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☆ The Fed's first rate cut could come next month if the labor market slows
▼ + stars: | 2024-06-21 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The Federal Reserve may cut interest rates in July to prevent a recession. Markets are only pricing in a 10% chance of an interest rate cut in July, according to the CME FedWatch Tool. AdvertisementMarkets may think it's a long-shot, but the Federal Reserve could make its first interest rate cut in July as recessionary cracks start to form in the economy. According to the CME FedWatch Tool, markets are only pricing in a 10% chance of an interest rate cut at the July policy meeting, with most market participants expecting the first interest rate cut to happen in either September of November. And with recent data showing cracks forming in the housing and labor markets, that means a rate cut will happen sooner than most expect.

Persons: —, Steven Blitz, Jerome Powell, Powell, Neel Kashkari Organizations: Service, Federal Reserve, GlobalData, Fed

☆ Stock market today: US stocks edge lower as AI-fueled tech rally stalls
▼ + stars: | 2024-06-21 | by ( Matthew Fox | ) www.businessinsider.com time to read: +1 min

US stocks moved slightly lower on Friday following a sharp reversal in tech stocks on Thursday. AdvertisementThe AI-fueled tech rally showed signs of exhaustion, with the stalwart Nvidia experiencing a near 7% swing in Thursday's trading session, rising as much as 3% before it finished the day lower by 3.5%. Other AI tech darlings saw sharp reversals and moved lower on Thursday, with those losses spilling over into Friday's trading session. There is rising inventory and a perceived drop in traffic that is recessionary in its level," GlobalData TS Lombard said on Thursday. Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:AdvertisementHere's what else is going on today:In commodities, bonds, and crypto:

Persons: GlobalData, Lombard Organizations: Nvidia, Dell, Broadcom, Micro, Federal Reserve Locations: Here's

☆ Cost of debt should be higher for France, economist says
▼ + stars: | 2024-06-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCost of debt should be higher for France, economist saysDavide Oneglia, economist at TS Lombard, says total credit to gross domestic product for France is likely at the highest level in the developed world.

Persons: Davide Oneglia Organizations: TS Lombard Locations: France

☆ The Everything Guide to Partying (Without Regrets)
▼ + stars: | 2024-06-21 | by ( George Gurley | Carson Griffith | ) www.nytimes.com time to read: +22 min

And don’t ask who else is coming. Romilly Newman, chef, food stylist, social media personality Don’t bring a guest to a seated dinner. Raul Tovar/Houses & Parties Rebecca Gardner Please don’t ask people to take off their shoes when entering your apartment. Bronson van Wyck Gosh, I don’t think you can avoid certain topics in 2024. But don’t think you’re décor.

Persons: Ivy Getty, Rufus Wainwright, We've, Lang Phipps, Kate Upton, Illa Gaunt, Rebecca Gardner, William Laird, Sarah Harrelson, Jen Rubio, Jason Sean Weiss Sarah Harrelson, Alex Hitz, Ariel Arce, Larry Milstein, Eat, Maneesh, “ I’m, Wes Gordon, Lizzi Bickford, Smile, Tefi Pessoa, Daisy Prince, There’s, “, Kristy Hurt, headhunter, Kendall Werts, Don’t, Jorn Weisbrodt Rufus Wainwright, Harry Hurt III, Liz Lange, Athena Calderone, Jennifer Gilbert, Kyle Hotchkiss Carone, it’s, you’ve, you’re, ”, Krista Schlueter, The New York Times Molly Jong, Gary Jackson Bronson van, —, Laila Gohar, Susan Gutfreund, it’ll, Josh Flagg, somebody’s, Bronson van Wyck, Max Tucci, Sara Ruffin Costello, David Sedaris’s, Steven Badius, Kyle Hotchkiss, Kendall Werts “, It’s, Truman Capote, Jennifer Gilbert Don’t, Romilly Newman, Raul Tovar, don’t, Emily Post, ” They’re, Jobe, Lela Rose, ” Lizzi Bickford, Paloma Sandoval, Elsie Richter, Whitney, I’m, Zibby Owens, Molly Jong, That’s, Yana Paskova, The New York Times Harry Hurt, Elise Taylor, Francis Hauert, Doris Hauert, Jana Platina, Plum Sykes, Putin, Julie Reiner, Karsten Moran, Jennifer Gilbert I, Ken Fulk, Nobody, Giselle, Emma Gwyther, The New York Times Kendall Werts, Sedi, Nikki Haskell, Andy Warhol, Richard Weisman, Patricia Altschul, Amy Sacco, Hunter McRae, The New York Times Patricia Altschul, Dorothy Parker, Joey Wolffer Joey Wölffer, they’re, now’s, Rufus Wainwright I’m Organizations: Yorker, The New York Times, Trump, Biden, The New York, Google Locations: Converse, Uggs, Gardens, East Hampton, N.Y, New York, Gary Jackson Bronson van Wyck, we’ll, Delmonico’s, Europe, stow, someone’s, New Hampshire, Ukraine, Israel

