AerCap sues AIG for $3.5bn over aircraft lost in Russia July 12, 2022 AerCap, the world’s largest aircraft lessor, has recently sued AIG and other insurers following a $3.5bn all-risk claim filed in March over aircraft lost in Russia. The company argued in the UK’s High Court that insurers owed AerCap the amount as part of the “all risk” insurance policy it adopted. According to the Dublin-based company, [...]
Euro kisses parity with US dollar for first time in two decades July 12, 2022 The euro kissed parity with the US dollar for the first time in 20 years today. Fears of the Continent tipping into recession have strengthened recently due to bets that Russian president Vladimir Putin will choke energy supplies to the bloc. The currency used by 19 countries – soon to be 20 when Croatia adopts [...]
New Chancellor Nadhim Zahawi in spat with Bank of England’s Andrew Bailey: ‘I’m just setting out my stall as prime minister!’ July 12, 2022 Chancellor Nadhim Zahawi insisted this morning it was appropriate for him to set out tax proposals during his Tory leadership race after criticism from Bank of England Governor Andrew Bailey. He told BBC Breakfast this a.m.: “I’m just setting out my stall as prime minister! And I have fully costed these pledges, and I’ll be [...]
Plus500 profits soar as bosses hike full year guidance July 12, 2022 London-listed fintech Plus500 said it was expecting annual revenues and profits to sail past market estimates today after a bumper period in the first half of the year boosted by market volatility.
Russia suffers heavy blow as Ukraine uses US-supplied high mobility rockets to destroy key weapon depot July 12, 2022 The Ukrainian military’s southern command said this morning that a rocket strike targeted a depot in Russian-held Nova Kakhovka, about 35 miles east of the important Black Sea port city of Kherson, which is also occupied by Russian forces. The Russian ammunition depot was apparently targeted by Ukrainian forces overnight, resulting in a massive blast [...]
Markets have bigger things to worry about than a change in Number 10 July 12, 2022 Markets tend to be one step ahead of everyone else. Investors are always trying to identify new risks and limit their exposure to events that hurt stock markets. That forward-looking ethos probably explains why they ignored the upheaval in Number 10 last week. Boris Johnson’s position has looked wobbly for a while. Investors priced in [...]
Big banks axe dealmaker jobs as revenues tumble July 12, 2022 Major investment banks have started cutting dealmaker jobs after last year’s hiring binge as revenues fall. 12 big banks have slashed their investment banker roles in the second quarter of 2022, according to research from data provider Coalition Greenwich, as reported by Financial News London. These include Bank of America, Barclays, BNP Paribas, Citigroup, Credit [...]
Sanctions bite: London-listed Russian mining firm Petropavlovsk to suspend trading and file for administration July 12, 2022 London-listed Russian gold mining firm Petropavlovsk will cease trading and file for administration after revealing it was unable to repay a $201m (£169.3m) loan to a sanctioned bank. Sanctions against Kremlin-linked firms continued to bite this week, with the Petropavlovsk in debt to Gazprombank, that has been targeted over the war in Ukraine. The bank [...]
Exclusive: ESG funds slump behind peers as energy and defence stocks bolstered by war July 12, 2022 Environmental, social and governance (ESG) funds in the UK have slumped below their industry peers this year as oil & gas, mining and defence stocks surge in the wake of war in Ukraine, new research has revealed.
Letter to Dorries: Campaigners warn Online Safety Bill amendment risks becoming ‘disinformation laundromat’ July 11, 2022 Dozens of campaigners and academics have written to the Culture Secretary Nadine Dorries to warn that the Online Safety Bill could make the UK the world’s first "disinformation laundromat", where malicious actors receive legal protections to spread hate and lies.