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☆ Russian mercenary boss passed money laundering checks by using a utility bill in his 81-year-old mother's name, report says
▼ + stars: | 2023-02-23 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +3 min

Yevgeny Prigozhin got past UK money laundering laws using a bill in his 81-year-old mom's name. The Wagner Group boss passed the checks that allowed him to sue a UK journalist, the FT reported. At the time he was under UK sanctions for his group's role in bloody conflicts around the world. A lawyer at Discreet Law replied by saying: "We are satisfied with the [anti-money laundering] documents," according to the FT. Discreet Law founder Roger Gherson told the FT that Discreet Law "cannot comment on confidential communications with their former clients."

☆ UK digital pound: 'Britcoin' could arrive in the second half of the decade
▼ + stars: | 2023-02-07 | by ( Julia Horowitz | ) edition.cnn.com time to read: +4 min

Central banks around the world are considering whether to issue digital currencies as more parts of the economy move online. In the United Kingdom, £10 of a digital pound would be worth £10 in cash. Central bank digital currencies could make online spending more convenient, ease cross-border transactions and boost competition among providers of digital financial assets. Another fear is privacy, since digital currencies would give governments new insights into how people are spending their money. Eleven countries, including The Bahamas and Jamaica, have already launched central bank digital currencies.

☆ UK Treasury signals no new money for defense, Sky News reports
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: 1 min

Feb 5 (Reuters) - The UK Treasury has signaled that there is no money for defense despite recognizing the urgent need to rearm in the wake of Russia's war in Ukraine, Sky News reported on Sunday citing defense sources. Britain will be unable to offer as many troops as NATO allies would expect to a major new force structure being drawn up by the alliance to bolster its defenses, the report added. Reporting by Lavanya Ahire in Bengaluru; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Watch CNBC's full interview with Jim O'Neill
▼ + stars: | 2023-01-06 | 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 EmailWatch CNBC's full interview with Jim O'NeillJim O'Neill, former Goldman Sachs Asset Management chairman and former UK Treasury minister, joins CNBC's 'Squawk on the Street' to discuss inflation and jobs number.

☆ King Charles' III property empire includes 7 McDonald's, a Victoria's Secret, and an Apple store
▼ + stars: | 2022-12-23 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

The Crown Estate owns properties worth $17.6 billion, including farmland and seabeds. It also owns retail parks with stores including McDonald's, Starbucks, KFC, and Victoria's Secret. The Crown Estate, which generates profits for the UK Treasury, is owned by the reigning monarch and control was passed down from Queen Elizabeth II to King Charles III upon her death in September. Lingerie and sex-toy shop Ann Summers also has a store at the Westgate shopping mall in Oxford, as does Victoria's Secret. Regent Street in central London, which is owned by the Crown Estate.

☆ Premarket stocks: Betting on a market bounce? You may be waiting a while
▼ + stars: | 2022-12-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —‘Tis the season for Wall Street strategists to pack their clients’ inboxes with market predictions for 2023. Market analysts aren’t alone. “US equity returns will be driven by earnings against a backdrop characterized by elevated market volatility,” write JPMorgan analysts. The effort was initially touted as a “Big Bang 2.0” — a nod to the rapid deregulation of UK financial markets under former Prime Minister Margaret Thatcher in 1986. The changes are a bid to maintain London’s role as a global financial hub after Brexit, which, alongside political turmoil, has boosted uncertainty for companies thinking about where to invest.

☆ The UK just had a major market scare. Now it wants to relax financial rules
▼ + stars: | 2022-12-09 | by ( Julia Horowitz | ) edition.cnn.com time to read: +3 min

London CNN —Just two months after UK markets suffered their worst meltdown since the global financial crisis, the British government is promising a major relaxation of financial regulation in a bid to shore up the country’s banking and insurance industries against growing competition from cities such as Amsterdam and Paris. “We are committed to securing the UK’s status as one of the most open, dynamic and competitive financial services hubs in the world,” Jeremy Hunt, the UK finance minister, said in a statement. The effort was initially touted as a “Big Bang 2.0” — a nod to the rapid deregulation of UK financial markets under former Prime Minister Margaret Thatcher in 1986. Yet they also come on the heels of a major financial shock. The industry lobby representing UK’s financial services, TheCityUK, said the measures should “help boost the UK’s attractiveness as a place for businesses to list, invest, grow and do business.”But there are some in the sector who back regulations such as the “ring-fencing” rules.