☆ Indian Prime Minister Narendra Modi's election shortfall leaves Wall Street scrambling
▼ + stars: | 2024-06-05 | by ( Seema Mody | ) www.cnbc.com time to read: +5 min

Indian Prime Minister Narendra Modi gestures, at the Bharatiya Janata Party (BJP) headquarters in New Delhi, India, June 4, 2024. Over the past several years, chief executives from some of the biggest companies in the United States have invested time and money into relationships with Modi, as they set their sights on the Indian market. Modi's economic agendaModi's failure to secure a supermajority for his party also raises new questions about the Modi government's broader economic agenda. Now, one of the labor laws that Modi's government had intended to reform may not get implemented, because Modi's party, the Bharatiya Janata Party, or BJP, no longer holds an outright majority in Parliament. Supporters of the ruling Bharatiya Janta Party (BJP) holding cut-outs of India's Prime Minister a Narendra Modi during an election campaign rally in Amritsar on May 30, 2024.

Persons: Narendra Modi, Adnan Abidi, Garre, Modi, Pramit Chaudhuri, Rahul Sharma, Shafer Cullen, Sharma, Chaudhuri, Raghuram Rajan, Rajan, Narinder Nanu Organizations: Indian, Bharatiya Janata Party, BJP, Reuters, Bernstein, GE Aerospace, Apple, Nvidia, CNBC, Modi, Coalition, Asia Society's, Reserve Bank of India, University of Chicago's Booth School of Business, Bharatiya Janta Party, India's, Afp, Getty Locations: New Delhi, India, United States, China, Asia, Asia Society's India, Eurasia, Amritsar

☆ Nvidia's Jensen Huang receives a rockstar reception in Taiwan amid a record high stock market
▼ + stars: | 2024-05-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Read previewNvidia cofounder and CEO Jensen Huang is in Taiwan this week, where he's getting rockstar reception and boosting the stock market. The drills started on Thursday, but Taiwan's stock market was little changed over the period. "In this case, the AI equity theme, physical investment in AI, and the wider upturn in electronic component demand are driving robust Taiwanese growth and the strong stock market performance," wrote Green. He added that an outright invasion of Taiwan by China is "very unlikely" due to high military and economic risk. "If the macro backdrop is positive and China remains far from achieving 'fortress-like' economic conditions, future sell-offs may offer attractive buying opportunities," Green wrote.

Persons: —, Jensen Huang, Huang, Li Xi, Morris Chang, Lisa Su —, Pat Gelsinger, Cristiano Amon, Rene Haas, Rory Green, It's, Green Organizations: Service, China's People's Liberation Army, Business, Local, rockstar, Asus, AMD, Qualcomm, Semiconductor, PLA, Investors, Philadelphia Stock Exchange, Nvidia Locations: Taiwan, China, Beijing, TSMC, Taipei, Taiwan's, GlobalData.TS, Ukraine, Russia

☆ Fed Chair Powell is 'running a risk' of inflation rising again, economist says
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed Chair Powell is 'running a risk' of inflation rising again, economist saysSteven Blitz, chief U.S. economist at TS Lombard, discusses the outlook for U.S. inflation and Federal Reserve monetary policy.

