Private equity needs to start speaking up for itself – it could be the key to ‘levelling up’ August 6, 2021 Private equity’s reputation is once again in the spotlight. With the supermarket Morrisons in the industry’s crosshairs, the public memory is reminded of previous scandals involving other household names. The multi-billion-pound bidding war for a major employer, headquartered in the north of England, has understandably attracted the interest of ministers and opposition politicians sensitive to [...]
The recovery requires more capitalism, not less August 6, 2021 Last week, the US tech giants reported profits the size of a small country’s GDP. At around the same time, news broke that Conservative donors were paying to bend the ears and influence the policies of our Prime Minister and Chancellor. It wasn’t hard to conclude that something is rotten in the state of capitalism [...]
Huawei revenues collapse nearly a third as it peddles against US sanctions August 6, 2021 Chinese telecoms giant Huawei Technologies has watched its revenue collapse by almost a third so far this year, as it peddles against the waters of US sanctions. Revenue hit $49.5bn in the six months to June, down 29 per cent, the group reported today. With its handset business struck by US sanctions, the UK’s decision [...]
Wildfires put pressure on insurance premiums as blazes surge August 6, 2021 Destructive wildfires across the globe have caused insurance premiums to rise in value of claims and is set to continue as trends show wildfires are more likely to occur, according to British insurance company Chaucer. The insurance and reinsurance firm discovered US Wildfires have become an increased occurrence since the 2000s. Over the last 15 [...]
Redesigning the global financial infrastructure for the digital-age August 6, 2021 Since the ‘DeFi Summer’ of 2020, the DeFi market has grown by 40 times, with the Total Value Locked currently standing at $61B. Stablecoins, one of the major pillars of DeFi, almost quadrupled in the first half of 2021 to $112 billion. Novum Insights’ latest report Decentralized Finance: Re-designing the global financial infrastructure for the [...]
Greensill-linked fund investors to recoup another $400m from Credit Suisse August 6, 2021 Credit Suisse is set to reimburse another $400m to investors in its supply chain finance funds linked to Greensill Capital, the bank said today. The latest payout is the fourth instalment since Greensill Capital collapsed earlier this year, taking the total amount returned to investors to $5.9bn. Read more: Credit Suisse appoints new chief risk [...]
Ollie Phillips: Lions series win would be heroic in the circumstances but momentum has swung behind South Africa before deciding Test August 6, 2021 As the British and Irish Lions prepare for their series-deciding third Test, it feels like all momentum has swung behind South Africa. Fair play to the Springboks; they nailed their game plan in the second match last weekend. It was set-piece perfection allied to a moment of magic from Handre Pollard, whose cross-field kick set [...]
15m UK households brace for soaring energy bills, which will rise by £139 August 6, 2021 Energy bills for 15 million households will increase by at least £139 from October because of a rise in wholesale energy prices, regulator Ofgem has said. Watchdog Ofgem said today that energy customers on default tariffs paying by direct debit will see the sharpest jump in prices since the cap was introduced, taking average energy [...]
FCA approves James Hay’s Nucleus acquisition, creating £47bn mega-platform August 6, 2021 Pensions provider James Hay gained the nod of approval from the UK’s financial regulator for its £145m acquisition of investment platform Nucleus, in one of the biggest UK deals in years. The Financial Conduct Authority (FCA) approved Hay’s purchase of Nucleus on Friday, paving the way for their creation of a mammoth financial adviser platform [...]
FRC begins hunt for new chair after its governance dubbed a ‘grave risk’ August 6, 2021 The government has launched its recruitment drive for a new chair and non-executive directors for the Financial Reporting Council, after its governance was criticised. Although the watchdog has started the search for a permanent chair and six new non-executive directors, it will still be without a chair when Skeoch steps down in October. Just two [...]
