Sanjeev Gupta’s GFG vows to fund steel producer ABB’s fight against New York bankruptcy case March 14, 2023 Sanjeev Gupta’s GFG Alliance has set out its plan to block steel producer Aartee Bright Bar (ABB) from being forced into bankruptcy. The conglomerate, which fully acquired the Midlands company last month, said it would ask a court to block New York investment fund FGI from plunging ABB into insolvency. GFG said its rescue plan [...]
NatWest imposes £1,000 daily limit on Crypto spending to protect people against ‘losing life changing sums’ March 14, 2023 NatWest imposed stricter restrictions on cryptocurrency transfers as it seeks to protect its customers after £329m was lost by UK consumers last year. The bank is implementing a daily limit of £1,000 and a 30-day payment limit of £5,000 to cryptocurrency exchanges. It is implementing the rules to “help protect customers losing life changing sums [...]
Banking sell-off slows in Europe after SVB collapse as US lenders set for recovery March 14, 2023 The banking sell-off eased in Europe today while US regional banks are poised to rebound as investors continue to digest the implications of Silicon Valley Bank’s collapse. Fears of contagion sparked a brutal sell-off in Europe yesterday with the European Stoxx bank index falling 6.7 per cent. But Europe’s lenders have had a calmer day [...]
Unfriended: Facebook owner Meta to cut 10,000 job and close of 5,000 vacancies as tech crunch continues March 14, 2023 Facebook owner Meta will sack 10,000 of its staff and close 5,000 vacancies as the tech sector continues to slim down in a bid to cut losses. In a post on facebook, CEO Mark Zuckerberg made the announcement, saying it was being done with a view to both helping it “improve our financial performance” and [...]
US inflation tumbles to lowest level since September 2021 but price pressures complicate Fed rate decision March 14, 2023 US inflation has dropped to the lowest level since September 2021, but underlying price pressures are still sticking around, complicating the Federal Reserve’s rate decision next week, official figures out today show. The rate of price growth in the world’s largest economy trimmed to six per cent over the year to February, down from 6.4 [...]
Business charm offensive: Reeves discusses investment plans at meeting with Lloyds, Aviva, L&G and British Land March 14, 2023 Labour’s business charm offensive is continuing as shadow chancellor Rachel Reeves is set to discuss plans to boost investment. Keir Starmer’s Labour has positioned itself as the ‘party of business’ as it aims to exploit the Conservatives’ reputational hit following the economic chaos of Liz Truss’s calamitous mini-budget. Reeves will discuss plans to boost business [...]
OPEC forecasts boost in China oil demand after SVB collapse sparks crude price tumble March 14, 2023 Chinese demand should bolster the oil market, even as crude prices tumble following the collapse of Silicon Valley Bank, says OPEC.
Elon Musk: Gary Lineker takes aim at Twitter boss after son gets threatening messages March 14, 2023 Gary Lineker has questioned Twitter owner Elon Musk after a threatening message was sent to his son in the wake of the sports presenter’s row with the BBC. The former footballer, who was reinstated as host of Match Of The Day (MOTD) on Monday, re-shared a private message which said his eldest son, George, should [...]
Six ways business leaders think Chancellor can fix female entrepreneurship gap March 14, 2023 A group of senior business leaders have called on the Chancellor to use tomorrow’s budget to boost female entrepreneurship – with the UK economy said to be losing out on £250bn a year thanks to a lack of women starting and scaling businesses. Though women in the UK established over 150,000 new companies in 2022, [...]
British designed BAE nuclear subs will power up Australian navy as part of AUKUS defence deal March 14, 2023 Australia will operate a new generation of nuclear-powered submarines based on British designs as both countries modernise their armed forces as part of the AUKUS defence deal. The new boats will be in operation in the late 2030s as part of the AUKUS deal – involving Australia, the UK and US. It will follow a [...]