Persons: Powell, Steven Blitz Organizations: TS Lombard, Federal Reserve

☆ Monzo: 2024 CNBC Disruptor 50
▼ + stars: | 2024-05-14 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +2 min

As a digital-only bank, Monzo operates entirely within a mobile app. In September, the company partnered with BlackRock , the asset management giant, to offer three funds to Monzo customers. Founded in 2015, it has more than nine million customers, making it the largest digital bank in the U.K. and the seventh largest U.K. bank by customers. In March, Monzo raised $430 million in a new round of funding led by CapitalG, the venture arm of Alphabet. It appointed Conor Walsh, a former executive at Block's Cash App division, as the CEO at Monzo U.S. in October.

Persons: Monzo, neobanks, Starling, —, CapitalG, Conor Walsh, Anil Organizations: BlackRock, Starling Bank, Zopa, Sutton Bank, Monzo, Financial Times Locations: Monzo, U.S

☆ Displaying art in your home? Here are some do's and don'ts
▼ + stars: | 2024-05-13 | by ( Lucy Handley | In | ) www.cnbc.com time to read: +6 min

Andreas Von Einsiedel | Corbis Documentary | Getty ImagesThere are two common mistakes people make when hanging art in their homes, according to art consultant Louisa Warfield. People sometimes make the mistake of hanging artwork too high, according to art consultant Louisa Warfield. Louisa Warfield Art ConsultancyA guideline is to hang the work so that its center is about 150cm above the floor, Warfield said. Louisa Warfield Art ConsultancyIn a large home, a gallery wall might be about 160cm in height and about the width of the couch the art will hang above, Warfield said. Art collector Helen Sunderland Cohen said she aims for a "harmonious and balanced" environment when it comes to playing art.

Persons: Louisa Warfield, Andreas Von Einsiedel, Warfield, it's, David Price, Rachael Harding, —, Louisa Warfield's, Sophie Carter, Yoko Kloeden, Helen Sunderland Cohen, Yinka Shonibare, Aimee Parrott, Prunella Clough, Simon Bejer, Sunderland Cohen Organizations: CNBC, Sunderland, City & Guilds School of Art Locations: British, Nigerian, London

☆ I got a hair transplant in Istanbul, a sanctuary for balding men. It pulled me out of a dark place.
▼ + stars: | 2024-05-11 | by ( Spencer Macnaughton | ) www.businessinsider.com time to read: +17 min

Bennett, who's three years older than me and was a bit further along in the balding process, had been my hair loss mentor. But now, he was one of the growing number of men who traveled 5,000 miles to Istanbul, the global capital for hair transplant surgery. According to the Turkish Health Tourism Association, about one million people traveled to Turkey for a hair transplant in 2022, spending about $2 billion. Bennett/Spencer Macnaughton Show less Bennett lounging poolside in December 2022 , 11 months after his hair transplant. Spencer Macnaughton during his hair transplant in Istanbul Turkey Kenny Wassus/Business InsiderWhen they finally announced I was finished, it was around 10 p.m.

Persons: Bennett, Turkey —, who's, It's, poolside, what's, I'd, —, Aygin . Bennett, Spencer Macnaughton, Serkan Aygin, he'd, Kenny Wassus, Aygin, He's, they'd, Choi, you've, Istanbul Turkey Kenny Wassus, Kenny, I've, I'm Organizations: Mercedes Club, Business, Turkish Health Tourism Association, FDA, International Society of Dermatology, Turkish Airlines, Istanbul Airport Locations: midtown Manhattan, Turkey, Istanbul, Manhattan, New Jersey, Turkish, United States, New York, Istanbul Turkey, Detroit

☆ British neobank Monzo boosts funding round to $610 million to crack U.S. market, launch pensions
▼ + stars: | 2024-05-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

MonzoBritish neobank Monzo said Wednesday that it's raised another $190 million, lifting the total it's raised so far this year to $610 million. Singaporean sovereign wealth fund GIC also participated in Monzo's latest fundraise, a source familiar with the matter told CNBC. The total $610 million round marks the single-biggest funding round for a European fintech in the past year, according to Dealroom data. "What I like about how we're approaching this is, at the heart of it, it's not just words," Anil told CNBC in an exclusive interview Tuesday. European expansion is also on the cards, Anil said, although he didn't commit to a date for when this will happen.

