Hong Kong security row risks driving big UK banks into China’s arms | Business News

As an employee of Linklaters, the ‘Magic Circle’ law firm, Dominic Raab worked in the fields of competition law and project finance.

Judging from the Foreign Secretary’s comments yesterday on British companies doing business in Hong Kong, though, he appears to have forgotten that commercial life is not black and white but dominated by shades of grey.

Climbing into the banking sector, in particular, Mr Raab told MPs: “I have been very clear in relation to HSBC and I will say the same thing in relation to all of the banks. The rights and the freedoms of, and our responsibilities in this country to, the people of Hong Kong should not be sacrificed on the altar of bankers’ bonuses.”

Carrie Lam defends ‘reasonable’ security law

This was a shameless piece of populism.

The Foreign Secretary understands the way the world turns sufficiently well to know that the management of Standard

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UK regulator tells banks to rethink handling of crisis debt

Britain’s financial regulator has warned UK banks that they will need an entirely new way of dealing with personal and business debt, as the coronavirus pandemic pushes ever more borrowers into arrears or default. 

Charles Randell, chair of the Financial Conduct Authority, told bank bosses on Tuesday that the crisis had forced millions of their customers to add to debt levels that were already “too much” — and the regulator had to get involved, even though business lending is currently outside its remit. 

Speaking at a virtual UK Finance event attended by the chairs of the UK’s largest lenders, he said: “We need to reassess our approach to consumer debt” and “we need a robust framework for dealing with small business loans which turn out to be unaffordable”.

So far, more than 900,000 UK businesses have taken on an extra £38bn of debt under government-backed bailout schemes. But Mr Randell

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European markets react to Federal Reserve, central banks

European stocks are expected to open higher Tuesday as investors react to the U.S. Federal Reserve’s latest announcement and focus on central bank action around the world.

London’s FTSE is seen 161 points higher at the open, at 6,217, while Germany’s DAX is expected to open 378 point higher at 12,292, France’s CAC 40 is seen 142 points ahead at 4,691 and Italy’s FTSE MIB is expected to open 536 points higher at 19,514, according to IG.

Investors on Tuesday are likely to be focused on central bank announcements, particularly after the U.S. Federal Reserve announced Monday more measures to support the market.

The Fed said it would buy individual corporate bonds, marking a broader approach to corporate bond buying. Previously indicating it would eventually buy bonds on the primary market, Monday’s announcement by the U.S. central bank marked an expansion of that into the secondary market.

Shares in Asia

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Coronavirus, central banks, currencies in focus

Shares in Asia were set to trade higher at the open following a dramatic bounce back overnight on Wall Street.

Futures pointed to a higher open for Japanese stocks. The Nikkei futures contract in Chicago was at 22,055 while its counterpart in Osaka was at 21,920. That compared against the Nikkei 225’s last close at 21,530.95.

Stocks in Australia were also set to trade higher, with the SPI futures contract at 5,876, as compared to the S&P/ASX 200’s last close at 5,719.80.

Central bank watch

Investors on Tuesday will likely focus on central bank announcements, with the Reserve Bank of Australia set to release the minutes of its recent monetary policy meeting at around 9:30 a.m. HK/SIN. The Bank of Japan is also set to release its monetary policy statement sometime on Tuesday.

The U.S. Federal Reserve announced Monday more measures to support the market. The Fed said it would

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