DIRS.INFO The most relevant business & tech news

☆ Volatile sterling surges on reports of potential UK fiscal plan U-turn
▼ + stars: | 2022-10-13 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

However, the central bank later officially reiterated that its programme of temporary gilt purchases will end on Oct. 14. UK pension schemes are racing to raise hundreds of billions of pounds to shore up derivatives positions before the BoE's Friday deadline. The yen "has lost its safe haven appeal," said Rodrigo Catril, a senior currency strategist at National Australia Bank. Investors were focusing on U.S. core inflation data due later, which is projected at 6.5% year-on-year in September. Minutes from the Federal Reserve's policy meeting last month showed that officials agreed they needed to raise interest rates to a more restrictive level - and then keep them there for some time - to meet their goal of lowering "broad-based and unacceptably high" inflation.

☆ Sterling volatile ahead of BoE deadline, fragile yen tests 1998 low
▼ + stars: | 2022-10-13 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

LONDON, Oct 13 (Reuters) - Sterling rose on Thursday in volatile trade as investors awaited the impending deadline for the Bank of England to end an emergency bond-buying programme. Sterling was up 0.44% at $1.1147 at 1054 GMT in a volatile week. "We can expect potential market take-up to continue to increase as market participants prepare for the BoE to exit the market. Sterling volatilityElsewhere, the yen struggled against the U.S. dollar trading 0.1% lower at 146.8. Investors were focusing on U.S. core inflation data due later today, which is projected to rise 6.5% year-on-year in September.

A fragile yen languished near a fresh 24-year low, while markets were also on edge ahead of U.S. inflation data due later in the day for possible clues on how much higher the Federal Reserve will push interest rates. On Thursday, BoE saidUK pension schemes are racing to raise hundreds of billions of pounds to shore up derivatives positions before the BoE's Friday deadline. "We can expect potential market take-up to continue to increase as market participants prepare for the BoE to exit the market. Another currency struggling against the U.S. dollar was the yen , which traded 0.1% lower at 146.8. The yen "has lost its safe haven appeal," said Rodrigo Catril, a senior currency strategist at National Australia Bank.

☆ Fragile yen tests 1998 low, sterling holds its breath
▼ + stars: | 2022-10-13 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

The yen hit a trough of 146.98 per dollar overnight and last traded at 146.87. Register now for FREE unlimited access to Reuters.com RegisterIt is a whisker away from its August 1998 low of 147.64 per dollar, and well past last month's low of 145.90 per dollar which prompted Japanese authorities to intervene to buy the yen. "It has lost its safe haven appeal," said Rodrigo Catril, a senior currency strategist at National Australia Bank. The Aussie was up 0.02% at $0.6279, after sliding to a 2-1/2-year low of $0.62355 in the previous session. Overnight, data showed that U.S. producer prices increased more than expected last month.

Data from Bloomberg Economics shows that El Salvador tops its ranking of emerging market countries that are vulnerable to a debt default. Another survey by the institute found that 76 out of 100 small and medium-size enterprises in El Salvador do not accept bitcoin payments. But in 2022, recent data shows that only 1.6% of remittances were sent to El Salvador via digital wallets. Meanwhile, its other national currency, bitcoin, is revered for the fact that it, too, is impossible to mint out of thin air. "Bitcoin doesn't solve any of El Salvador's important economic problems," he added.

☆ Fragile yen tests 1998 low, sterling cautiously steady
▼ + stars: | 2022-10-13 | by ( ) www.cnbc.com time to read: +3 min

The yen floundered near a fresh 24-year low on Thursday, while sterling held onto overnight gains as investors skittishly await an impending deadline for the end of the Bank of England's emergency bond-buying program. The yen hit a trough of 146.98 per dollar overnight — its lowest since August 1998 — and last traded at 146.82. The yen is within a whisker away from its August 1998 low of 147.64 per dollar, and well past last month's low of 145.90 per dollar which prompted Japanese authorities to intervene to buy the yen. The Aussie was up 0.14% at $0.6287, after sliding to a 2½-year low of $0.62355 in the previous session. Overnight, data showed that U.S. producer prices increased more than expected last month.

☆ Britain's bond market turmoil
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +3 min

The country's financial markets have been in turmoil since finance minister Kwasi Kwarteng last month unveiled tax cuts with no details of how they would be paid for. * The Bank of England has been forced into emergency bond-buying to stem a sharp sell-off in Britain's 2.1 trillion pound ($2.3 trillion) government bond market that threatens to wreak havoc in the pension industry and increase recession risks. * The BoE interventions have highlighted a growing segment of Britain's pensions sector - liability-driven investment. MAJOR PLAYERS* BoE governor Bailey said on Tuesday on the sidelines of an IMF meeting in Washington that BoE support for the pension funds would end as planned on Friday. MARKET REACTION* The 20- and 30-year UK government bond yields both hit their highest since 2002 at 5.195% and 5.1% respectively, passing above 5% for the first time since the BoE began buying bonds on Sept. 28 to calm the turmoil.