Persons: Anil, Monzo, it's, GIC, we've, Monzo's, Revolut Organizations: CNBC, Hedosophia, Barclays, NatWest, BlackRock, JPMorgan, Citibank Locations: U.S, Berlin

☆ The Fed likely won't cut rates until after a recession strikes, research firm says
▼ + stars: | 2024-05-02 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

The Fed likely won't cut interest rates until after a recession arrives, according to GlobalData TS Lombard. The research firm said Fed Chair Powell is likely to fall into the trap of being reactionary when it comes to rate decisions. AdvertisementThe Federal Reserve is making a big mistake by not cutting interest rates right now, according to GlobalData TS Lombard chief US economist Steven Blitz. And if inflation sees a sharp rebound to 5%, "they obviously hike" interest rates, Blitz said. AdvertisementAll-in, according to Blitz, it means that interest rates could stay at current levels for longer-than-expected, especially since it appears there will be no recession this year.

Persons: Powell, Steven Blitz, Jerome Powell, Blitz, Jeremy Siegel Organizations: Fed, GlobalData, Lombard, Federal Reserve

☆ Europe is beating inflation. Why can’t America declare victory?
▼ + stars: | 2024-04-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

The Fed aims to keep inflation at 2% over the longer run. Meanwhile, among the 20 countries that use the euro, annual consumer price inflation has slowed steadily since the start of the year. Fed Governor Michelle Bowman said earlier this month that she would favor a rate hike “should progress on inflation stall or even reverse.”So why does the United States appear to have a bigger inflation problem than Europe? Some economists argue there isn’t actually much daylight between the US and European rates of inflation, pointing to a quirk in the US measures. The measure is designed to track inflation in the real estate market while accounting for the fact that most Americans own their homes.

Persons: Michelle Bowman, Paul Donovan, Simon MacAdam, ”, MacAdam, ” Carsten Brzeski, Janet Yellen, Jim Watson, Brzeski, “, ” Davide Oneglia Organizations: London CNN, Federal Reserve, European Central Bank, PCE, UBS Global Wealth Management, Capital Economics, ING, CNN, Monetary Fund, Washington, Reuters, Getty, —, ECB, Lombard Locations: United States, Europe, Centreville , Maryland, AFP, Russia, Ukraine

☆ Slowing growth plus stubborn inflation add up to a headache for Fed officials
▼ + stars: | 2024-04-25 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

The slowing growth and stubborn inflation picture emerging in the U.S. economy may not be quite a nightmare scenario for the Federal Reserve, but it at least could make for some restless sleep. Markets had been looking for the string of good readings dating back to mid-2022 to continue, with economists estimating real GDP growth of 2.4% and inflation readings around 3%. What it got was essentially what some on Wall Street called the worst of both worlds, with weakening growth and stubborn price pressures. The Fed will get a more granular look at PCE data on Friday when the Commerce Department releases the monthly figures for March. "We still think Fed cuts are coming this summer, before inflation has sustainably slowed."

Persons: Matthew Ryan, —, Ryan, Steven Blitz, Veronica Clark Organizations: Federal Reserve, Commerce, Treasury, Commerce Department, TS Lombard, Citigroup, Citi Locations: U.S

☆ Expect more global growth and bottoming in China, says Skylar Montgomery Konig
▼ + stars: | 2024-04-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpect more global growth and bottoming in China, says Skylar Montgomery KonigSkylar Montgomery Konig, Director of Macro Strategy at TS Lombard, discusses earnings, market concentration, and economic growth.

Persons: Skylar Montgomery Konig Skylar Montgomery Konig Organizations: TS Lombard Locations: China

☆ How to start a charcoal grill and arrange your coals for cook-out success
▼ + stars: | 2024-04-19 | by ( Taylor Mead | ) www.businessinsider.com time to read: +13 min

Alphotographic/Getty ImagesCharcoal chimney starters are the preferred way to start a charcoal grill for most people. To start a charcoal grill using a chimney starter:1. This will take a bit longer than it would with a charcoal chimney but the charcoal should all ignite within about 15 minutes. AdvertisementHow to start a charcoal grill with lighter fluidAccording to the experts, this is the least recommended of the three charcoal grill starting methods. AdvertisementInsider's takeawayThough it may seem intimidating, lighting a charcoal grill is simple.

