Hints and tips:
Related Special Reports
...Truss’s September 2022 “mini-Budget”, which involved extensive unfunded tax cuts, spooked financial markets, triggering a jump in UK government borrowing costs, a slide in sterling and a pensions system...
...He previously worked for Shearman & Sterling, and has completed secondments at BlackRock and Goldman Sachs....
...More US politics news: Defence secretary Lloyd Austin remained in hospital yesterday as he faced criticism for concealing his medical condition, even from US President Joe Biden. 3....
...But for yield-seeking sterling investors spooked by foreign currency exposure, Lloyds has homely virtues beyond its social mission....
...Shearman & Sterling partner James Duncan has quit the US law firm ahead of its merger with Allen & Overy to join Freshfields Bruckhaus Deringer in London....
...Downgrades you’ll see ticking through over the next few days have more to do with sterling strength, with the current exchange rate knocking 2023 and 2024 sales and margin expectations by 2 per cent each...
...Domestic-focused lenders were hit harder, with Lloyds falling 2.9 per cent, NatWest down 3.8 per cent and Virgin Money dropping 6 per cent as the prospect of further sharp interest rate rises grew....
...The move from the banks comes after UK bond prices, which move inversely to yields, have plummeted and sterling on Monday hit its lowest level against the dollar in almost 40 years....
...Lloyds has since confirmed the changes applied across its other brands, Lloyds Bank and Bank of Scotland....
...The bank believed that LDI managers ultimately wanted to keep their sterling government bonds, which match their long-term needs, and so were trying to sell whatever other assets they could first....
...Last week, Lloyds bank said it expected UK house prices to fall 8 per cent next year, and other analysts have been even more bearish....
...Silicon Valley outfit Cooley, Stroock & Stroock & Lavan, Goodwin Procter, Davis Wright Tremaine and Shearman & Sterling have all made job cuts....
...With predictions from Lloyds Bank and others that home prices could fall 8 per cent or more next year, the patient and deep-pocketed could score even larger discounts by holding off: first, a currency bonus...
...As markets digested Kwarteng’s unfunded tax-slashing plans, Mullen’s fears were realised as sterling fell to historic lows against the dollar while gilt yields soared....
...You may have heard of Eric Cartman, Peter Griffin, BoJack Horseman, Sterling Archer or Rick and Morty. But the people who voice them? Probably not....
...This underperformance was partly due to sterling’s depreciation after the 2008 crisis, which drove inflation higher than elsewhere in Europe; but it also reflects the UK’s dismal record on productivity....
...Lloyd’s List, the shipping publication launched almost three centuries ago, is being sold by Informa as part of a reorganisation that leaves the media and events group betting on a recovery in corporate...
...The prime minister on Wednesday convened leading City figures including senior executives from HSBC, Barclays, Goldman Sachs and Lloyd’s of London to tell them that he wanted the next “wave” of sanctions...
...So, you know, to the extent that sterling is a lot weaker than it was before the Brexit referendum, you know, that helps in terms of the currency translation and that helps the FTSE 100....
...It advises retaining sterling as Scotland’s currency for up to a decade after independence, a policy much disliked by party activists....
...The slow, inexorable decline was, moreover, punctuated by acute short-term crises: the Suez fiasco in 1956; the seven-week miners’ strike of 1972; the regularly unnerving collapse of sterling....
...Chalmers said Lloyds would focus on foreign exchange and sterling rates products for its existing corporate clients....
...In business, meanwhile, there is a knighthood for António Horta-Osório, former chief executive of Lloyds Banking Group now at Credit Suisse, who said he felt “very honoured”....
...At the time, the City was hedged about with tight exchange controls and hampered in its international business by the endemic weakness of sterling....
...In equities, London’s benchmark FTSE 100 closed up 0.1 per cent, with Lloyds Banking Group leading the pack with a gain of 4 per cent....
International Edition