Day: March 13, 2020

Global financial services players yet to align on key issues of collaboration, innovation and cybersecurity

Key players in the financial services industry are set on a clear pathway towards collaboration, whether they like it or not, according to a new ‘State of the Industry’ report from Barclays Corporate Banking.

Exclusive research from the bank highlights the contrasting regional views on where innovation is most likely to come from in the next five years, as well as the vastly different approaches to cybersecurity taken by financial services operators from around the globe.

FinTechs and traditional players to join up

As the official insights partner of the Money 20/20 global conference series, Barclays conducted a survey of nearly 2,000 industry leaders from across financial services, at events in Europe, Asia and the US.

From these senior executives, Barclays Corporate Banking found that more than two-thirds (69 per cent) of businesses globally identify collaborating and partnering with FinTechs for mutual benefit as the preferred approach for traditional banks

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Intu warns it could go bust after reporting £2bn loss

Intu Properties, the owner of shopping centres including the Trafford Centre in Manchester and Lakeside in Essex, has warned it risks going under if it is unable to raise further funds.

The struggling shopping centre giant posted a loss of £2bn for 2019, up from £1.17bn the year before. A spate of retailer administrations and restructurings forced Intu to write down the value of its malls by nearly £2bn. The estimated value of its portfolio of shopping centres dropped 22% to £6.6bn.

The company flagged a “material uncertainty in relation to Intu’s ability to continue as a going concern”. However, it said it had options, including selling off more assets, refinancing its £4.5bn debt and negotiating with its lenders.

In a statement to the stock exchange, Intu said: “We have options including alternative capital structures and further disposals to provide liquidity, and will seek to negotiate covenant waivers where appropriate.

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Mark my words podcast | Business News

PODCAST: Mark Pownall and Mark Beyer discuss market volatility and the coronavirus, stimulus package, Liza Harvey, private equity deals, our special report on Land Developers and Great for the State looks at how we can help those who are missing out on WA’s good fortune.

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Superlatives used to describe the stock market

John Detrixhe and John Keefe of Quartz examine the most common words used to describe the stock market drop this week.

Detrixhe and Keefe write, “That’s where ‘biggest’ comes in. It has been by far the most favored superlative in news stories about the stock market, followed at some distance by the words ‘largest’ and ‘worst.’

“Quartz compiled data from 119 stories containing the phrase ‘stock market’ from a set of nearly 2,400 articles downloaded Sunday and Monday by researchers at the University of California at Berkeley’s Newslens project. We picked out the superlatives using a natural language model called spaCy that recognizes parts of speech.

“The data shows that superlatives like ‘darkest’ and ‘holiest’ have been much less popular. And as the spread of Covid-19 disrupts supply chains, causes worker shortages, and threatens to tip economies into recession, ‘safety’ has been in short supply. So much so that

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