World Bank slashes global growth forecast after warning the world is teetering on the edge of ‘stagflation’ June 7, 2022 THE WORLD Bank yesterday slashed its forecast for global growth this year by more than 1 per cent due to increasing inflation and the economic after-effects of Russia’s invasion of Ukraine. The body had anticipated global growth of 4.1 per cent at its last update in January, but cut that in an announcement yesterday to [...]
London fund set to lose millions following Mike Ashley’s £20m Misguided acquisition June 7, 2022 The London private equity firm that injected £50m into fast fashion retailer Misguided, in the months running up to its insolvency, is set to lose tens of millions on its investment. Alteri Investors is set to lose £20m- £30m after Mike Ashley’s Frasers Group bought the Manchester based retailer for £20m last week, according to [...]
LV= appoints new chair as insurance mutual’s CEO faces calls to quit June 7, 2022 LV= has appointed Simon Moore as its new chair, as the insurance specialist’s chief executive faces renewed calls to step down. Moore, who presently holds the position of chair at consumer lending firm PCF and digital bank RCI Bank UK, will succeed interim chair Seamus Creedon. Moore said he was “determined” that the legacy firm [...]
Happening down under this a.m.: Australian central bank hikes interest rate for second time in five weeks June 7, 2022 Australia’s central bank this afternoon local time lifted its benchmark interest rate for a second time in five weeks, changing the cash rate to 0.85 per cent from 0.35 per cent. When the Reserve Bank of Australia raised the rate by a quarter of a percentage point at its last monthly board meeting on May [...]
Beleaguered Amigo Loans makes interim finance chief permanent in attempt to leave near-fatal woes behind June 7, 2022 Amigo Loans confirmed to City PM that Danny Malone will join its Board as the company’s new chief financial officer, and as an executive director. His appointment as an Executive Director is subject to approval under the Senior Managers’ Regime, by the Financial Conduct Authority. Malone has been acting as Interim CFO since February 2022. “Danny [...]
Binance hits back at claims it’s a ‘hub for hackers, fraudsters and drug traffickers’ June 6, 2022 Binance, the world’s largest cryptocurrency exchange, has brushed aside claims it is a “hub for hackers, fraudsters and drug traffickers,” after a Reuters investigation accused the Cayman Islands registered firm of serving as a “conduit for the laundering of at least $2.35bn in illicit funds”. In a blog post responding to Reuters’ article, the coin [...]
What impact could Monkeypox have on the FTSE 100? June 6, 2022 | City Talk Defensive stocks Fortunately for the FTSE 100, oil majors BP and Shell are profiting from the rising price of Brent Crude. Likewise, the big four banks —HSBC, Barclays, Lloyds and NatWest — are seeing profit spikes with every base rate increase. With CPI inflation at 9% and rising, many more could be on the way. And [...]
Metro Bank faces legal battle over coin-counting software June 6, 2022 Metro Bank is reportedly facing a legal battle in the High Court, following claims by a US software company that it leaked its software to a rival firm. US software company Arkeyo, which is suing for damages, claimed that it created the software for Metro’s “magic money machines” more than a decade ago before it was given [...]
JP Morgan braced for economic ‘hurricane’, says Jamie Dimon June 1, 2022 JP Morgan boss Jamie Dimon warned of a coming economic “hurricane” today as he called on the US federal Reserve to implement quantitative tightening and hike interest rates.
Deutsche Bank unit raided in Germany over ‘greenwashing’ allegations May 31, 2022 Prosecutors in Germany raided Deutsche Bank’s asset management unit DWS and the bank’s headquarters yesterday.