☆ Oil tankers are getting stuck in the Black Sea. That could become a problem
▼ + stars: | 2022-12-08 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

A further nine tankers were waiting to cross southbound from the Sea of Marmara through the Dardanelles strait into the Mediterranean. The snag is linked to a Western price cap on Russian oil that came into effect on Monday. Countries including Russia, Kazakhstan and Azerbaijan use the Turkish straits to get their oil to world oil markets. The traffic jam in the Turkish straits arose following the imposition this week of the price cap on Russian oil. Turkish officials say this position is “unacceptable” and on Thursday reiterated demands for letters from insurers.

☆ Jim O'Neill on the status of global trade
▼ + stars: | 2022-11-22 | 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 EmailJim O'Neill on the status of global tradeJim O'Neill, former Goldman Sachs Asset Management chairman and former UK Treasury minister, joins 'Squawk on the Street' to discuss Nasdaq intraday highs, retail earnings ahead of the holiday season, and more.

And for financial markets it begs the question as to whether the extent of the monetary or fiscal tightening currently assumed will ever actually happen. The OBR reckons UK consumer price inflation has now peaked and will back off to a full-year rate of 7.4% next year. But assuming standing market forecasts for energy prices and BoE rates, it then sees inflation fall below zero for eight quarters from the middle of 2024. The BoE also expects headline inflation to plummet into 2024 - and its 'fan chart' of the range of possible outcomes also has an outside chance of deflation then too. Delaying spending cuts until after an election won't help much in that regard if indeed they're seen necessary at all.

☆ UK's Hunt to propose 'stealth' income tax rise to fill 40 bln pound fiscal hole-FT
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

Oct 21 (Reuters) - UK Chancellor Jeremy Hunt is set to propose a stealth rise in income tax after the next elections to fill a fiscal hole of 40 billion pounds ($45.21 billion), the Financial Times reported on Friday, citing two government sources briefed on his plan. Hunt will extend the current freeze on income tax thresholds and allowances into the next UK parliament, raising around five billion pounds per year by 2027-28, the FT report said, citing government sources. The chancellor is also expected to put off capital projects and squeeze public spending after the next election, which must be held by January 2025, the FT added, citing people briefed on his plans. Register now for FREE unlimited access to Reuters.com RegisterContacted by Reuters, the UK Treasury said it does "not comment on speculation around tax changes outside of fiscal events." Hunt reiterated on Friday that the government will do "whatever is necessary to get drive down debt in the medium term."

☆ The pound rises after UK's new finance minister speeds up announcement of tax and spending plans to Monday
▼ + stars: | 2022-10-17 | by ( Huileng Tan | Karen Friar | ) www.businessinsider.com time to read: +4 min

The UK's finance minister Jeremy Hunt will lay out details of some of the government's tax plans Monday. The policy details come two weeks early, after abrupt tax U-turns and the sacking of Hunt's predecessor. The pound rose Monday, after weeks where the tax plans roiled markets as investors fretted about stability. The turmoil prompted Nobel laureate Paul Krugman to say the UK markets were "behaving like those of a developing country." That and political pressure on Prime Minister Liz Truss has led to a series of U-turns on the tax plans in recent days.

London CNN Business —UK Prime Minister Liz Truss will hold a news conference Friday amid widespread speculation that she’s getting ready to ditch a big part of her economic strategy unveiled just three weeks ago. Kwarteng flew back from the IMF meeting in Washington, D.C., on Friday for discussions with Truss about the plan. Under pressure, Kwarteng has already brought forward his full budget statement to Oct. 31, more than three weeks earlier than planned. But investors may not be prepared to wait that long for reassurance about the state of Britain’s public finances. — Luke McGee and Zahid Mahmood in London, and Xiaofei Xu in Paris contributed to this article

☆ Reactions: UK's Truss fires Kwarteng, set to U-turn on tax cuts
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +5 min

LONDON, Oct 14 (Reuters) - British Prime Minister Liz Truss fired her finance minister Kwasi Kwarteng and news reports said she will scrap later on Friday parts of the economic programme of big, unfunded tax cuts that they delivered last month. Consequently, the scope for a rally in gilts (move lower in yields) and sterling would seem to be limited." BENJAMIN NABARRO, ECONOMIST, CITI"The key issue in the near term is the contradiction between monetary and fiscal policy. RACHEL REEVES, OPPOSITION LABOUR PARTY'S FINANCE CHIEF"This humiliating u-turn is necessary - but the real damage has already been done. We may well be through the worst of the volatility but I fear that the UK is nowhere near out of the woods."

