Barclays hit by $361 million U.S. penalty for ‘staggering’ blunder

Barclays hit by 1 million U.S. penalty for ‘staggering’ blunder

Sept 30 (Reuters) – British lender Barclays (BARC.L) agreed a $361 million penalty with U.S. regulators on Thursday for “staggering” failures that led it to oversell $17.7 billion of structured products, racking up further costs for an error that has blighted CEO C.S. Venkatakrishnan’s first year in charge. Barclays shares rose 2% in early trading … Read more

Sterling slides after BoE buys bonds, dollar hits 20-year high

Sterling slides after BoE buys bonds, dollar hits 20-year high

NEW YORK/LONDON, Sept 28 (Reuters) – Sterling tumbled against the dollar on Wednesday before paring some losses after the Bank of England (BOE) said it would step in to prop up the gilt market, and the dollar index touched a fresh 20-year high trading was volatile. The BOE said it would buy as many long-dated … Read more

IMF and Moody’s censure UK policy that sparked market turmoil

IMF and Moody’s censure UK policy that sparked market turmoil

IMF does ‘not recommend’ policies like UK growth plan Moody’s: economic plan is ‘growth negative’ Pound trading down 0.5% to $1.0681 Bond strategists warn market almost untradeable LONDON, Sept 28 (Reuters) – The International Monetary Fund and ratings agency Moody’s ramped up pressure on Britain to reverse a new economic strategy that was roiling financial … Read more

London Stock Exchange tells members to check for Russia sanctions compliance

London Stock Exchange tells members to check for Russia sanctions compliance

LONDON, Sept 28 (Reuters) – London Stock Exchange Group told market participants on Wednesday not to use its systems for transactions that could breach financial sanctions imposed on Russia following its invasion of Ukraine. “The Exchange reminds member firms that they must conduct their own due diligence and take appropriate measures to ensure that they … Read more

IMF criticises UK policy, Bank of England to make big response

IMF criticises UK policy, Bank of England to make big response

Proposals likely to increase inequality, IMF says BoE’s Pill says ‘significant’ response likely Economists, executives call for a policy U-turn Pound recovers slightly, up 0.4% on the day LONDON, Sept 27 (Reuters) – The International Monetary Fund openly criticised Britain’s new economic strategy on Tuesday, following another slide in bond markets that forced the Bank … Read more

Oil up 2% from multi-month low on U.S. Gulf output cuts, supply outlook

Oil up 2% from multi-month low on U.S. Gulf output cuts, supply outlook

BP, Chevron cut offshore oil production ahead of Hurricane Ian Iraq says OPEC monitoring prices, seeks market balance Coming up: API supply report at 4:30 p.m. EDT, 2030 GMT NEW YORK, Sept 27 (Reuters) – Oil rose more than $1 a barrel on Tuesday from a nine-month low a day earlier, supported by supply curbs … Read more

Cubans approve gay marriage by large margin in referendum

Cubans approve gay marriage by large margin in referendum

Register now for FREE unlimited access to Reuters.com Register HAVANA, Sept 26 (Reuters) – Cubans approved gay marriage and adoption overwhelmingly in a Sunday referendum backed by the government that also boosted rights for women, the national election commission said on Monday. More than 3.9 million voters voted to ratify the code (66.9%), while 1.95 … Read more

Bank of England ‘will not hesitate’ to act as it monitors market turmoil

Bank of England ‘will not hesitate’ to act as it monitors market turmoil

Pound briefly touched a record low against dollar Five-year gilts match Friday’s record daily slump Yields on 2-year and 5-year debt up 100 bps in 2 days Finance minister to detail fiscal plans on Nov. 23 BoE monitoring developments ‘very closely’ LONDON, Sept 26 (Reuters) – The Bank of England said on Monday it would … Read more

Targetting government, UK’s Labour pledges sound finances and strong public services

Targetting government, UK’s Labour pledges sound finances and strong public services

Register now for FREE unlimited access to Reuters.com Register LIVERPOOL, England, Sept 26 (Reuters) – Britain’s opposition Labour Party set out its economic vision on Monday, promising, if in power, to be fiscally responsible and take care of public services, in a swipe at the Conservative government’s tax cuts for the wealthy. At their annual … Read more

Oil prices fall for a second day on concerns for expected recession

Oil prices fall for a second day on concerns for expected recession

Model of Oil barrels are seen in front of rising stock graph in this illustration, July 24, 2022. REUTERS/Dado Ruvic/Illustration Register now for FREE unlimited access to Reuters.com Register Sept 26 (Reuters) – Oil prices fell for a second day on Monday on fears of lower fuel demand from an expected global recession sparked by … Read more