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  • Investing.com9 hours ago

    Sterling at 2019 Lows on Brexit Fears, Aussie Slides

    Investing.com - The British pound was trading near its lowest levels of the year on Tuesday as fresh fears over the prospect of a no-deal Brexit weighed, while the Australian dollar was pressured by growing expectations for another rate cut by the country’s central bank.

  • Facebook's Answer to Bitcoin Poses a Double Threat

    Facebook's Answer to Bitcoin Poses a Double Threat

    (Bloomberg Opinion) -- Regulators will be watching closely when Facebook Inc. unveils its cryptocurrency project this week. Their vigilance is warranted.Mark Zuckerberg, the social network’s founder, isn’t going to gamble with what remains of his public image by replicating the worst excesses of the Bitcoin craze. He’s not trying to create a speculative currency; a potential wave of mom-and-pop investment losses is the last thing he needs. He just wants a digital medium of exchange for use on his apps. Nevertheless, his bid to launch an online payments revolution carries plenty of risks, from antitrust concerns to the threat that it might pose to financial stability.Weekend media leaks suggest that Facebook’s “Libra” project will be a continuation of its past efforts to expand its payments business and keep customers within the walled garden of its social media apps by creating their very own money.While Zuckerberg is poised to unveil a team of partners – reportedly including eBay Inc., Farfetch Ltd., Spotify Technology SA, Uber Technologies Inc. and Vodafone Group Plc – so far this feels very much like Facebook’s baby. Tellingly, it’s not one that the big banks or the other Silicon Valley and Seattle giants seem ready to adopt quite yet, unless Zuckerberg surprises us with some bigger names at the launch. The target customer base for these new digital tokens looks certain to be the 2.6 billion-strong users of Facebook, WhatsApp and Instagram.While Facebook will no doubt assure us that this project is all about making the lives of its customers ever easier, giving them the ability to actually buy stuff in a way that Bitcoin has rarely offered, it’s hard to square it away with the political effort to curb Big Tech’s monopolistic tendencies (regardless of that roster of launch partners and their $10 million participation fees). It’s crucial that Libra doesn’t become a protective glue that binds Zuckerberg’s social networks even more closely together at a time when many regulators want to break them up. Libra will be presented as an open-source partnership whose benefits are available to all, but to what extent will it really be held at arm’s length from the Zuckerberg empire? Indeed, if the financial and business benefits of using Libra accrue mainly to Facebook, it will merely enshrine its market dominance.As such, regulators must find out who will own the giant new datasets. They might even want to push the case that this kind of data should be made available to governments or rivals to avoid the problems of the past, where a handful of companies ended up owning all of the information about our online activities.While Facebook barely makes any money from its payments business today – with payments and other fees accounting for less than 2% of last year’s $55.8 billion of revenue – some analysts reckon Libra could change things. Barclays is reportedly predicting $19 billion in additional revenue by 2021 if the tokens gain traction. Libra is scheduled to launch across a dozen countries in 2020. That’s a lot of potential data and new sources of revenue.Financial stability is a worry too and regulators should ask for transparency on how Libra is structured. The token is expected to be a “stablecoin,” which is pegged to existing fiat currencies such as the U.S. dollar or the euro. That will damp price volatility, unlike the free-wheeling Bitcoin, whose price in the past five years has gone from $600 to $19,000, and now to $9,000. Regulatory oversight of which currencies are held in reserve to back the Libra coin would go some way to building faith in Facebook’s capacity to redeem tokens when customers ask for it.While no one wants to choke innovation unnecessarily, Facebook hasn’t exactly done much to earn everybody’s trust in recent years. Any chance to put the necessary controls in at the beginning, rather than firefighting down the road, should be grabbed by the regulators.To contact the author of this story: Lionel Laurent at llaurent2@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Lionel Laurent is a Bloomberg Opinion columnist covering Brussels. He previously worked at Reuters and Forbes.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Did the Markets Break Jerome Powell? We’re About to Find Out