And futures now assume the inflation fight will fall solely on the BoE and expect it to triple policy rates to as high as 5.8-6% next year. On Tuesday, the independent Institute for Fiscal Studies said Kwarteng needed 62 billion pounds ($68.22 billion) of spending cuts to keep public debt sustainable over time, with borrowing this year on course for 194 billion pounds and still above 100 billion by 2026/27 - over 70 billion higher than OBR forecasts in March. QE involves the purchase of mostly gilts from commercial banks in return for interest-bearing reserves at the central bank. And, unlike other major central banks, the BoE policy rate itself is the rate paid on those bank reserves. NIESR last year urged a solution to the problem whereby Treasury and central bank reduced the maturity mismatch by swapping longer-dated gilts back to Treasury to cut duration of its portfolios.

☆ Morning Bid: Dollar feeds on stress
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +3 min

And as a fourth 75 basis-point Fed rate hike is now fully priced yet again, the dollar's DXY index climbed again - and traders started to eye year-end trading stress too. read more read moreWith last week's warning from Advanced Micro Devices (AMD.O) and Micron Technology (MU.O) ringing in the ears, the chip sector shivered into the new week. The measures could amount to the biggest shift in U.S. policy on exporting technology to China since the 1990s. Returning after a week of closures, the broad Shanghai stock index was down 1.6%, Hong Kong was down almost 3% and the offshore yuan weakened against the dollar. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ UK Treasury minister rejects IMF concern over tax-cutting budget
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

LONDON, Sept 29 (Reuters) - Chris Philp, Britain's chief secretary to the Treasury, said he disagreed with concerns raised by the International Monetary Fund about the government's tax-cutting budget that has roiled markets, saying it would lead to long-term economic growth. "I saw the IMF comments. Register now for FREE unlimited access to Reuters.com RegisterThe pound sank and British government bond yields soared, forcing the BoE to revive its bond-buying programme in an emergency move on Wednesday to shore up pension funds. Asked if the government regretted its handling of the economy, Philp said interest rates had been rising around the world in response to Russia's invasion of Ukraine. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kate Holton and Muvija M Editing by William SchombergOur Standards: The Thomson Reuters Trust Principles.

☆ The UK is gripped by an economic crisis of its own making
▼ + stars: | 2022-09-29 | by ( Mark Thompson | ) edition.cnn.com time to read: +8 min

“While this is welcome, the fact that it needed to be done in the first place shows that the UK markets are in a perilous position,” said Paul Dales, chief UK economist at Capital Economics, commenting on the bank’s intervention. “It wouldn’t be a huge surprise if another problem in the financial markets popped up before long,” Dales added. The UK government should also postpone its tax cuts, El-Erian said. We look like reckless gamblers who only care about the people who can afford to lose the gamble,” one former Conservative minister told CNN. “Truss and Kwarteng are now facing a severe economic crisis as the world’s financial markets wait for them to make policy changes that they and the Conservative party will find unpalatable,” the Eurasia analysts wrote.

At the International Monetary Fund's last count in the first quarter of this year, almost 5% of the world's foreign currency reserves were denominated in sterling - a total of $625 billion dollars worth of sterling and sterling assets on a crude calculation from the $12.55 trillion total. The UK has a reserve currency so it can always issue debt – it's just a question of the right price." But what if that reserve currency position is threatened and foreign central banks balk at holding so much sterling in their national savings stashes? Seven of the world's top 10 reserve holding central banks are in Asia or the Middle East. UBS chart on its 2022 survey of world reserve managersThe opinions expressed here are those of the author, a columnist for Reuters.

