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United Kingdom · United KingdomHSBC dished out roughly $19bn (£15.1bn) to shareholders last year and expects hefty payouts to continue in 2024, its management has said, as Europe’s biggest bank looks to weather economic uncertainty and interest rate cuts. At the Asia-focused lender’s annual general meeting on Friday, chair Mark Tucker said the bank’s decision to return the cash to investors via dividends and share buybacks reflected the strength of the board’s strategy. HSBC …See the Story
HSBC dished out £15.1bn to shareholders last year and there's more to come in 2024
Westminster · United KingdomThe Financial Conduct Authority’s two top bosses are set to be grilled by MPs over their controversial ‘name and shame’ plans after a furious backlash from the City in recent weeks. In a statement today, the influential Treasury Select Committee of MPs said it had summoned the FCA’s chief executive, Nikhil Rathi, and chair, Ashley Alder to face questions next Wednesday over plans to publicly name the firms it is investigating. The grilling will …See the Story
FCA chiefs summoned for Westminster grilling over 'name and shame' plans
United Kingdom · United KingdomRetail tycoon Mike Ashley has dropped his £50m lawsuit against US bank Morgan Stanley, after nearly three months since the London trial concluded. The legal proceedings were issued by his brand, Frasers Group in relation to shares in Hugo Boss. He claimed the US bank used “unlawful means” to close out bets on Hugo Boss stock, which resulted in his company losing around £50m. The parties went to the London High Court in February, where it was wid…See the Story
Frasers boss Mike Ashley drops £50m lawsuit against Morgan Stanley
Economy · United KingdomNobel Prize-winning economist Joseph Stiglitz has said Labour should be “bolder” on the economy to break the UK out of its growth malaise. “I really think they’re under-promising,” Stiglitz told City A.M. “They’re not going far enough. I understand why they do not want to be as aggressive as I would be.” “I don’t have to appeal to the British conservative voter so I can be a little bit bolder,” he added.
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Thomas Piketty and…See the Story
Nobel Prize-winning economist: Here's what Labour should do to improve the economy
Leeds United · United KingdomAfter nine months and 552 fixtures, the 2023-24 Championship season concludes on Saturday (until the play-offs, at least) – and there is still a huge amount at stake, especially for promotion hopefuls Ipswich Town and Leeds United, and the five clubs still stalked by relegation. Leicester City may have already wrapped up the title and an immediate return to the Premier League, but the other automatic promotion spot still hangs in the balance – a…See the Story
Championship final-day permutations as teams battle for £290m
Hong Kong City · Hong KongThe first two classics of the season take place this weekend as Newmarket hosts both the 1000 and 2000 Guineas. Saturday sees the return of the unbeaten City Of Troy as he embarks on his 3-year-old career over a mile for trainer Aidan O’Brien where he will be sent off the hot favourite. Sunday’s fillies race looks a lot tougher to predict and French trainer Christopher Head joins us to discuss the chances of his Guineas filly Ramatuelle. City A…See the Story
EP: 269 Newmarket & Hong Kong
Bank of England · United KingdomNew figures have shown the UK’s services sector continued to grow last month as sunnier economic forecasts boosted orders, despite rising costs. The S&P’s purchasing managers’ index (PMI) for the UK’s services sector jumped to 55.0 in April, the highest level recorded since May 2023. A mark above 50 represents economic growth, rather than contraction. It is a rise from March, when the same survey showed a reading of 53.1, down from 53.8 in Fe…See the Story
UK economy continues recovery as services sector hits highest level of growth in a year
United Kingdom · United KingdomShares in Anglo American have shot to the top of the FTSE 100 this morning after reports that rival Glencore was mulling a potential bid for the firm. The London-listed copper miner has been surrounded by deal speculation after Aussie rival BHP confirmed it had tabled a $39bn tie-up last week. While Anglo American rejected BHP’s “highly unattractive” offer, shares have surged beyond three per cent in London on reports that Glencore was now mulli…See the Story