    Did the Markets Break Jerome Powell? We’re About to Find Out

    (Bloomberg Opinion) -- This week’s Federal Reserve decision will be the most consequential one yet under the leadership of Chair Jerome Powell.Sure, Fed officials will almost certainly leave interest rates unchanged, and they won’t do anything with the central bank’s balance sheet beyond what they have previously indicated. But the move in financial markets has been so swift, with traders so convinced that policy makers will lower interest rates imminently, that every change in their statement’s wording, every syllable uttered by Powell during his press conference, and any tweak in the “dot plot” will be scrutinized as much as ever. After all, vast sums of money (not to mention strategists’ reputations) are riding on a decidedly dovish shift.It truly seems as if bond traders have gone too far and are setting themselves up for disappointment. They have priced in a 92% chance of a quarter-point rate reduction in July and 2.75 cuts by the end of the year. Barclays Plc strategists would say that’s too conservative — they’re calling for a 50-basis-point cut next month and an additional 25 basis points in September in one of the more aggressive Wall Street forecasts. Basically, as Michael Purves at Weeden & Co. put it, markets are “almost taunting the Fed.”Make no mistake, Fed officials have a number of reasons for caution. While President Donald Trump tabled threatened tariffs on Mexico, a potentially drawn-out trade war with China looms large. U.S. inflation continues to fall short of the central bank’s stated 2% target, while the University of Michigan's gauge of expected price changes fell to an unprecedented low late last week. And the bedrock of this rate-hiking cycle — a seemingly unstoppable labor market — is showing early signs of slowing, with American companies adding just 75,000 workers in May, missing estimates for a 175,000 gain.All of this lines up with Powell’s pivot since the end of last year, from signaling further interest-rate increases and keeping the balance sheet runoff on “automatic pilot” to being patient and winding down the bank’s “quantitative tightening.” He and other policy makers have clearly indicated this is as far as they’ll go in tightening monetary policy this time around.That’s not the same thing as saying they’re ready to begin easing.The problem is, bond traders (and, admittedly, financial journalists) don’t care about that nuance. Conviction that the Fed is done hiking, by definition, means that the next move in interest rates will be lower, making it a matter of “when,” not “if.” After Powell said earlier this month that “as always, we will act as appropriate to sustain the expansion,” it was perceived as opening the door to cutting interest rates, even though he didn’t really say that. RBC Capital Markets had a brilliant report that noted the “weak” May jobs number was actually perfectly consistent with the Fed’s outlook. No matter; traders scurried to wager on easing sooner rather than later in the wake of the payrolls data. So here we are, with markets brazenly taunting the Fed. Will Powell dare to defy them?Unfortunately, recent history doesn’t provide a clear answer. In January, I wrote that the Fed was officially at the market’s mercy, given a decision that was seen as giving in to the late-2018 equities tantrum. Two-year Treasury yields fell about 12 basis points in the following 27 hours. In March, it was more of the same, with central bankers managing to beat traders’ lofty dovish expectations by shifting the dot plot to show zero interest-rate increases in 2019, compared with two in December. Again, two-year yields tumbled, ending the week 15 basis points lower than they were before the decision.Things went differently last month. After what looked like another bond rally in the making, Powell managed to entirely reverse it, and then some, by highlighting “transitory factors” keeping inflation subdued. “Our baseline view remains that with a strong job market and continued growth, inflation will return to 2% over time,” he said. Two-year yields climbed eight basis points in the next 27 hours, to 2.35%, a level that almost exactly aligns with the current effective fed funds rate. In other words, bond investors were more or less on board with the idea of a “patient” Fed holding rates where they are.Obviously, the outlook has changed since then, but not nearly to the extent that market pricing would indicate. As one example, Citigroup Inc.’s U.S. economic surprise index is at the same level it was on May 1, the day of the Fed’s most recent decision. The persistently negative reading is hardly a cause for celebration — it signals data have been worse than expected — but it could just as likely indicate that forecasters have to come to terms with the expansion turning 10 years old and serve as an early warning that the economy is rolling over. As RBC’s Tom Porcelli and Jacob Oubina noted, it’s all about the narrative.Given all that, which Powell will investors get? The one who gives them what they want and more, or the one who is willing to push back? I believe that deep down, Powell would strongly prefer to keep interest rates where they are and only begin easing when he and other officials observe clear and persistent signs of weakness. The U.S. economy is not at that point yet. It doesn’t help that Trump continues to pound the table for lower rates, in what has become a now-commonplace break from recent presidential history, while simultaneously trumpeting the “tremendous potential our Country has for GROWTH.”If I had to guess, the dot plot will turn flat, with the current 2.375% median fed funds rate extending through at least 2021. That’s the definition of patience. Then, Powell will reiterate in his press conference that the Fed stands ready to act as appropriate. In doing so, he preserves the option to lower interest rates as soon as July or September, without making any sort of explicit commitment. If that’s seen as insufficiently dovish, as some rates strategists suggest, then tough.Powell, at the helm of the world’s most influential central bank, can afford to be more deliberate than traders looking to get ahead of the next big move. At the same time, the cacophony of calls for rate cuts is tough to shut out. Should he capitulate entirely, he will be permanently viewed as a Fed chair who was broken by bond traders. To contact the author of this story: Brian Chappatta at bchappatta1@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Trump Rattles Emerging Markets With Threat of China Tariffs

