection customers and 1.4 million group protection members, Aviva said, with the deal expected to close in the first half of 2024, subject to regulatory approvals. The deal would represent around a 5 percentage point cut to Aviva's group solvency II cover ratio, the company said.

Persons: Simon Dawson, Amanda Blanc, Iain Withers, Louise Heavens Organizations: Aviva, REUTERS, AIG, AIG Life, Corebridge, Inc, Thomson Locations: London, Britain, British, New York

☆ Aviva to buy AIG's UK life insurance business for $563 million
▼ + stars: | 2023-09-25 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

A pedestrians walks past the Aviva logo outside the company head office in the city of London, Britain March 7, 2019. REUTERS/Simon Dawson/file photo Acquire Licensing RightsLONDON, Sept 25 (Reuters) - Aviva (AV.L) said on Monday it had agreed to buy the UK life insurance business of AIG (AIG.N) for 460 million pounds ($563 million), in the largest acquisition to date by the British insurer's CEO Amanda Blanc. Aviva said it would buy the unit - known as AIG Life UK - from Corebridge Financial, Inc (CRBG.N), a New York-listed company majority-owned by AIG. Corebridge was formed in 2021 when AIG spun off its life and retirement business and sold a portion of the company to Blackstone for $2.2 billion. AIG took Corebridge public in September last year, in a share offering that raised $1.7 billion.

Persons: Simon Dawson, Amanda Blanc, Blanc, Peter Zaffino, Corebridge, Iain Withers, Louise Heavens Organizations: Aviva, REUTERS, AIG, British, AIG Life, Corebridge, Inc, RBC, Blackstone, Thomson Locations: London, Britain, New York, Singapore, United States

☆ UK stocks open lower after Fed's hawkish stance; BoE on watch
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. The blue-chip FTSE 100 index (.FTSE) was down 0.5% by 0710 GMT, while mid-cap stocks (.FTMC) dipped 0.4%. The Fed held its interest rates steady on Wednesday, but stiffened a hawkish monetary policy stance that its officials increasingly believe can succeed in combating inflation. Asian stocks tracked the lacklustre mood in U.S. peers on Wednesday after the Fed revised its economic projections. JD Sports Fashion (JD.L) climbed nearly 6% to the top of FTSE 100 after the sportswear retailer forecast a higher annual profit.

Persons: Toby Melville, BoE, Siddarth, Sherry Jacob, Phillips Organizations: London Stock Exchange Group, City of, REUTERS, Treasury, Federal Reserve, Bank of, Fed, Bank of England, Thomson Locations: City, City of London, Britain, London, Bengaluru

☆ Reactions: Bank of England bashes pound after halting rate rises
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +8 min

A pedestrian carrying an umbrella walks near the Bank of England in the City of London, Britain, July 30, 2023. Investors had already rushed on Wednesday to reel in their bets on further UK rate rises after data showed UK inflation cooled surprisingly quickly in August. Against the euro , the pound was down 0.5% at 86.74 pence, having traded around 86.70 pence before the decision. "The MPC still refers to its flexibility to react should things change, but the chances are this could be the peak in this UK interest rate cycle." "However, there is a risk that the ‘lag effect’ on interest rate hikes means that today’s decision may not be felt for another 9 to 12 months."

Persons: Hollie Adams, Sterling, THOMAS, Huw Pill's, HUGH GIMBER, PHILIP SHAW, DOUGLAS GRANT, JEREMY BATSTONE, CARR, RAYMOND JAMES, FRANCES HAQUE, JOE TUCKEY, RICHARD GARLAND, GILES COGHLAN, BoE, stagflation, Amanda Cooper, Dhara Organizations: Bank of England, City of, REUTERS, London, Investors, Bank of, Bank, MPC, SANTANDER, LONDON, Core CPI, PMI, CPI, EMEA, Thomson Locations: City, City of London, Britain, London, MANX, EUROPEAN, FRANCE, GROUP, OXFORDSHIRE

☆ Bank of England ends run of 14 straight interest rate hikes after cooler-than-expected inflation
▼ + stars: | 2023-09-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

A passageway near the Bank of England (BOE) in the City of London, U.K., on Thursday, March 18, 2021. LONDON — The Bank of England on Thursday ended a run of 14 straight interest rate hikes after new data showed inflation is now running below expectations. Investors on Wednesday ramped up bets that the Bank would pause its interest rate hiking cycle after U.K. inflation came in significantly below expectations for August. Thomas Verbraken, executive director of risk management research at MSCI, said the burning question is whether the Bank of England's Thursday decision signals the peak of the interest rate cycle. Forward looking indicators suggest the U.K. economy is already flirting with recession, a backdrop consistent with cooling wage growth and a policy pivot," Mehdi said.

