Author: Lily Harper

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The Bank of England has imposed an £11.9mn fine on Vocalink, an offshoot of Mastercard that operates a key part of UK payments infrastructure, over its “ineffective risk management framework” and weaknesses in internal controls and governance.The BoE said on Wednesday that the fine reflected Vocalink’s failure to comply with the central bank’s requirement for it to fix a number of weaknesses in its systems and controls identified by supervisors by February 2022.The penalty is a stinging rebuke for Vocalink, which operates…

Stay informed with free updatesSimply sign up to the Financial & markets regulation myFT Digest — delivered directly to your inbox.Hedge funds and other non-bank groups could face limits on the amount of leverage they can use and may have to provide more disclosure to regulators about their borrowing, under plans put forward by the world’s financial stability watchdog.The Financial Stability Board (FSB) said on Wednesday that its recommended measures — which follow a consultation announced late last year — were designed to tackle the build-up of leverage in non-banks, which “can be an important amplifier of stress. If not…

India has been a money machine for Jane Street, netting the trading giant more than $4bn in profits in just over two years. But it is now the source of a scandal that is imperilling the Wall Street firm’s golden run.The Securities and Exchange Board of India last week accused Jane Street of a “sinister scheme” to manipulate Indian stocks and derivatives, temporarily banned its activities in the country and impounded more than $550mn of “illegal gains” — the most draconian penalty it has ever levied. It is now expanding its probe into the firm’s trades in other parts of India’s…

Stay informed with free updatesSimply sign up to the Travel & leisure industry myFT Digest — delivered directly to your inbox.Spanish casino operator Cirsa rose on its stock market debut in Barcelona after the Blackstone-owned company pressed ahead with its initial public offering in the face of heightened stock market turbulence. Cirsa’s shares rose as much as 6.7 per cent to €16 at the open, pushing its stock market value to €2.7bn, compared with an IPO valuation of €2.5bn. The shares subsequently pared some of those gains to trade at €15.2. It was Spain’s second-largest IPO this year — oversubscribed…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.It would be a nice touch if Rachel Reeves were to stick some cotton wool in her mouth — à la Marlon Brando mumbling his way into the screen role of The Godfather — for next week’s Mansion House speech.But even if she does not, it will be clear she is making the pensions industry “an offer it can’t refuse”.Don Corleone underlined his point with a horse’s head in the bed of an unco-operative Hollywood producer. The chancellor is expected to demonstrate…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Singapore’s state investor Temasek has become more bearish on European companies over their exposure to a global trade downturn, just a year after opening a Paris office to great fanfare and promising to commit $19bn to the region.Rising trade tensions from US President Donald Trump’s tariffs have made Temasek fearful that the European companies it has previously targeted for investment will be among the worst affected.“There is a sense of elevated trade uncertainty, which could impact the growth trajectory” of Europe, said…

Stay informed with free updatesSimply sign up to the Property sector myFT Digest — delivered directly to your inbox.Seven of the UK’s biggest housebuilders have agreed to pay a total of £100mn after an investigation by the country’s competition regulator into information sharing between the companies. The Competition and Markets Authority said on Wednesday that the companies had offered to make the payments after it unearthed evidence last year that commercially sensitive information, including on prices, had been transmitted between companies. The seven housebuilders — Barratt Redrow, Bellway, Berkeley Group, Bloor Homes, Persimmon, Taylor Wimpey and Vistry — had “agreed…

Ted Seides is the founder of Capital Allocators and former president of Protégé Partners.On a slow summer day 18 years ago, I began communicating with Warren Buffett about a bet that pitted the performance of hedge funds against the S&P 500. The suggestion turned into a charitable 10-year wager from January 1, 2008 to December 31, 2017. Carol Loomis announced it in Fortune as “Buffett’s Big Bet”. It looked good for the hedge funds in the early years around the global financial crisis, but the market rallied strongly thereafter. By the time of Berkshire Hathaway’s 2016 annual report, Buffett was…

One scoop to start: Renault will name an interim chief executive next week as it continues to search for a replacement for Luca de Meo, who is to leave the carmaker to head luxury group Kering.More fallout from BCG’s Gaza work: Boston Consulting Group’s chief executive said its involvement with a postwar plan for Gaza that envisioned relocating a quarter of the population had been “reputationally very damaging”, as the Save the Children charity halted a two-decade partnership with the firm.And another thing: Elon Musk’s SpaceX is preparing to sell about $1bn of its shares in a deal that would…

Stay informed with free updatesSimply sign up to the European banks myFT Digest — delivered directly to your inbox.UniCredit on Tuesday said it had increased its equity stake in Commerzbank to about 20 per cent, as the Italian bank doubles down on a potential takeover of Germany’s second-largest lender despite opposition from Berlin.UniCredit has built a 28 per cent interest in Commerzbank since last year through a combination of share purchases and derivative transactions.Before the Italian bank’s latest announcement, it had a 9.5 per cent equity stake in Commerzbank, with the remainder of its 28 per cent interest held through…