Indian stocks wobbled after Moody’s lowering outlook to negative

Indian stocks wobbled on their record hype after the New York based credit rating agency, Moody’s lowered its outlook for the country to negative, citing concern over a deepening economic slowdown and insufficient government action. According to Moody “ the government’s inability to manage the slowdown, which has seen growth in gross domestic product fall…

Woodford collapses and traps clients

Three Hundred thousand customers of Hargreaves Lansdown were caught in the collapse of Woodford Investment management.  The Uk’s biggest online funds supermarket had championed Neil Woodford, who on Tuesday announced that he was closing his company after being fired from his own flagship fund.  Hargreaves promoted Woodford fund on its best- buy list and attracted…

BlackRock achieves record profit and swells inflows of $84bn

The world’s biggest fund manager BlackRock has achieved a record profit margin, as new clients and lower costs boosted its assets, which attracted $84bn inflows in the third-quarter, with half going to its iShare business, an ideal passive investment vehicle where Exchange-Traded Funds are engineered to meet your investment goals. Its active equity funding attracted…

Global Watchdogs wants closer scrutiny of Facebook on Libra

Facebook’s dreams of launching a  new virtual currency have hit the buffers  as two more financial regulators including International Financial Stability Board and the UK’s Financial Conduct Authority said yesterday they were paying close attention to the social media company’s plans. The regulators would not allow the world’s largest social network to launch its planned…

Facebook to launch “Libra” digital coin for 2.4billion online users

Facebook to launch digital coin for 2.4billion online users Facebook said it would launch its own digital coin next year, allowing it 2.4 billion users to make payments over the network. Facebook will allow users to change dollars, pounds and other international currencies into crytocurrency called Libra. Facebook says the coins can then be used…

Bitcoin billionaires

Bitcoin Billionaires is a tale of Winklevoss twins and their outrageous venture into the chaotic world of cryptocurrency bitcoin exploring the techno-ideological experiments and financial manias. Ben Mezrich, the New York Times bestselling author of the Accidental Billionaires and Bringing Down the House comes his latest Bitcoin Billionaires.  Harvard educated identical twins Cameron and Tyler…

Alibaba buys WorldFirst for £546m

Alibaba unit Ant Financial snaps up British Payments group WorldFirst in a £546m ($700m) deal. Ant Financial said the deal will enable the group to reach more customers “especially in the fast-growing area of cross-border ecommerce”. Last year Ant Financial’s thwarted attempt to takeover MoneyGram International, a US based cross-border payments group, that Washington blocked…

Pound and Shares nosedives

The Pound and shares in housebuilders and banks took a nosedive after Cabinet ministers  Brexit Secretary Dominic Raab and Work and Pensions Secretary Esther McVey, followed by Northern Ireland minister Shailesh Vara, Brexit minister Suella Braverman and Parliamentary private secretaries Anne-Marie Trevelyan and Ranil Jayawardena quit over Prime Minister Theresa May’s draft Brexit deal. On…

China’s dream to reconcile market economy

  George Magnus and economist questions whether China can continue to keep all its balls in the air as it tries to reconcile the needs of a market economy with the criticisms of a one-party state. His book Red Flag looks at the four traps that the party is trying to avoid –currency ( renminbi),…