    Trump Rattles Emerging Markets With Threat of China Tariffs

    (Bloomberg) -- Emerging-market currencies halted a three-week advance last week on heightened tensions in the Persian Gulf and doubts about a trade deal after President Donald Trump threatened to raise tariffs on China again. Stocks moved in the opposite direction, extending gains for a third week amid bets of easing monetary policy in both developed and emerging economies in response to lower-than-expected growth.Read here, our emerging-market week ahead story.Listen to the emerging-market weekly podcast, here.The following is a roundup of emerging-markets news and highlights for the week ending June 16.Highlights:President Donald Trump threatened to raise tariffs on Chinese goods again if President Xi Jinping doesn’t meet with him at the Group-of-20 summit in Japan at the end of JuneLater in the week, Trump said he’s personally holding up a trade deal with China and that he won’t complete the agreement unless Beijing returns to terms negotiated earlier in the yearHis economic adviser Larry Kudlow said Trump is still waiting for a response from Xi about meeting to restart trade talksOn Friday, Trump said “it doesn’t matter” if Xi agrees to meet with him later this month to restart negotiations because the U.S. is collecting billions of dollars in tariffs on goods from the countryThe U.S. blamed Iran for attacks on two oil tankers near the entrance to the Persian Gulf as fears rise that high-stakes diplomatic efforts won’t avert a military confrontation between the U.S. and IranAmerican officials released images they said show that Iran was involved in the attack Trump slammed the Federal Reserve for high interest rates in a tweet, complaining the euro and other currencies were “devalued” against the dollarU.S. stores and factories reported a pickup in activity last month, suggesting the economy is humming along without an urgent need for the Fed to cut interest rates, spurring a rally in the dollarChina’s chief trade negotiator said that the “external pressures” the nation is facing now can help it open up the economy to the outside worldIndustrial output growth slowed to the weakest pace since 2002, highlighting the headwinds that the economy is facingImports tumbled in May and a surprise rise in exports wasn’t enough to dispel concerns that the economic dispute with the U.S. will intensify and damage the global economyInflationary pressures in the economy continued rising in May as supply shocks pushed up food costs. The consumer price index rose 2.7% last month from a year ago, while factory prices gained 0.6%Trump upped his criticism of Germany on Wednesday as he threatened sanctions over Angela Merkel’s continued support for a gas pipeline from RussiaRussia’s central bank shifted solidly to monetary easing, saying its first interest rate cut in more than a year on Friday could be followed by two more in 2019, as inflation slows and growth sputtersA meeting of Russian President Vladimir Putin and Trump could be organized on the eve of the G-20 summitTurkey needs to work on a “new and fair” approach to managing the exchange rate that better suits the country’s economy and its people, according to a key ally of President Recep Tayyip ErdoganBank Indonesia will likely join other central banks in easing monetary policy to counter a global economic slowdown, Finance Minister Sri Mulyani Indrawati saidAsia:China extended its gold-buying spree, adding to reserves for a sixth straight month. Foreign-currency holdings resumed rising in May, countering outflow concerns amid a stronger dollarThe country will ease restrictions on how local governments can spend money raised through sales of so-called special bondsSouth Korea said its economic growth faces prolonged downside risks as uncertainty surrounding external conditions grow more than expectedThe Bank of Korea will closely monitor external uncertainties including China-U.S. trade tensions and the semiconductor cycle, responding “appropriately” to economic changes, Governor Lee Ju-yeol saidCentral government debt increased 5.5 trillion won ($4.6 billion) to 675.8 trillion won in April from March, the finance ministry saidThe stock exchange is reviewing high-frequency trades made by Citadel Securities via Bank of America Corp. on the nation’s tech-heavy Kosdaq market, months