The UK regulator has fined the Queens bank Coutts & Co, part of the government back Royal Bank of Scotland £8.75M. This is due to failing to take reasonable care to establish and maintain effective ant-money laundering systems and controls, specifically relating to high risk customers and Politically Exposed Persons. Tracey McDermott, acting director of enforcement and financial crime, said: Coutts’ failings were significant, widespread and unacceptable. Its…

The long awaited UK Budget for 2012 was released yesterday, with many headline grabbing announcements tactically leaked to the press prior to the occasion. The Chancellor announcing the budget is almost comical at moments due to the pantomime behaviour of the political parties in the House of Commons. At times they argued like school boys, both jeering each other withsound bitesto fill the newspaper opinion columns. However beneath all of the political rhetoric, the Budget is a key factor of…

Asian equities overnight have fallen after disappointing earnings from Chinese companies and Australia, a key trading partner of China, has cut its commodity sales forecast on concerns of the slowing Chinese economy. A decrease in inventories led to WTI Crude gaining during Asian trading. The City of London’s eyes this morning are on the Chancellor George Osborne’s 2012 Budget. With some headline parts of the Budgettacticallyleaked prior to the actual announcement, traders…

Abshire-Smith would like to state for any clients who are concerned, that we do not have any financial exposure or funds with WorldSpreads Limited the Irish spreadbetting firm who have called in administrators and have a shortfall in client funds. We understand the distress that has been felt by their clients and affiliates who have had their funds frozen, the shareholders who have been misled and lost the value of their holdings. We feel for all the employees at WorldSpreads who lost…

During the Asian session equities have fallen as China has raised fuel prices, adding to concern that the powerhouse of the Far East is slowing down combined with a Federal Reserve official stating that “..the US rebound still faces risks.“ The UK government has been dealt a setback at is new flagship credit scheme for small businesses has failed to get all of the UK’s major bankson board. HSBC will not be participating in the National Loan GuaranteeScheme(NLGS) which…

On Wednesday is George Osborne’s eagerly anticipated budget for the UK, with the UK’s credit rating on negative outlook and stuttering growth, the global community is watching closely to see what new measures the Chancellor will undertake. A highly politicised issue is whether Osborne will alter the countries top income tax rate of 50p, though critics say this is a fair policy. There is little room formanoeuvre, with many factors beyond the governments control, such as rising Oil…

It’s the end of the week and a possitive one for the equity markets in Europe and the US. On Thursday stocks rallied for a third consecutive day with the Stoxx Europe 600 reaching its highest level since July 2010. The FTSE 100 closed down 0.2%. In the US data from the jobs market and manufacturing added to optimism that the worlds largest economy is starting to gain some momentum. This morning Goldman Sachs O’Neill said that“..the US housing market is bottoming out,&…

The better than expected US retail sales combined with the outcome of the Fed’s stress tests led to a strong close in the US with equity markets closing at multi year highs. In Asia equities followed their American counterparts and rallied with the regional index the MSCI set for its highest close in two weeks. The latest round of stress test’s on US banks paves the way for dividends to enable the backs to return cash to shareholders. 15 out of 19 institutions passed the te…

Overnight Asian equity markets rose after the Japanese economy shrank less than the government estimate, which saw the regional benchmark index rising after a three consecutive negative sessions. The Yen weakened against all the majors after Japan announced a record current-account deficit. A committee of UK MPs and peers have warned that ministers should detail plans for the scenario of a Euro-zone break-up“as a matter of urgency”.The National Security Strategy believe tha…

Overnight equity market’s in Asia slid following the moves seen in Europe and the US. Markets were spooked as Greece raced to sign a deal enforcing haircuts on private bond holders to receive critical bail funds and avoid a disorderly default. The FTSE 100 suffered its biggest one day fall this year at 1.9%, and the DAX and CAC 40 falling over 3%. Brazil’s economy has overtaken the UK for the first time, making it the second emerging economy to enter the top tier of economi…

-The late buy in the US session some have contributed to a note released by JP Morgan stating that there is a 75% chance of a 3rd round of QE -The political tension in Middle East continues with widespread criticism of the ‘massacre’ in Syria. -UK Retails Sales on the rise stemming the hope of a recovery and avoiding a second recession -Wall Street bonuses down by 25% compared to last year according to US regulators – CityAM -Article released by IIF…

-Relatively little macro data has been released today, with equity markets coming off slightly. -Concerns over the legitimacy of the Russian elections have been raised, with widespread allegations of vote rigging. -Gold broke through the 1700 level on stops being triggered. -US campaigns hear up as Romney advance and Obama gains –WSJ -Banks deposit €821bn at ECB –FT -Wall Street giant Goldman Sachs lost money last year for the first time in thre…