Displaying items by tag: Finance

Banco Santander is to acquire a majority 50.1% stake in Spanish trade finance software house Mercury TFS through a €30 million investment.

Santander has used Mercury TFS’s services in Spain, Mexico, Chile and Germany for years, helping customers to manage their entire trade finance activity online or via mobile phone. The bank's businesses in the UK and Portugal will begin using it at year-end through Global Trade Services (GTS), Santander's global trade platform.

The head of Santander's global payments services, Javier San Félix, comments: “The investment accelerates our plans to build a service platform for SMEs and international companies to better serve our customers worldwide. We are also helping to globalise Mercury TFS, a software company with huge potential and a team with enormous talent, by reinforcing their technical and commercial teams and complementing their already broad product range.”
 
 
Published in Accounting
Wednesday, 19 February 2020 15:46

UK cash system is 'at risk of collapse'

The UK’s cash system will collapse without urgent legislation to protect it, according to a new study.

Panel members behind the Access to Cash Review, which published its final report a year ago, said action is needed to protect cash for as long as people need it.

They say that in the 12 months since their last review, significant issues within the country’s cash infrastructure remain.

The review was set up by ATM network provider Link to help understand how consumers use cash and how their requirements to access physical money will change over the next five to 15 years.

 

Source: https://uk.finance.yahoo.com/news/uk-cash-system-is-at-risk-of-collapse-100821647.html?guccounter=1&guce_referrer=aHR0cHM6Ly9uZXdzLmdvb2dsZS5jb20v&guce_referrer_sig=AQAAAFaPwxCVK4k3z-9fkowPJ57zWEIuKlKGp_-JVo928x4pfzA37j_-hSsJN1ZLCLE1S4sEON0KK2DkCs92bvIdwt2Y4mkUDQHEvQV9Fh7HoVb7aVi0A7xN71BRAwvOxrbSIgppswfPe0h8d_qYUK-NXS668LN9Gc4IV2j46Od3uaSr

Published in Accounting
Wednesday, 19 February 2020 15:41

Fuel prices push UK inflation to six-month high

UK inflation in January rose to a six-month high as petrol and house prices rose, official figures show.

The Consumer Prices Index (CPI) stood at 1.8% last month, up from 1.3% in December, the Office for National Statistics said.

"The rise in inflation is largely the result of higher prices at the pump and airfares falling by less than a year ago," the ONS said.

The rise is ahead of economists' CPI forecast of 1.6% in January.

CPI remains below the Bank of England's 2% target for inflation. Wednesday's inflation data pushed the value of the pound above $1.30. Versus the euro, the pound had started the day down 0.25% but rose back to trade flat against the single currency.

However, some analysts said that the new figures were unlikely to "move the dial" on the central bank's next decision on interest rates in March.

 

Source: https://www.bbc.co.uk/news/business-51557550

Published in Accounting

Britain's blue-chip benchmark index finished down around 95 points lower, or 1.3%, at 7,286, going below 7,300 for the first time in seven weeks. FTSE 100 index closed decidedly in the red on Friday as January ended on a sour note and health fears continue to weigh on global markets.

Britain's blue-chip benchmark index finished down around 95 points lower, or 1.3%, at 7,286, going below 7,300 for the first time in seven weeks. Over the week as a whole, Footsie lost 3.9%.

The FTSE 250 shed over 148 points on the day to close at 21,143.  Over on Wall Street, the Dow Jones lost 382 points, while the S&P 500 shed around 40 points and the Nasdaq plunged 86 points.

Chris Beauchamp,  chief market analyst at online trader IG noted that few people would have suggested that  a ‘major virus outbreak’ would have been seen as a big risk for markets in 2020.

 

source: https://www.proactiveinvestors.co.uk/companies/news/911933/ftse-100-closes-down-13-as-january-ends-on-sour-note-911933.html

 

Published in Accounting
Tuesday, 04 February 2020 16:20

Bye, Bye, Britain: Pain Ahead for the UK and GBP

There are a few special days in my career that stand out because of the historical events I was privileged to live through and comment on – memorialize, perhaps – to my colleagues. The two that stand out most:  I remember the morning meeting I gave on 10 November 1989, the day after the Berlin Wall fell. Luckily in those pre-internet days I had a copy of Trotsky’s The Russian Revolution and so could get the quote right:  You are bankrupt, your role in history is played out. Go out where you belong – onto the dustheap of history. I remember the day Barack Obama was elected; choking back emotion, I quoted to my colleagues the words of Martin Luther King:  "I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character.” I thought Obama’s election signaled that that day had arrived in the US. How wrong I was. 

But what am I to say to my colleagues today, Brexit Day? A day nearly as heavy with historical import, but for me, totally bereft of the hope and vision of a new, better future that these other landmark dates were imbued with. On the contrary, this seems to me to be a country rejecting the future and turning to a mythical past, and in the process committing economic and political suicide:  the impoverishment of the people leading, most likely, to the dissolution of the centuries-old alliance among the several nations of the United Kingdom. This time the map is being redrawn out of fear, not out of hope.

 

 

Source: https://www.nasdaq.com/articles/bye-bye-britain%3A-pain-ahead-for-the-uk-and-gbp-2020-01-31

 

 

Published in Accounting