after local investors filed petitions against such transactionsIndonesia’s inflation accelerated in May to the fastest pace since April last year, with the core inflation rate climbing to its highest level in almost two yearsIndia’s inflation remained below the central bank’s target for the 10th straight month. Consumer prices rose 3.05% in May from a year earlierChina has taken initial steps to address issues related to trade imbalance with India and will take further measures to encourage imports from the country, Indian Foreign Secretary Vijay Gokhale saidThe Philippines Bureau of the Treasury is likely to offer less than 300 billion pesos ($5.8 billion) worth of debt in the third quarter on slower-than-planned spending in the first half, Treasurer Rosalia de Leon said Exports unexpectedly increased in April from a year earlier and the Southeast Asian country posted a smaller-than-expected trade deficit during the monthCurrent account deficit widened to $1.2 billion in the first quarter of the year from about $300 million a year ago as the trade gap swelledMalaysia’s foreign reserves fell to $102.3 billion as of May 31 from $102.8 billion as of May 15Foreign ownership of Malaysian government and corporate bonds and bills fell 2.3% on the month to 175.9 billion ringgit ($42 billion) in May, the lowest since December 2011Taiwan’s exports decreased 4.8% in May from the year earlier versus the estimate of a 3.5% declineEMEA:Turkey left interest rates unchanged for the ninth month as the central bank moves closer to resuming cuts amid a slowdown in price-growth President Erdogan accused the U.S. of arming Kurdish militants in Syria as part of an effort to topple his government, elevating tensions already strained over a Turkish missile deal with RussiaOfficial comments appeared to confirm the purchase of the missile-defense system Current-account gap in April narrowed to almost a quarter of the deficit a year earlier, as a decline in the lira and weak consumer demand curbed importsMoody’s Investors Service lowered the nation’s long-term issuer rating to B1 from Ba3, on par with Jordan, Greece, and UzbekistanSouth African President Cyril Ramaphosa has until June 21 to answer anti-graft ombudsman questions after being implicated in a probe into a donation his campaign received from a company linked to a bribes scandalPlatinum producers are preparing for significant wage demands as workers eye windfall earnings from a rally in metal pricesBusinesses expect trade conditions over the next six months to improve from last month’s record low, while remaining negativeBusiness confidence stayed locked at the lowest level in two years in the second quarter as a slump in economic output raises the risk of a second recession in successive yearsUkraine sold its first international, benchmark-sized bond offering since October, joining a handful of eastern European nations looking to benefit from falling borrowing costsThe country is considering entering a new program with the IMF at the end of 2019Lithuania and Croatia are both offering euro bonds, marking the beginning of a run of sovereign deals from central and eastern EuropeRussia ordered the release of an investigative journalist whose arrest on drug charges triggered a wave of protests about pressure on the media, in a rare Kremlin reversal in the face of mounting public opposition While Russia is researching a digital currency overseen by the central bank, it’s wary the technology involved is still too raw, Governor Elvira Nabiullina saidEgypt’s inflation accelerated even before expected fuel subsidy cuts go into effect, raising the likelihood that the central bank will take more time before reducing interest rates again Nigeria’s central bank said it made no change to its naira policies, after a revision on its website led some analysts to speculate that it was ending a system of multiple exchange ratesNamibia held its benchmark interest rate at the lowest since August 2017 as the Monetary Policy Committee sees the economy remaining weak this yearGhanaian consumer-price growth decelerated for the first time in four months in May Tanzania’s central bank cut the minimum capital requirement for lenders to 7% from 8% as it seeks to increase credit extended to the private sector and boost economic activityA missile fired by Iranian-backed Yemeni