Good morning,
Natwest has posted a pre-tax profit of £2.2bn, broadly in line with what it was expecting. The results are set against the looming prospect of a bank tax, which the government has promised will only last 15 months. But, would the government ever actually reverse that surcharge?
Meanwhile, Binance has been hit by one of the most severe hacks in history, affecting several billion dollars of digital assets and forcing it to freeze customer accounts.
Plus: Exclusive economic modelling for City AM assesses whether Manchester City is too big to fail.
So, here’s everything you need to know this morning. We’ll be back in your inbox at noon with Midday Markets.
Matt
BANKING
Why the City isn’t buying a ‘time-limited’ bank tax hike
John Healey may have opened Pandora’s Box with an increase to the UK bank surcharge. Samuel Norman looks at whether he will resist the temptation to extend it.
BANKING
Natwest’s wealth income boosted by Evelyn Partners takeover
The FTSE 100 bank recorded a pre-tax profit of £2.2bn, broadly in line with internal consensus and up 1.9 per cent from the same period last year.
Natwest sealed a £2.7bn deal to purchase the firm from its private equity owners Permira and Warburg Pincus in February. It added the acquisition had completed at the end of June.
FTSE 100 LIVE
Stocks to rise; oil up as US considers Iran strikes
Oil prices are on the march this morning, up above $112 per barrel after dropping on Thursday afternoon. This follows news that a senior US commander has briefed Trump on his options for resuming its assault on Iran following the midterms.
CRYPTO
Crypto giant Binance hit by ‘largest hack in history’
Binance said on Thursday that some $6.3bn (£4.7bn) had been impacted by the attack, half of which has been frozen but still in its control. The other half remains in the hands of the hackers, according to the crypto giant, which promised to “cover all losses”.
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SPORT BUSINESS
Are Manchester City too big to fail? Here’s what economic modelling says
Exclusive economic modelling for City AM assesses whether Manchester City are too big to fail and whether a contagion threat should be factored into any punishment of the club.
OPINION
The OBR is clear: Not a single measure from this Budget will raise growth
This Budget was not a plan for growth or national renewal, it was a smothering pillow for the UK economy, writes Robert Jenrick.
LIFE&STYLE
New Aston Martin DBX GT brings added luxury to V8-powered SUV
The Aston Martin DBX has gained a new derivative, with the GT version focused squarely on enhanced comfort and refinement.
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