London CNN Business —One of the world’s leading multilateral financial institutions has joined a chorus of criticism of huge tax cuts announced by the UK government last week that sent the pound plunging to a record low. In a rare and stinging rebuke for such a large developed economy, the International Monetary Fund warned that the tax cuts — the biggest in Britain since the early 1970s — would likely increase inflation and inequality. “We understand that the sizable fiscal package announced aims at helping families and businesses deal with the energy shock and at boosting growth via tax cuts and supply measures,” an IMF spokeperson said. UK finance minister Kwasi Kwarteng has shown no signs of backing down, despite the market crash. Yields on 10-year UK government bonds fell sharply after the Bank of England’s announcement on Wednesday but remain elevated.

☆ UK finance minister will meet with Wall Street banks after the newly unveiled mini-budget sparked panic in markets and sent the pound plummeting
▼ + stars: | 2022-09-27 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

The UK Chancellor of the Exchequer Kwasi Kwarteng is scheduled to meet with Wall Street execs, Wednesday. Kwarteng is conducting outreach about the UK's newly announced mini-budget, Bloomberg reported. The pound dropped to a record low with investors spooked by the plan that includes £45 billion in tax cuts. The pound hit a low of $1.0350 on Monday but has since recovered some ground, trading at $1.0671 on Tuesday. Bank of England Governor Andrew Bailey said Monday the central bank was monitoring repricing in financial markets but didn't announce an emergency meeting.

☆ Sterling higher as BoE, Treasury seek to calm markets
▼ + stars: | 2022-09-27 | by ( Samuel Indyk | ) www.reuters.com time to read: +3 min

UK pound coins plunge into water coloured with the European Union flag colours in this illustration picture, October 26, 2017. The BoE "will not hesitate" to raise interest rates if needed to meet its 2% inflation target, governor Andrew Bailey said on Monday. "The BoE saying it won't change course has helped the recovery in sterling as it conveys a message that there's no sense of panic at the central bank," Cole added. "UK markets will now be hyper-sensitive to any communication from UK policymakers," said ING head of markets Chris Turner in a note. Pill voted with the majority to raise interest rates by 50 basis points at last week's policy meeting.

☆ The rich are the biggest winners of Britain's tax-cutting gamble
▼ + stars: | 2022-09-26 | by ( Anna Cooban | Cnn Business | ) edition.cnn.com time to read: 1 min

London (CNN Business) The United Kingdom's big tax-cutting gamble to boost economic growth will benefit the rich far more than millions of people on lower incomes. On Friday, UK finance minister Kwasi Kwarteng announced a bumper set of tax cuts , including scrapping the top rate paid by the highest earners, and reductions in duties paid on house purchases. The UK Treasury estimates that the cuts will wipe £45 billion ($48 billion) off annual government revenues over the next five years. That's the biggest tax cut in half a century, according to the Institute for Fiscal Studies. Kwarteng slashed the top rate of income tax — paid by those earning over £150,000 ($161,327) — to 40% from 45%.

☆ Bank of England tries to calm panicked markets
▼ + stars: | 2022-09-26 | by ( Julia Horowitz | ) edition.cnn.com time to read: +2 min

London CNN Business —UK policymakers are trying to calm markets after a plan by Prime Minister Liz Truss to cut taxes while ramping up borrowing sparked panic among investors worried it could feed inflation and destabilize government finances. The UK pound has plunged and government bonds have collapsed since Truss and Kwarteng revealed their economic program on Friday. It’s intended to spur economic growth, but has fed alarm among investors, who are worried about the unorthodox approach. “It remains to be seen whether today’s statement by the government and the Bank of England will be enough to ease the markets’ fears about the government’s fiscal policy,” said Paul Dales, chief UK economist at Capital Economics. “The initial reaction in the markets, with the pound falling again after it regained some ground, suggests that the issue may not be put to bed yet.”

☆ UK tax cuts will benefit the rich more than anyone else
▼ + stars: | 2022-09-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

On Friday, UK finance minister Kwasi Kwarteng announced a bumper set of tax cuts, including scrapping the top rate paid by the highest earners, and reductions in duties paid on house purchases. That’s the biggest tax cut in half a century, according to the Institute for Fiscal Studies. Kwarteng slashed the top rate of income tax — paid by those earning over £150,000 ($161,327) — to 40% from 45%. Kwarteng also announced he would accelerate a plan to cut the basic rate of income tax from 20% to 19%. ‘More to come’Kwarteng told the BBC on Sunday that his tax cuts “favor people right across the income scale.”“We’ve actually put more money into people’s pockets,” he told the broadcaster.

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