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UK’s global financial transaction ranking slips
New research carried out by law firm Allen & Overy has revealed that the UK has fallen from second place to sixth in the global rankings of financial transaction values in the five years since the collapse of Lehman Brothers. Financial transactions in the UK, including bond and equity sales, were valued at £1.1 trillion five years ago, but have decreased by two-thirds since the credit crunch crisis. The UK now ranks below China, Japan and Canada, with transactions in the last 12 months amounting to £403m. The US remains in the top spot, but overall global volumes remain depressed, and are down 30pc on pre-Lehman bankruptcy levels.
Lloyds and RBS given green light to sell branches
The Government is expected to sell around a quarter of its holding – worth around £50bn - in Lloyds Bank and the Royal Bank of Scotland after the Office of Fair Trading (OFT) agreed that plans to offload a combined total of 946 branches would be sufficient to boost competition in the sector. Lloyds will spin off 631 sites under the TSB brand, while RBS has lined up three bidders for its network sale of 315 branches.
Icap facing £70m fine for Libor rigging
The money broking firm Icap looks set to become the fourth major financial services company to be penalised for its role in the Libor rigging scandal, and is facing fines of up to £70m from regulators in both the US and UK. Icap insists that none of its senior management were ever aware of or involved in any improper activities regarding the manipulation of Libor. From next year, Libor will be overseen by the body that runs the New York stock exchange rather than the British Bankers’ Association.
Welsh public sector bodies show blacklisting construction firms the red card
The Welsh government has unveiled plans that will allow public sector bodies, from schools and hospitals to councils and the police,
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