Suitors circle Sanjeev Gupta’s GFG as Greensill nears collapse March 7, 2021 Sanjeev Gupta’s GFG Alliance is said to be on the brink of a potential fire sale as embattled finance firm Greensill, its main source of funding, nears collapse. Rivals are eyeing up key assets from GFG’s Liberty Steel arm amid expectations that Gupta could start selling off parts of his business in an attempt to [...]
Finance need an overhaul to price in climate change risk and push green agenda forward March 6, 2021 Why did the credit and wider financial system only take off in the last 400 years? Despite money and lending being around for millennia, financial services only truly got going alongside the Enlightenment. According to the writer Yuval Noah Harari, the fundamental shift was to be found in humanity’s belief about the future. In previous [...]
Credit Suisse to wind down Greensill-linked funds as GFG ‘ceases repayments’ March 5, 2021 Banker Credit Suisse today said that it would wind down supply-chain finance funds worth around $10bn linked to embattled Greensill Capital. In a statement this morning the Swiss lender said it would start repaying investors around 80 per cent of the $3.7bn it has available. The decision came as Sanjeev Gupta’s GFG Alliance decided to [...]
Budget reactions: Optimism and relief to Sunak’s plans March 4, 2021 Following Chancellor Rishi Sunak’s announcement yesterday, of a raft of new support measures alongside plans to shore up Britain’s finances in the wake of the coronavirus pandemic, the details of this year’s Budget gradually become clear to SMEs, entrepreneurs, startups and others in London and across the country. Sunak set out extensions to the furlough [...]
Budget 2021: As it happened March 3, 2021 Live updates and links to all our coverage, reactions and analyses as the Chancellor of the Exchequer delivers the government’s Budget later today – at 12.30pm. Please also visit our dedicated Budget 2021 Hub. Wrap-up of the main Budget announcements Here’s a wrap-up of the main announcements made by the chancellor in his spring Budget: [...]
Credit Suisse halts redemptions on $10bn Greensill-linked funds March 1, 2021 Credit Suisse has suspended redemptions and subscriptions on a range of investments linked to the Softbank-backed finance firm Greensill Capital. Greensill Capital is the brainchild of former Citigroup and Morgan Stanley financier Lex Greensill and it employs former PM David Cameron as an adviser. Greensill specialises in supply-chain finance where businesses borrow money to pay [...]
FinTech revolution was borne out of 2008 crash, Rishi Sunak must nurture a post-crisis environment for innovation March 1, 2021 It was from the devastation of the global financial crisis the FinTech revolution emerged. The pandemic will spur a new era of innovation too, and it has the potential to be bigger and even more explosive than the past decade – if we get it right. Who knew that while we all watched on as [...]
Kalifa Review: Others waiting for UK fintech’s ‘crown to slip’ February 26, 2021 The head of the much-awaited government-backed review into the fintech industry has warned the UK risks falling behind if recommendations aren’t quickly implemented. Former head of payments firm Worldpay Ron Kalifa led the review published today which sets out plans to capitalise on the growing fintech industry. The scope of the review is large, ranging [...]
How stablecoins provide a blueprint for tomorrow’s money February 24, 2021 Tether CTO Paol Ardoino explains how stablecoins could provide a blueprint for the future of the world finance.
Roadmap: Hospitality industry faces financial ruin as sector remains shut until April February 22, 2021 The hospitality industry has reacted with fury as the Prime Minister plans to allow pubs and restaurants to serve outdoors only and not until 12 April. Currently, only 40 per cent of businesses in hospitality have outdoor spaces, meaning most will still face restrictions after April. In response to today’s announcement, UK Hospitality Chief Kate [...]