UK debt office plans record bond sales to help struggling economy recover June 29, 2020 The UK will sell a record amount of government debt this year, testing the level of demand for gilts as Britain grapples with the economic fallout from the coronavirus pandemic. The UK’s Debt Management Office (DMO) this morning announced plans to sell a further £50bn of bonds by the end of August, bringing its issuance [...]
Global stocks sink deep into red as second wave fears bite June 24, 2020 Global stocks plunged further into the red this afternoon as fears of a second wave of the pandemic mounted and investors worried about a slowdown in the global economic recovery. The FTSE 100 closed down 3.11 per cent as growing numbers of new infections compounded fears over a second wave of cases, sending jitters through [...]
UK debt office plays down risk of failed gilt auctions June 24, 2020 Britain is unlikely to struggle to sell bonds at future debt auctions, the head of the UK’s Debt Management Office said on Wednesday, after the Bank of England’s governor said market turmoil in March had risked causing difficulties. Speaking at a hearing of the Treasury select committee, Sir Robert Stheeman said it was “not obvious” [...]
IMF: Global economy facing $12 trillion hit from coronavirus June 24, 2020 The coronavirus pandemic will trigger the biggest hit to global growth since the Great Depression and cost the global economy an estimated $12 trillion (£9.6 trillion), the International Monetary Fund (IMF) said today. The virus is causing wider and deeper damage to the global economy than first thought, the organisation said as it slashed its [...]
ECB chief economist: Don’t get too excited by solid eurozone data June 24, 2020 Solid data may not be a good guide to how the eurozone is recovering from its deepest economic crisis in recent memory, the European Central Bank’s (ECB) chief economist said. Having suffered a historic drop in output in April, the bloc’s economy is starting to revive as some restrictions to limit the spread of the [...]
US mulls $3.1bn of new tariffs on UK and European goods June 24, 2020 The US is weighing up new tariffs on $3.1bn (£2.5bn) of exports from the UK, France, Germany and Spain as trade tensions between the Trump administration and Europe rise again. The US Trade Representative (USTR) wants to impose new tariffs on European exports including olives, beer, gin and trucks, while increasing duties on certain products [...]
Former Wirecard boss Markus Braun released from custody, says lawyer June 24, 2020 Former Wirecard chief executive Markus Braun, who was arrested on suspicion of falsifying the company’s accounts and market manipulation, has been released from custody. Braun was released after paying his bail of €5m (£4.5m), his lawyer told Reuters. A German news agency had earlier reported that the former boss of the payments company had been [...]
Accounting watchdog investigates London Capital & Finance audits June 24, 2020 The accounting watchdog has launched three investigations into audits of collapsed mini-bond seller London Capital & Finance (LCF). The Financial Reporting Council (FRC) will investigate audits of the investment firm carried out by Oliver Clive & Co., PwC, and EY. LCF went into administration in January 2019, leaving 11,600 investors facing losses of up to [...]
Peer-to-peer lender Zopa launches digital bank after receiving full licence June 24, 2020 Zopa is launching a new digital bank after receiving its full banking licence, the British peer-to-peer lender announced today. The peer-to-peer loan sector has come under pressure from increased regulatory scrutiny and weakening demand from investors, placing pressure on firms to diversify their revenue streams. Zopa first announced plans to pursue a second revenue stream [...]
FTSE 100 and Wall Street gain on signs of economic recovery June 23, 2020 The FTSE 100 closed up and Wall Street posted strong gains on Tuesday afternoon after new economic data signalled that business activity across the US, UK and the Eurozone was recovering faster than expected. Having risen steadily throughout the morning, the FTSE 100 pushed ahead in afternoon trading today as traders welcomed the most significant [...]
