Bloomberg Financial firms may be fined and stripped of their regulatory authorisation unless they put their customers’ needs first under far-reaching reforms from the UK City regulator. Banks, insurers and other companies will have to ensure their services are actually good for their clients and that this approach is taken at all levels of the business, Ian Searle, head …

  Bloomberg A strong quarter from Standard Chartered Plc’s traders provided a boost to the emerging market-focused bank despite fears that a slowing global economy could squeeze its lending business. The London-based bank reported underlying pretax profit rises 7% to $1.32 billion in the second quarter, as its traders benefitted from volatility in global markets along with many of its …

  Bloomberg Barclays Plc’s profit fell more than expected in the second quarter after it booked charges and penalties in the US, marring a strong period for the bank’s bond traders. The British lender said a market plunge would increase the cost of buying back US investment products it mistakenly oversold. Barclays also expects to pay $200 million in penalties …

  Bloomberg BNP Paribas SA posted its highest profit on record as lending income rises amid the prospect of higher interest rates and volatile markets lifted securities trading in the second quarter. Revenue at the unit that houses BNP’s retail operations rises 11%, reflecting higher fees, rising rates and gains in specialised businesses, the Paris-based firm said in a statement …

  Bloomberg Spain is seeking to tax banks for windfall profits made from net interest and fees charged to clients, in the boldest move against lenders by any major European Union nation to offset the impact of a worsening cost-of-living crisis. A bill introduced to parliament aims to set a 4.8% tax on Spanish banks. It also seeks to charge …

  Bloomberg The yen catapulted higher against major peers as lowered expectations for rate hikes caused hedge funds to cover short bets from one of the biggest global macro trades of the year. In early trading the yen strengthened more than 1% to 135.11 per dollar, as hedge funds liquidated long positions in the greenback, according to Asia-based currency traders. …

  Bloomberg Chinese stocks plunged on Friday to cap a brutal month which marked the return of almost all the worries that have spooked investors for much of the past one year. From signs of renewed crackdown on the tech sector to an escalation of the crisis engulfing property developers and a rebound in Covid-19 cases, traders have had to …

Bloomberg Renewable stocks notched record gains following a landmark climate deal struck by US Senators Joe Manchin and Chuck Schumer. Sunrun Inc., the largest US residential-solar installer, jumped as much as 34%, the most on record. TPI Composites Inc., which makes wind-turbine blades, climbed as much as 38% in its biggest gain ever. Rooftop-solar company Sunnova Energy International Inc. surged …

  Bloomberg Airbus SE cut its delivery goal and slowed a ramp up in production of its best-selling narrow-body model as supply-chain issues afflicting everything from engines to microchips show no sign of easing. The world’s biggest planemaker now aims to hand over around 700 aircraft in 2022, compared with an earlier target of 720, it said in a statement. …

Bloomberg Ryanair Holdings Plc’s Spain-based cabin crew plan to strike for four days a week over the next five months in a major escalation of a dispute over pay at Europe’s largest discount carrier. The SITCPLA and USO unions have called 24-hour walkouts from August 8 until January 7, according to a statement. A SITCPLA representative said it had “no …