Norwegian wealth fund to dump all Russian holdings following Ukraine invasion February 27, 2022 Norway’s $1.3 trillion sovereign wealth fund will drop all its Russian holdings following Russia’s invasion of Ukraine, the prime minister said today. The fund’s Russian assets consist of shares in 47 companies and government bonds worth $2.83bn, the Oslo government said. “We have decided to freeze the fund’s investments and have begun the process of [...]
Russia-Ukraine conflict to accelerate trend toward de-globalisation, says Goldman Sachs February 27, 2022 The trend toward de-globalisation sparked by the pandemic has been accelerated by the Russia-Ukraine conflict, according to top Wall Street analysts. Countries were already increasingly considering on-shoring supply chains after they were burnt by the Covid-19 crisis disrupting trade flows, according to Goldman Sachs. “No matter where the current crisis goes from here, the damage [...]
Russia central bank pleads with citizens to exercise restraint as lenders brace for SWIFT exit February 27, 2022 Russia’s economy is set to descend into turmoil after an alliance of Western nations over the weekend launched a sweeping set of sanctions to hobble the country’s financial system. The measures prompted Russia’s central bank yesterday to plead with the country’s citizens to exercise calm amid growing concerns among Russian citizens that their money could [...]
Week ahead: Russia-Ukraine conflict to drive market swings in City February 27, 2022 Wild market swings are expected to characterise the week ahead in the City as investors respond sharply to developments in the Russia-Ukraine conflict. Last week, the FTSE 100 registered its worst day in 20 months on Thursday, the day Russian troops flooded into Ukraine, before staging a comeback on Friday to end the week down [...]
‘Perfect storm’ of headwinds crimps UK optimism February 25, 2022 A “perfect storm” of headwinds gripping households with the tightest financial squeeze in a generation is eroding Brits’ optimism, reveals a closely watched survey published today. Concern about the impact soaring inflation will have on household finances drove UK consumer confidence to its lowest level in over a year, plummeting to minus 26 points this [...]
Julie Meyer: Further allegations dog venture capitalist February 24, 2022 VENTURE capitalist Julie Meyer was under further fire this evening as a host of previous business contacts alleged “gross, willful, and unethical” behaviour over a number of years. The High Court earlier this week issued an arrest warrant for Meyer after she failed to attend a hearing over a disputed £197,000 legal bill from Farrer [...]
Full-blown Russian incursion of Ukraine triggers global market rout February 24, 2022 Global investors fled stocks today after they woke up to the news that Russian President Vladimir Putin had ordered a full invasion of Ukraine. Risk appetite poured out of traders’ mindsets as they flowed into safe assets to limit the potential spillover economic effects of Moscow troops closing in on Kiev. The capital’s premier FTSE [...]
Rishi Sunak to outline argument for tax cuts in keynote speech February 23, 2022 Rishi Sunak will promise to cut taxes in a keynote speech today, with the chancellor to hit out at “flippant” calls for him to slash taxes immediately without considering the effect on planned spending. The chancellor will say at the annual Mais lecture that “I am going to deliver a lower tax economy, but I [...]
Labour: Starmer to take swipe at Corbyn’s economic legacy in Huddersfield speech February 23, 2022 Sir Keir Starmer will further outline what Labour’s economic policies would look like in government and take a shot at the direction of the party under former leader Jeremy Corbyn in a keynote speech tomorrow. Starmer will say that a Labour government will ensure “Britain will once again grow” and “build an economy of prosperity, [...]
Bumper results ease Russia-Ukraine fears in the City February 23, 2022 London’s top indexes were muddled yesterday despite some of the City’s largest companies reporting bumper results, boosting investor sentiment. The capital’s premier FTSE 100 index edged 0.05 per cent higher to 7,498.18 points, while the domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, lost 0.72 per cent to [...]