Persons: —, Matt Groark, Liam, Myles Snider, Mother, You'll, Snider, Groark, we've, Joe, Marianne Ayala Organizations: Service, Groark, Walmart

Braden Fiske is a defensive tackle for Florida State projected to be drafted by the NFL. AdvertisementUntil recently, the National Collegiate Athletic Association barred student athletes from being compensated despite the billions of dollars their efforts were earning for their universities. College athletes can also receive money by autographing signs, creating or sharing branded content, making guest appearances, and being a spokesperson for a company or brand. We're now seeing college athletes from several sports score so-called NIL deals ranging from five to seven figures. He has signed several NIL deals since joining the Florida State Seminoles in 2023, and other deals are in the works.

Persons: Braden Fiske, LeBron James, Bronny James, Fiske Organizations: Florida State, NFL, National Collegiate Athletic Association, US, Business, Florida State University, Florida State Seminoles

☆ Don't sweat the prospect of no Fed rate cuts, economist says — markets will still march higher
▼ + stars: | 2024-03-28 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

Federal Reserve Bank Chair Jerome Powell speaks during a news conference at the bank's William McChesney Martin building on March 20, 2024 in Washington, DC. His comments come as investors await the release of further U.S. economic data and closely monitor clues from Fed officials about the expected number of interest rate cuts in 2024. Asked on Thursday about the likelihood of one or no Fed interest rate cuts this year, Blitz said that it's "getting pretty good. Blitz said markets will likely continue to march higher, even if the Fed decides not to impose any interest rate cuts this year — a prospect that U.S. asset manager Vanguard named as their base-case scenario. Christopher Waller, governor of the US Federal Reserve, during a Fed Listens event in Washington, DC, US, on Friday, March 22, 2024.

Persons: Jerome Powell, William McChesney Martin, Chip Somodevilla, Steven Blitz, Blitz, They're, CNBC's, it's, Christopher Waller, Waller, Raphael Bostic, Jerome, Powell Organizations: Bank, Getty, Federal Reserve, TS Lombard, Traders, Fed, Vanguard, Economic, of New, Atlanta Federal Reserve, US Federal Reserve, Bloomberg Locations: Washington ,, U.S, of New York, Atlanta, Washington , DC

☆ How to fit in at dinner with a billionaire, according to an etiquette expert
▼ + stars: | 2024-03-27 | by ( Jordan Hart | ) www.businessinsider.com time to read: +5 min

Etiquette coach Jamila Musayeva said it's best to go "unnoticed" for your manners in such places. The key, according to Jamila Musayeva, an etiquette coach, is to avoid standing out as new money or someone's plus-one when attending fancy dinners or galas. Here are Musayeva's etiquette do's and don'ts at exclusive events frequented by the wealthy. Related storiesAmericans typically use their knives and forks in a "zig-zag" way, said Musayeva, but that's seen as informal. At formal dinners, drink pairings are usually predetermined to match the food on the menu.

Persons: Jamila Musayeva, —, HBO's, Jamila, Musayeva, who's, you've, that's, It's Organizations: Service

☆ College tour season is about to kick off. Here are 10 tips from college tour guides to have a successful campus visit.
▼ + stars: | 2024-03-20 | by ( Pamela Brill | ) www.businessinsider.com time to read: +5 min

To make the most of your visit, Business Insider spoke with college students and tour guides. Here are the dos and don'ts of college tours from student guides. Related storiesStudents can comfortably ask questions without a parent present and compare notes afterward. But some topics are off-limits, so don't ask your tour guide about their SAT scores, ACT scores, or what they wrote about in their essay. Your tour may be over, but you can still learn other ways to immerse yourself in college life.

Persons: —, Skyler Kawecki, Emily Bone, Henry Millar, College of William & Mary, Nathan Weisbrod, Halle, Julian Jacklin, Lorenzo Mars, Thomas Elias, it's, Connor Gee, Emily Balda Organizations: Service, Business, Sarah Lawrence College, Fairleigh Dickinson, Fairleigh Dickinson University, College of William &, Wesleyan University, Bucknell University, Reed College, Pepperdine University, University of Scranton, University of Mississippi, Seton Hall University Locations: New York, New Jersey, Virginia, Connecticut, Oregon, California, Pennsylvania

☆ TS Lombard: Russian presidential election is a 'plebiscite' on Putin's leadership
▼ + stars: | 2024-03-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTS Lombard: Russian presidential election is a 'plebiscite' on Putin's leadershipChristopher Granville, managing director, global political research, at GlobalData TS Lombard, says "the turnout will be the key test for legitimacy."