rebels hit a Saudi airport on Wednesday, wounding 26 people and ratcheting up regional tensions just as international efforts to avert escalation get underwaySaudi Vice Minister of Defense Khalid bin Salman said the targeting of Abha Airport by Houthi militia is “a continuation of their immoral and criminal behavior that is in line with the malign behavior of their patrons” Now that Saudi Aramco has revealed itself as the world’s most profitable company, it’s preparing to host its first earnings call in August to discuss half-yearly results Iranian Supreme Leader Ayatollah Ali Khamenei told visiting Japanese Prime Minister Shinzo Abe that his country would not return to the negotiating table as it has no confidence the U.S. would stand by its commitmentsLatin America:Argentina’s President Mauricio Macri chose Senator Miguel Angel Pichetto, an opposition leader, as his running mate in October’s vote, potentially broadening his appeal and boosting his chances of re-electionInflation cooled in May for a second straight month amid a stable currency and new price control measures by the governmentCentral Bank president Guido Sandleris said tight monetary policy is needed due to the Presidential election uncertainty and trade warBrazil’s rapporteur of the pension reform presented changes to the original bill proposed by Jair Bolsonaro’s government that would end up producing savings of 913.4 billion reais ($237 billion) over 10 yearsSavings could reach 1.1 trillion reais in the same period if it includes a provision to allow resources from a fund managed by the government known as FAT to finance payment of pensionsEconomy Minister Paulo Guedes criticized lawmakers’ changes to his pension overhaul proposal, accusing them of giving in to public servants’ pressureBolsonaro fired his government secretary, a moderate general who repeatedly clashed with the president’s most radical supporters, including one of his sonsJustice Minister Sergio Moro is facing growing calls to step down after the publication of messages he allegedly exchanged with prosecutors of the so-called Carwash task forceA key gauge of Brazil’s economic activity fell for the fourth straight month in April reflecting growing headwinds including slower global growth and uncertainty over domestic reformsRetail sales fell more than expected in April as the central bank faces pressure to cut borrowing costs to buttress increasingly weak demandBolsonaro said in tweet that Brazil may cut tech equipment import tax from current 16% to 4%Mexico shouldn’t start cutting interest rates while threats by Trump to slap tariffs on the nation’s goods persist, deputy central bank governor Jonathan Heath saidTrump said that if Mexico doesn’t cut migration to the U.S. under a deal the two countries reached earlier this month, they’ll enter “phase two,” which he described as “a much tougher phase”Mexico has started deploying National Guard troops at its border with Guatemala as it increases the staff in the area to handle migrants’ requests, Foreign Affairs Minister Marcelo Ebrard saidPeru took advantage of near-record low borrowing costs to sell its first U.S. dollar bonds since 2015The central bank held borrowing costs unchanged at their lowest level in over eight years as global trade tensions curb copper exports and the country’s growth outlook deterioratesGovernment intends to start a tender offer to buy back 2023 PEN local notes known as soberanos, and Euro notes due 2026 and 2030, according to SEC filingPresident Martin Vizcarra’s popular support surged after he won a confidence vote in Congress over measures designed to stamp out political corruptionColombia’s 2018 tax reform will boost economic growth by more than one full percentage point, and return the country to the growth rates it hasn’t seen since the oil and mining boom ended five years ago, according to Finance Minister Alberto Carrasquilla\--With assistance from Colleen Goko, Selcuk Gokoluk and Philip Sanders.To contact Bloomberg News staff for this story: Yumi Teso in Bangkok at yteso1@bloomberg.net;Netty Ismail in Dubai at nismail3@bloomberg.net;Aline Oyamada in Sao Paulo at aoyamada3@bloomberg.netTo contact the editors responsible for this story: Tomoko Yamazaki at tyamazaki@bloomberg.net, Karl Lester M. YapFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters5 days ago

