Crypto crash to get worse with deeper price drops as a multibillion-dollar hedge fund struggles to survive June 15, 2022 The price of leading cryptocurrencies continued to plummet today, with industry experts warning that the “crypto winter” could last for years. Bitcoin dropped about 3.87 per cent per cent today to $21,392.46 trade at $, while Ether fell 3.73% per cent to $1162.52. Bitcoin is now down near 70 per cent from it’s all-time high of [...]
Steel can power UK’s energy ambitions, says Severfield boss June 15, 2022 Steel has a vital role in boosting energy infrastructure and help power the transition to a greener economy, argued Severfield's boss.
Solvency II shakeup will boost UK insurers’ competitivity, Bank of England exec says June 15, 2022 A high-ranking exec from the Bank of England’s (BoE’s) financial services watchdog has said the government’s plans to overhaul Solvency II will boost the insurance sector competitivity. Charlotte Gerken, executive director of insurance at the BoE’s Prudential Regulation Authority (PRA), said the government’s plans for reforms of Solvency II will increase the UK insurance sector’s [...]
1 Minute Market Rundown – 14th June 2022 June 14, 2022 Celsius Insolvent?Risk ClatteredAll Eyes on Powell It was crypto that led the charge down both yesterday and over the weekend, with ETH at the vanguard. BTC had its worst single day performance in a year, while ETH slumped 18% over further concerns around its proposed merge. News on the day of Celsius’s insolvency exacerbated the [...]
London fund set to lose millions following Mike Ashley’s £20m Misguided acquisition June 7, 2022 The London private equity firm that injected £50m into fast fashion retailer Misguided, in the months running up to its insolvency, is set to lose tens of millions on its investment. Alteri Investors is set to lose £20m- £30m after Mike Ashley’s Frasers Group bought the Manchester based retailer for £20m last week, according to [...]
Exclusive: Co-working firm Second Home launches sale process amid battle for rescue cash June 6, 2022 Shared office firm Second Home has started scouting for a buyer in parallel with efforts to secure rescue cash, CityA.M. understands. The workspace provider has launched a sale process after administrators from FRP Advisory were called in to help fend off insolvency. Headed by a former aide to ex-Prime Minister David Cameron, Rohan Silva, Second [...]
Treasury unveils plans for stablecoin insolvency regime led by Bank of England May 31, 2022 The Treasury has today unveiled plans for an insolvency regime for stablecoins as it looks to safeguard against the type of crash that saw terra shed almost all of its value this month.
Fish and chip shops struggle to keep heads above water as sector battered by price rises May 25, 2022 Some fish and chip shop owners could be driven to commit fraud in the absence of any further tax relief, one industry boss has warned. The words of warning came from president of the National Federation of Fish Friers, Andrew Crook, who told CityA.M. that the fish and chip industry had felt “abandoned” by the [...]
Accountancy firms ask for exemptions from ban on providing services to Russia May 24, 2022 Accountancy firms have asked the UK government to offer exemptions to professional services firms from rules blocking them from working with Russian clients. The calls come after the government this month set out plans to block British accountants, business consultants, and PR managers from providing their services to Russians, in response to the country’s invasion [...]
Restructuring specialist Begbies Traynor says results will be ‘comfortably’ ahead of expectations May 19, 2022 Corporate restructuring specialist Begbies Traynor has said it expects its upcoming financial year results will be “comfortably ahead of market expectations” and “significantly” on last year. The Manchester headquartered firm said it expects its revenues will increase 30 per cent to £109.5m and its adjusted pre-tax profits will increase 55 per cent to £17.8m, compared [...]