☆ How Gautam Adani became the world's fourth richest person while billionaires like Jeff Bezos lost tens of billions
▼ + stars: | 2022-09-30 | by ( Anuz Thapa | ) www.cnbc.com time to read: +1 min

The Indian billionaire briefly surpassed Amazon founder Jeff Bezos to become the second-richest person in the world in September, according to Bloomberg. He's now ranked as the world's fourth wealthiest person. That might be changing now that he's richer than Microsoft founder Bill Gates and iconic investor Warren Buffett. Adani is now chair of the Adani Group, one of the three largest industrial conglomerates in India. Watch the video above to learn more about how Adani's political connections may have boosted the success of his many companies.

☆ Australia court dismisses petition against CBA, unit over banned commissions
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

Sept 29 (Reuters) - The Australian Federal Court has dismissed a petition by the country's corporate regulator against Commonwealth Bank of Australia (CBA.AX) and its pension unit on allegations of improperly collecting commissions, the regulator said. However, the dismissal of this petition by the court is a blow to consumer advocates who wanted tougher regulation, and also absolves CBA of some of the most damaging allegations aired at the inquiry. The regulator said on Thursday that the court found that the payments made by Colonial to CBA did not constitute benefits within the definition of "conflicted remuneration". CBA in an emailed response to Reuters acknowledged the judgement, but refrained from commenting any further. ($1 = 1.5420 Australian dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Sameer Manekar and Byron Kaye; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Russia's settlement depository demands EU sanctions be recognised as unlawful
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterThe NSD filed a lawsuit at the European Court of Justice in Luxembourg on Aug. 12, but gave no further details. The EU sanctions on the NSD, as well as other Western measures aimed at restricting Russia's access to global financial infrastructure, have blocked many Russian investors' access to securities held in jurisdictions outside Russia. The NSD said that sanctions had been imposed based on "unsubstantiated" facts and that the Council had "failed to meet the required standard of proof", making the sanctions unlawful. Russian Eurobond issuers have started issuing securities to replace those stuck abroad due to sanctions imposed on Moscow for what it calls a "special military operation" in Ukraine. Register now for FREE unlimited access to Reuters.com RegisterReporting by Elena Fabrichnaya and Alexander Marrow, editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

☆ Flood-hit Pakistan should suspend debt repayments, says UN paper - FT
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Stringer/File PhotoSept 23 (Reuters) - Pakistan should suspend international debt repayments and restructure loans with creditors after recent floods added to the country's financial crisis, the Financial Times reported on Friday, citing a UN policy memo. Pakistan has earlier estimated the damage at $30 billion, and both the government and U.N. Secretary-General Antonio Guterres have blamed the flooding on climate change. The memo further proposed debt restructuring or swaps, where creditors would let go of repayments in exchange for Pakistan agreeing to invest in climate change-resilient infrastructure, FT said. Floods have affected 33 million Pakistanis, inflicted billions of dollars in damage, and killed over 1,500 people - creating concern that Pakistan will not meet debts. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Jyoti Narayan in Bengaluru; Editing by Christian Schmollinger and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Lebanon's progress in implementing reforms remains very slow - IMF
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +2 min

Dalati Nohra/Handout via REUTERSBEIRUT, Sept 21 (Reuters) - Lebanon's progress in implementing reforms required to unlock relief funds from the International Monetary Fund (IMF) remains very slow, the IMF said in a statement on Wednesday. "Despite the urgency for action to address Lebanon's deep economic and social crisis, progress in implementing the reforms agreed under the April (staff-level agreement) remains very slow," the IMF said at the end of its delegation's visit to Beirut. The IMF said Lebanon's small depositors must be fully protected and recourse to public resources should be limited. After meeting the IMF delegation on Wednesday, Lebanon's President Michel Aoun said that "domestic actors" had slowed progress towards reform. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal, Mahmoud Mourad, Aidan Lewis and Maya Gebeily; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ People in Lebanon are holding up banks to withdraw their own money amid the country's financial crisis
▼ + stars: | 2022-09-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Two people in Lebanon staged bank holdups Wednesday, demanding money from their own bank accounts. One of them said she needed to withdraw money for her sister's cancer treatment. Banks in crisis-hit Lebanon have been limiting the amount of money depositors can withdraw. To prevent capital flight, the country's banks have been limiting the amount of money people can withdraw from their bank accounts, severely impacting the everyday lives of ordinary citizens. In August, an armed man held employees and customers at a Lebanese bank hostage after he was told he couldn't withdraw $200,000 from his bank account for his sick father's treatment.

Search resuls for: "country's Financial"

13 mentions found