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…
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…
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),…
The founder of the world’s largest Hedge fund Bridgewater Associates which is a global macro investment firm and Hedge fund guru Ray Dalio, simplifies the big debt meltdowns by analysing the issue into cause and effect. Dealing with Debt Crises is about spreading out the pain, and spread out the cost of the debt widely…
Agro, the Canadian firm, won approval to go public from the UK Listing Authority two weeks ago, wants to “ democratise” the crypto-mining process by which new virtual coins are created by renting out its specialist computing capacity for a monthly fee. The listing could be controversial as crypto-currencies have been linked to organised crime…
The Dollar climbed new highs for the year against a basket of major currencies yesterday as the Federal Reserve’s policy making open market committee gathered in Washington for today’s decision on interest rates., although the Fed’s not expected to tighten monetary policy. The recent rising wages and inflation has pushed the dollar higher as the…
The Pound Sterling has climbed to its highest level since Britain’s vote to leave the European Union in June 2016. Sterling also has been boosted by expectations that the Bank of England will raise the interest rates, in the wake of Dollar weakness after uncertainty about US trade policy. The Pound, which sank to $1.2068…
Sterling has leaped to its highest level in past 19 months against the US dollar since the Brexit vote, to $1.37 highest level since 254 June 2016. Before the result of the referendum, the Pound had been trading at $1.50. Sterling is benefiting from the dollar weakness and the growing euro strength rather any pound…
Stuart Scott (45), HSBC’s former top currency trader can be extradited to face fraud charges in New York, a UK court has ruled only days after his ex-colleague was convicted on forex-ridding charges in the US. The Westminster magistrates court did not deliberate on whether Mr. Stuart of Radlett in Hertfordshire, is guilty or not…
The leak exposes some of the Britain’s wealthiest people, who are instructing lawyers and public relation companies in an effort to safeguard their reputations. The disclosure threatens to call into question the status of several British Overseas Territories which offer tax benefits to the wealthy elite. If this alleged illicit activities or conduct are…