    UPDATE 2-UK digital bank Monzo takes first steps into U.S. market

    NEW YORK/LONDON, June 13 (Reuters) - Fast-growing British digital bank Monzo is launching in the United States through a limited rollout of its app-based checking account and connected debit card, it said on Thursday. Monzo will make available a few thousand cards at in-person sign-up events over the next weeks in cities including Los Angeles, San Francisco and New York, as it seeks to replicate the word-of-mouth support that boosted its UK launch, it said. It hopes to attract an engaged early-user base which will provide feedback to help tailor the company's offering to the U.S. market, Chief Executive Tom Blomfield said in an interview.

  • Citi's Japanese Unit Faces Ban From Auction Participation
    Zacks6 days ago

    Citi's Japanese Unit Faces Ban From Auction Participation

    Citigroup's (C) lack of internal control measures, as stated by the Financial Services Agency, results in a ban on the company from availing some special auction participation entitlements.

  • Will Woodford Debacle Decide Carney's Replacement?
    Bloomberg6 days ago

    Will Woodford Debacle Decide Carney's Replacement?

    (Bloomberg Opinion) -- The race to succeed Mark Carney as governor of the Bank of England has already taken one twist, with Theresa May’s resignation making it likely that the current Chancellor of the Exchequer won’t be in office to make the appointment. The downfall of fund manager Neil Woodford has cast a shadow over the leading candidate’s chances of landing the prestigious job.Andrew Bailey has been the head of the Financial Conduct Authority for almost three years. The regulator’s role in the chain of events that led to Woodford freezing redemptions from his flagship fund last week is being questioned by Nicky Morgan, the U.K. lawmaker who chairs Parliament’s Treasury Committee.With about 3.8 billion pounds ($4.8 billion) of cash now trapped in Woodford’s fund, Morgan has written to Bailey asking him to detail by June 18 how much “supervisory contact” the FCA had with the investment firm. Bailey’s answers may determine whether or not he becomes head of the U.K. central bank.According to a survey of economists, he had been the front-runner, ahead of rivals such as former Reserve Bank of India governor Raghuram Rajan, and BOE Deputy Governors Jon Cunliffe, Ben Broadbent and Dave Ramsden.(1)But the embarrassment of having one of the U.K.’s most storied stock pickers drop the gate on a big equity fund on his watch won’t help Bailey’s chances.My colleagues at Bloomberg News have reported that Woodford Investment Management makes about 65,000 pounds a day in fees from the shuttered fund. On Tuesday, Bailey told the BBC the fund manager “should consider his position” on those payments. A spokesman for Woodford later rejected that call, saying “the company will continue to charge the fee as the fund remains actively managed.”That’s not a good look when investors are still paying for the privilege of having their money trapped in a fund that’s frozen indefinitely. It’s even worse when the regulator tries to ease their pain, only to be rebuffed by the very people it oversees.Woodford isn’t the only implosion occupying Bailey’s in-tray. The FCA is investigating how Metro Bank Plc misclassified assets on its balance sheet, a revelation that drove shares in the so-called challenger bank to a record low in February and prompted it to tap investors for additional money.The pressure is on the FCA to show it can act tough when justified. That certainly wasn’t the case a year ago, when a 12-month probe into Barclays Plc Chief Executive Officer Jes Staley’s attempts to unmask a whistle-blower led to the executive being fined rather than dismissed – an outcome that seemed at odds with the FCA’s insistence that protecting informants is paramount to prevent misconduct in the industry.And the FCA has yet to explain how vigilant it was – or wasn’t – over the alleged misdoings of Tim Haywood, a fund manager at GAM Holding AG, which were reported to it by a company whistle-blower. GAM was also forced to halt redemptions  in his fund, and has taken a year to offload its illiquid holdings to repay investors.In the Woodford case, Morgan has asked Bailey to clarify how long investors are likely to have to wait to get their money back. That may be impossible for the FCA chief to say. What he will need to specify, however, is why the watchdog didn’t act as soon as Woodford started listing some of the fund’s privately held investments on the Guernsey International Stock Exchange to sidestep a limit on how much of the pool could be allocated to illiquid assets.“Simply listing an unquoted company overseas doesn’t in itself make the stock more liquid,” Bailey wrote in an article published by the Financial Times earlier this week under the heading The “Woodford episode raises issues for financial regulators.”That’s absolutely correct. So where was the FCA when Woodford started rearranging the deckchairs of his illiquid assets?It’s impossible for any regulator to prevent blow-ups from happening on their patch. After all, that’s why they exist in the first place. But the Woodford debacle has been brewing for such a long time that Bailey will need to show that his agency wasn’t asleep at the wheel – otherwise whichever politician ends up responsible for picking Carney’s replacement is likely to choose anyone but Bailey.(1) Since that poll was taken, Ofcom chief Sharon White was named chairman of retailer John Lewis Partnership Plc at a salary of 990,000 pounds, more than twice the stipend available at the central bank.To contact the author of this story: Mark Gilbert at magilbert@bloomberg.netTo contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Mark Gilbert is a Bloomberg Opinion columnist covering asset management. He previously was the London bureau chief for Bloomberg News. He is also the author of "Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Barrons.com7 days ago

