Archive for the ‘Banking’ Category

UK manufacturers set cash aside in case of no-deal Brexit

Firms under strain as they tie up money in stockpiling materials, says Santander

British manufacturers are being forced to build up financial buffers in preparation for a no-deal Brexit as the cost of stockpiling goods and materials puts companies under strain.

Measures taken by manufacturers to prepare for a disorderly exit include creating cash cushions and taking out working capital loans to cover the costs of stockpiling.

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Pessimism clouds UK banking as demand for services drops

One in three banks suffer a fall in business as Brexit uncertainty, regulation and market volatility bites

British banks have suffered their first drop in demand for five years as Brexit uncertainty, regulation and market volatility took their toll.

The latest CBI/PwC Financial Services Survey showed the financial services sector had a difficult end to 2018, with just 24% of firms reporting a rise in business volumes in the three months to December, compared with 32% having experienced a decline. The resulting balance of -7 percentage points marks – a reversal from +12 in the previous quarter – is the first contraction in demand since September 2013.

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Japanese bank blames Brexit for move to Amsterdam

Norinchukin announces plan day after Shinzō Abe offered public backing for May’s deal

One of Japan’s largest banks has blamed Brexit for its decision to move part of its business to Amsterdam, 24 hours after Theresa May sought to enlist the Japanese prime minister in the fight to save her deal with the EU.

Norinchukin bank announced plans to set up a wholly owned subsidiary in the Dutch capital, a move that critics of the prime minister’s deal cited as evidence that both a no-deal Brexit and her deal were likely to damage the UK economy.

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