Persons: Christopher Granville Organizations: GlobalData

☆ This week provided a reminder that inflation isn't going away anytime soon
▼ + stars: | 2024-03-14 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

From consumer and wholesale prices to longer-term public expectations, reports this week served up multiple reminders this week that inflation isn't going away anytime soon. Data across the board showed pressures increasing at a faster-than-expected pace, causing concern that inflation could be more durable than policymakers had anticipated. The bad news began Monday when a New York Federal Reserve survey showed the consumer expectations over the longer term had accelerated in February. It continued Tuesday with news that consumer prices rose 3.2% from a year ago, and then culminated Thursday with a release indicating that pipeline pressures at the wholesale level also are heating up. The latest jolt on inflation came Thursday when the Labor Department reported that the producer price index, a forward-looking measure of pipeline inflation at the wholesale level, showed a 0.6% increase in February.

Persons: Steven Blitz, Dow Jones Organizations: New York Federal Reserve, TS Lombard, Labor Department, department's Bureau of Labor Statistics

☆ 'Black Swan' fund manager Mark Spitznagel expects the stock market to rally further before we hit the 'worst crash since 1929.' He explains how investors should think about their portfolios to survive
▼ + stars: | 2024-03-13 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

The fund made headlines for returning 4,144% amid the 2020 stock market crash, an example of a so-called black-swan event. And when the market moves one way, we think that's going to happen forever." Spitznagel's main don'ts to mom-and-pop investors are; don't chase the market, don't time the market, don't place too much confidence in its current direction, and don't make decisions based on short-term Fed moves. Instead, build a portfolio that's positioned so that if the market goes down by 50%, you won't be squeezed. And if the market is up 50%, don't be the sucker that's going to buy up there", Spitznagel said.

Persons: Mark Spitznagel, Spitznagel, Ray Dalio, We're Organizations: Universa Investments, Business

☆ The No. 1 thing all successful couples do—and more advice from leading love researchers John and Julie Gottman
▼ + stars: | 2024-03-09 | by ( Aditi Shrikant | ) www.cnbc.com time to read: +2 min

In their quest to discover what makes love last, clinical psychologists and researchers John and Julie Gottman interviewed more than 3,000 couples and followed some for as long as 20 years. One commonality most successful couples had, the Gottmans found, was their ability to do "repairs." "The couples who really were successful a few years down the road were the ones who made repairs," Julie Gottman told Perel. Positive interactions included a smile, touching the other person's hand, or simply saying "I understand." Negative interactions were insulting or blaming the other person.

Persons: John, Julie Gottman, Esther Perel, Perel, didn't, John Gottman, Joy

☆ British neobank Monzo raises $430 million in Alphabet-led round to relaunch in the U.S.
▼ + stars: | 2024-03-05 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

British digital bank Monzo on Tuesday raised $430 million in fresh capital from investors to help it relaunch its services in the U.S.Monzo raised the money in a new funding round led by CapitalG, the independent venture arm of Google parent company Alphabet . HongShan, the Chinese venture capital firm that split from Sequoia Capital last year, also backed the round, alongside existing backers Tencent and Passion Capital. Monzo, which is one of the U.K.'s most popular app-only banks, said the fresh cash would be used to accelerate its expansion plans, including a renewed attempt at expanding its service to the U.S."With backing from global investors, we have the rocket fuel to go after our ambitions harder and faster, building Monzo into the one app that sits at the centre of our customers' financial lives," Monzo CEO TS Anil said in a statement. "Each milestone we've reached to this point has given us more strength and speed to make strides towards our mission — now we'll scale to even greater heights and seize the huge opportunity ahead."

Persons: Monzo, CapitalG, Tencent, Anil Organizations: Google, Sequoia Capital, Passion Locations: U.S

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