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Archive for February, 2016

Beijing overtakes New York as new ‘billionaire capital’

February 26, 2016

Beijing has overtaken New York as the city with the highest number of billionaires for the first time, a new report by China-based firm Hurun says. A total of 100 billionaires are now living in the Chinese capital, compared with 95 in New York, the report says. Shanghai, China’s centre of commerce, comes in fifth […]

Surge in contactless card payments

Nearly one in eight purchases made on UK cards last year used contactless technology, marking a surge in the use of the alternative to loose change. Just over one billion contactless transactions were completed in 2015, the UK Cards Association said. More was spent using this technology last year than during the previous seven years […]

London City Airport bought for £2bn by Canadian-led group

London City Airport has been bought by a consortium led by a major Canadian pension fund. The price paid has not been disclosed, but the airport’s value has been put at about £2bn. City Airport, which is near Canary Wharf in London’s Docklands, is popular with bankers and City professionals because of its proximity and […]

RBS shares slide as losses continue

Royal Bank of Scotland (RBS) has reported a loss of £1.98bn for 2015, its eighth year of annual losses. RBS shares fell 7% on the news and remain well below the price the government paid for an 84% stake to save the bank in 2008. The bank, which came close to collapse at the height […]

EU exit would risk jobs, says group of business bosses

February 23, 2016

Leaving the European Union would threaten jobs and put the UK’s economy at risk, leaders of some of Britain’s biggest companies have said. Bosses – including those of BT, Marks & Spencer and Vodafone – signed a letter published in the Times, saying an EU exit would deter investment in the UK. Leave campaigners point […]

HSBC offers voice and fingerprint ID system to customers

February 19, 2016

HSBC is launching voice recognition and touch security services in the UK in a big leap towards the introduction of biometric banking. The bank says its internet banking customers will no longer have to remember a password or memorable places and dates to access accounts. Barclays has already introduced voice recognition software, but it is […]

UK government borrowing falls in January

Government borrowing fell in January after the UK recorded the largest public finance surplus for any January since 2008. The Office for National Statistics said the January surplus, excluding banks, rose by £1bn to £11.2bn compared with last year. Surpluses are usually recorded in January because of the high level of tax receipts in the […]

US Fed member says banks are still too big to fail

February 17, 2016

The newest US Federal Reserve member has called for banks to be broken up, and says post-financial crisis safety measures do not go far enough. Neel Kashkari, president of the Minneapolis Fed, said banks should be separated into “smaller, less connected, less important entities”. The former Goldman Sachs executive urged Congress to go further than […]

Iran says it is ‘illogical’ for it to join oil output freeze

Iran’s Opec envoy is reported as saying it is “illogical” for it to join the oil output freeze agreed by a Russian and Saudi Arabian-led group on Tuesday. Mehdi Asali, quoted in the Iranian newspaper, Shargh, said Iran will continue to increase oil production until it reaches pre-sanction levels. Venezuela’s oil minister is holding talks […]

Apple to sell up to $12bn in bonds

Apple jumpstarted the US bond market on Tuesday with the announcement that it would sell up to ten tranches of corporate bonds. The tech giant is expected to sell up to $12bn (£8.3bn) worth of bonds with both fixed and floating interest rates. The bonds are expected to do well because many investors currently have […]

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