Regulators need to be more accountable, and not just to the government
The independence of the UK’s financial regulators is widely regarded as one of London’s attractions as a financial centre. The idea of the government allowing ministers to overrule regulatory decisions has therefore made many commentators uncomfortable. Among regulators, it sparked a fierce pushback led by Bank of England Governor Andrew Bailey, who prompted the government to abandon the proposed Financial Markets and Services Act. Chancellor Nadhim Zahawi said in his Mansion House Speech on July 19 that he wanted more time to consider all the arguments before making a decision. However, the bill includes the Treasury’s power to force regulators…
Read More »Meadowcrest affordable housing project faces financial challenges | Local news
The Fort Lauderdale developer planning to build an affordable apartment complex in the Meadowcrest subdivision still faces hurdles after the Citrus County Commission voted down land use changes needed for the project. Green Mills Group’s project faced strong resistance from many of Meadowcrest’s residents who said the development was not a good fit for their community, would attract crime and create too much traffic. Although the county commission voted Tuesday to allow the project to move forward, the developer said there is still a long way to go; that is, getting the money for the project through federal tax credits….
Read More »Wimbledon beats investment industry on pandemic threats
In 2003, following the outbreak of the Sars virus, the directors of the All England Lawn Tennis and Croquet Club made a smart decision. To protect the club from financial disaster if a pandemic forced them to cancel the Wimbledon championships, the board took out insurance. For the next 17 years, he paid an annual premium of around £1.5m until 2020, when Covid hit and the tennis tournament was abandoned. The resulting losses would have been a huge blow to the club were it not for their insurance, which has paid out more than £180m. Not a bad return on…
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Evergrande hopes the offer of unitary shares will tempt creditors
China’s struggling Evergrande Group hopes to tempt offshore creditors with stakes in two foreign-listed units as it struggles to find a solution to its liquidity crisis. The move, which was widely expected by creditors, would allow creditors to offer stakes in Evergrande Property Services Group Ltd and electric vehicle maker China Evergrande New Energy Vehicle Group Ltd, the embattled developer said in an update on its restructuring proposal preliminary Evergrande’s proposed restructuring, which has been sparse on details, comes as China’s real estate sector, a key pillar of the world’s second-largest economy, stagnates from one crisis to another. The sector…
Read More »UBS paints a bleak picture for wealth management amid falling rates
UBS gave a darker picture of its business managing money for the wealthy than analysts expected for the second quarter, sending the Swiss bank’s shares tumbling 6%. The bank said rising interest rates helped offset falling fees in its core wealth management business, boosting its quarterly profit. But net profit of $2.1 billion was below the $2.4 billion analysts had estimated, partly because of a weaker performance than U.S. rivals in stock and bond trading at the bank UBS investment. UBS said recurring fees from wealthy clients, the main source of income, fell 6% as investments had declined due to…
Read More » UK businesses shunning China as international tensions rise
British companies are pulling away from China as international tensions rise, the head of the country’s leading industry group has said. Companies are cutting ties with China, the head of the Confederation of British Industry (CBI) he said in an interview published on Saturday, in a move that is likely to shoot up inflation in the UK. “Every company I speak to at the moment is committed to rethinking their supply chains … because they foresee our politicians inevitably accelerating towards a world decoupled from China,” said CBI director general, Tony Danker, in the Financial Times newspaper. Also in AF:…
Read More »‘Mumbai will not be financial capital if Gujaratis and Rajasthanis are not here’: Maharashtra governor’s comment sparks row
Maharashtra Governor Bhagat Singh Koshyari has courted controversy by saying that if Gujaratis and Rajasthanis are removed from the state, he would run out of money. His statement on Friday has drawn a backlash from leaders of all political parties. Addressing a meeting in Mumbai’s Andheri on Friday, Koshyari said, “…if the people of Gujarati and Rajasthan are removed from Maharashtra, especially Mumbai and Thane, there would be no money left here. Call Mumbai the financial capital , but if these (Gujarati and Rajasthani) people are not here, it will not be called financial capital.” #I WILL SEE | If…
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WeChat shuts down Bloomberg financial news account for regulatory violation
As China clamps down on internet companies under tougher laws, social media platform WeChat has shut down a Bloomberg social media account, accusing it of violating the country’s regulations on public online accounts, they reported friday the middle Tencent-owned WeChat said it had received “complaints” about Bloomberg’s “Daybreak” account, which posts global market updates, the South China Morning Post reports. The account, which has been active since January 2021, has violated Chinese regulations, the Chinese platform said. “All content has been blocked and the account has been suspended,” the message on the blocked account read, along with a link to…
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