    Inside BlackRock’s ‘Once in a Lifetime’ Deal With Barclays, 10 Years Later

    The U.S. asset manager’s landmark acquisition of Barclays Global Investors looks like a masterstroke by CEO Larry Fink.

  • Thomson Reuters StreetEvents7 days ago

    Edited Transcript of BARC.L earnings conference call or presentation 28-Jul-17 8:30am GMT

    Half Year 2017 Barclays PLC Earnings Call

  • Horseman Capital Management’s Return, AUM, and Holdings
    Insider Monkey7 days ago

    Horseman Capital Management’s Return, AUM, and Holdings

    Horseman Capital Management is a hedge fund launched in 2000 by John Horseman, with its headquarters located in London (Belgravia) and Jersey, UK. Its founder, John Horseman, has been the fund’s CEO and Director since its launching. He was also the fund’s portfolio manager until 2006 when the position was taken over by Russell Clark, […]

  • Barclays transferring jobs from Wilmington to North Jersey
    American City Business Journals11 days ago

    Barclays transferring jobs from Wilmington to North Jersey

    The financial services giant Barclays said 500 operations and technology roles — roughly one-quarter of the workforce there — will move to its new campus in Whippany, N.J., by the end of 2019.

  • Global Banks to Pay $91M in Settlement for FX Manipulation
    Zacks11 days ago

    Global Banks to Pay $91M in Settlement for FX Manipulation

    Swiss COMCO fines big global banks around 90 million Swiss francs ($91 million) for rigging prices in the foreign exchange market.

  • Reuters11 days ago

    UPDATE 1-UK watchdog shakes up 'dysfunctional' bank overdraft market

    Britain's banks and building societies will have to charge the same amount for all overdrafts from April 2020, the Financial Conduct Authority (FCA) said on Friday, in a radical change that will raise questions about the future of free in-credit banking. The changes will make overdrafts simpler, fairer and easier to manage, protecting the millions of consumers who use overdrafts, particularly more vulnerable consumers, the watchdog said. "The overdraft market is dysfunctional, causing significant consumer harm," FCA Chief Executive Andrew Bailey said in a statement.

  • Financial Times11 days ago

    Barclays’ new chairman wastes no time trimming excess

    Barclays’ new chairman formally assumed his role barely a month ago. Former chief exec Antony Jenkins earned his St Antony moniker for his holier-than-thou rhetoric about bankers’ behaviour. Higgins is not seeking sainthood.

