Greensill files for administration putting thousands of steel jobs at risk March 8, 2021 Greensill Capital has this afternoon filed for administration, potentially putting at risk thousands of jobs in the UK steel industry. Lawyers for the boutique bank, which is one of the main sources of funding for steel magnate Sanjeev Gupta’s business empire, appeared before a UK court today, the FT reported. According to court documents, Greensill [...]
All Greek to me: Apollo snaps up insurance giant Athene in $11bn US mega-deal March 8, 2021 All Greek to me: Apollo snaps up insurer Athene in $11bn US mega-deal
Institutions are driving cryptocurrency boom, says Goldman Sachs March 8, 2021 Demand from institutions is the driving force behind recent surges in cryptocurrency prices, according to Goldman Sachs analysts.
Investors call for ‘decisive action’ on markets reform after Hill review March 8, 2021 Investors and corporates are concerned about the pipeline of IPOs this year because of the UK’s “burdensome” requirements. Just 21 per cent of investors and five per cent of corporates surveyed by Peel Hunt and the Quoted Companies Alliance (QCA) believe the number of listed firms will increase this year. The UK’s “burdensome listing requirements” [...]
Direct Line profit slumps as major costs hit home insurance division March 8, 2021 Direct Line saw profit drop in 2020 as weather-related costs in its home insurance line offset a strong performance in its motor business. The firm said operating profit fell 4.5 per cent to £522m, while pre-tax profit plummeted 11.4 per cent to £451m. Weather costs increased to £43m from £6m in 2019, while gross written [...]
Ministers in talks over post-Brexit global services deal March 8, 2021 The government is said to be in talks to create a global trade agreement in services in an effort to boost the UK economy after Brexit. Senior ministers and City lobby groups have held discussions over a plan that would allow countries including Britain to export services such as banking, insurance and legal advice to [...]
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 [...]
London remains most desirable city in the world to live and work March 5, 2021 A study by Boston Consulting Group (BCG) and Totaljobs shows London remains the most attractive city to live and work in, despite uncertainty around Brexit and the Covid-19 pandemic. The Global Talent Survey was based on a study of over 200,000 participants in 190 countries. London appealed most to highly educated people and those working [...]
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 [...]