Portfolio

Monday newspaper round-up: Banks, Wheaton Precious Metals, Covid economic hit

By Michele Maatouk

Date: Monday 21 Sep 2020

Monday newspaper round-up: Banks, Wheaton Precious Metals, Covid economic hit

(Sharecast News) - The government has been accused of failing to rescue struggling industrial companies through its "Project Birch" bailout scheme amid signs that manufacturers are slashing investment in a fight for survival. Against a backdrop of mounting job losses, Labour said the Treasury support scheme was gathering dust after only one company qualified for emergency bailout funding. - Guardian
The Treasury has told a new bank customer complaints body to prepare for an influx of grievances over government-backed Covid loans. The Business Banking Resolution Service (BBRS) - set to launch in mid-November - was preparing to tackle cases dating back to 2001. - Guardian

British banks have been accused of enabling fraudsters, criminals and money-launderers, following a leak of secret files. A cache of more than 2,000 suspicious activity reports (SARs) - those filed to the authorities by banks who suspect wrongdoing - reportedly contains allegations that a number of major UK lenders allowed dirty money to flow through their accounts. - Telegraph

An £18 billion gold and silver business is to unveil plans to list in London in what could be the City's largest listing in almost a decade. Wheaton Precious Metals is planning a secondary listing on the main market in London alongside its existing listings in Canada, where it is based, and in New York. - The Times

The economy faces a hit of £250 million a day from a second wave of Covid-19 infections if partial lockdowns reverse the increase in people going to pubs and restaurants and returning to work, according to a new report. The Centre for Economics and Business Research (CEBR), a think-tank, warned that GDP could fall by between 3 and 5 per cent in the last three months of the year compared with the third quarter. Douglas McWilliams, the CEBR's deputy chairman, said that a second national lockdown could "knock the stuffing out of consumer and business confidence", with an impact on investment, business closures and jobs. - The Times

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