  • Bloomberg12 days ago

    Banks Fined $91 Million Over FX as Essex Express Rides Again

    Barclays was fined 27 million francs, Citigroup 28.5 million francs and JPMorgan Chase & Co. was hit with a 9.5 million-franc penalty, Switzerland’s Competition Commission said Thursday. UBS Group AG avoided a fine because it helped reveal the existence of the cartel.

  • Moody's13 days ago

    Custodial Receipts (Barclays), Custodial Receipts, Series 2015-XF1046 -- Moody's upgrades credit enhanced Custodial Receipts (Barclays), Series 2015-XF1046A-D to Aa3 from A2

    The JDA rating is based on the long-term Counterparty Risk (CR) Assessment, A2(cr), of Barclays Bank PLC (the Bank) as provider of the Letter of Credit (LOC), the underlying rating of the Bonds, and the structure and legal protections of the transaction which provide for timely payment of debt service to Custody Receipt holders. Moody's underlying long-term rating on the Bonds is Ba1.

  • Business Wire13 days ago

    Barclays Appoints Adam Abramson as Head of Chemicals Banking, Americas

    Barclays announces the appointment of Adam Abramson as a Managing Director and Head of Chemicals Banking, Americas. Mr. Abramson will be based in New York, and will report to Rob Jeffries, Vice Chairman and Global Head of Chemicals Banking at Barclays. Mr. Abramson joins Barclays with close to 20 years of experience in banking, most recently as a Managing Director in the Chemicals Group at Deutsche Bank.

  • Financial Times13 days ago

    Bank of England calls ‘last orders’ on Libor benchmark

    The Bank of England has told banks it will intensify scrutiny of their plans to switch away from the discredited Libor benchmark, sticking to the plan that the rate will be retired at the end of 2021. David Ramsden, the BoE’s deputy governor for markets and banking, said in a speech on Wednesday that it was “last orders” for the interest rate and that banks must stop adding to their post-2021 Libor exposures. Regulators have demanded that banks stop using the Libor benchmark enmeshed in bonds, loans, mortgages and derivatives by 2022, as they seek to put the rate-rigging scandals behind them.

  • Business Wire14 days ago

    Barclays wins Electronic Platform of the Year at GlobalCapital Americas Derivatives Awards 2019

    Barclays has been awarded Electronic Platform of the Year by GlobalCapital at the publication’s Americas Derivatives annual awards. This is the first time Barclays has received this accolade. “We are proud to be recognized with this award, which speaks to the investments we’ve made over the past year in strengthening our electronic trading platform for clients,” said Nas Al-Khudairi, Global Head of Electronic Trading at Barclays.

  • Reuters14 days ago

    Trump strikes "supportive" tone in meeting with British business leaders -sources

    U.S. President Donald Trump struck a positive, conciliatory tone with top British and U.S. business leaders at a meeting in London on Tuesday, sources familiar with the talks told Reuters, despite tensions between the two countries over China's Huawei. In a breakfast gathering with 10 executives at St James' Palace, Trump mentioned the strong historical ties between the two countries and praised British investment in the U.S. healthcare sector in particular, the sources said. Trump had earlier promised Britain a substantial post-Brexit trade deal, during a state visit to Britain being cast as a chance to celebrate Britain's "special relationship" with the United States and boost trade links.

  • Reuters15 days ago

    Let's deepen economic ties, Britain's May tells Trump

    British Prime Minister Theresa May will call on U.S. President Donald Trump to deepen transatlantic economic cooperation on Tuesday, saying a bilateral trade deal could make their partnership "greater still". At a meeting with 10 British and U.S. businesses at St James' Palace, the Queen's official residence, May will tell companies such as defence contractor BAE Systems and pharmaceuticals giant GlaxoSmithKline that greater cooperation would boost the two countries' economic partnership. "It is a great partnership, but one I believe we can make greater still," she will say, according to advance extracts from her office.