Persons: BOE, Andrew Bailey, We'll, Marcus Brookes, BoE, Brookes, Thomas Verbraken, Hussain Mehdi, Mehdi Organizations: Bank of England, City of, LONDON, Bank, U.S, Monetary, MPC, Quilter Investors, U.S . Federal Reserve, Bank of England's, HSBC Asset Management, Bank of, Fed, European Central Bank Locations: City, City of London, Bank of England's

[1/2] United Nations Secretary-General Antonio Guterres addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. The summit will feature speeches from leaders who are responding to his call to "accelerate" global climate action, including Brazil, Canada, the European Union, Pakistan, South Africa and Tuvalu. Guterres said one of the aims was to spur action from countries and companies whose climate plans were not in line with the global climate target. U.S. Special Envoy on Climate Change John Kerry will attend the summit but will not deliver a speech, a spokesperson said. China's mission to the United Nations and UAE did not immediately respond for comment.

Persons: Antonio Guterres, Brendan McDermid, General Antonio Guterres, Guterres, John Kerry, Selwin Hart, I'm, Valerie Volcovici, Stephen Coates Organizations: United Nations, General Assembly, REUTERS, Companies Allianz, UNITED, Ambition, United Arab Emirates, European Union, Allianz, World Bank, International Monetary Fund, California ., Reuters, UN, Assembly, UAE, Thomson Locations: New York City, U.S, China, United States, Brazil, Canada, Pakistan, South Africa, Tuvalu, London, California, California . U.S, Paris

The Viking Star cruise ship is moored at Greenwich with the City of London financial district in the distance, in London, Britain, August 29, 2023. It is absolutely the time for action over words," Alasdair Haynes, CEO of Aquis Exchange, a share trading platform, and chair of financial industry body TheCityUK's Business Council, told Reuters. The main problem for trade bodies is the vast scope of Britain's financial services industry, with each sub-sector and TheCityUK presenting their own reform priorities and ideas, often overlapping. In the meantime, top financial sector executives running global teams of bankers and traders are increasingly bewildered by Britain's inability to make faster progress on a matter of such economic significance. ELECTION LOOMINGSome senior financial industry sources say politics may hamper the City's reform agenda even further, with a general election expected next year.

Persons: Kevin Coombs, Alasdair Haynes, Jeremy Hunt, Nicholas Lyons, TheCityUK, ” Samuel Gregg, Richard Gardner, Huw Jones, Sinead Cruise, Hugh Lawson Organizations: Viking, City, REUTERS, London’s, Mayor, European Union, Aquis, Business, Reuters, Finance, stoke, of, Arm Holdings, Labour, Conservative, American Institute for Economic Research, Investment Funds Association, EU, Thomson Locations: Greenwich, London, Britain, Europe, Asia, United States, Edinburgh, of London, New York, Amsterdam, City, France

☆ London stocks open higher on surprise CPI data
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. The exporter-heavy FTSE 100 (.FTSE) rose 0.6% by 0705 GMT, while the sterling weakened 0.4% against the U.S. dollar, hitting its lowest levels since May. Britain's annual consumer price inflation (CPI) unexpectedly fell to 6.7% last month from 6.8% in July, data showed, while economists polled by Reuters had forecast CPI would rise to 7.0%. M&G (MNG.L) gained 3.3% after the insurer posted a better- than-expected 31% rise in its first-half operating profit. Mid-cap stocks (.FTMC) soared 1.4%, boosted by a 3.8% rise in Dunelm Group Plc (DNLM.L) after the homeware retailer said it expected higher sales volumes to drive earnings in 2024.

Persons: Toby Melville, BoE, Siddarth, Rashmi Organizations: London Stock Exchange Group, City of, REUTERS, Bank of England, U.S ., Reuters, Dunelm, Thomson Locations: City, City of London, Britain, Bengaluru

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