Finance


    • Greensill eyes bankruptcy after Credit Suisse halts funding

      Greensill eyes bankruptcy after Credit Suisse halts funding

      The London-based Greensil is on the verge of bankruptcy after Credit Suisse announced it was shutting down its funding for the UK lender. The decision of the Swiss bank comes after a shift in investment priorities.  Since its primary source of funding has come to an abrupt halt, Greensill is preparing to file for bankruptcy and is also in talks to sell large parts of its business to private equity firm Apollo Global Management Inc, a source close to Greensill told Reuters.

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    • UK banks are flooded by new deposits

      UK banks are flooded by new deposits

      The biggest four UK banks acknowledged they had to deal with rapidly increasing volume of deposits that far exceeded newly administered loans, Reuters reported. Full year reports by HSBC, Barclays, Lloyds and NatWest have shown that new deposits top the new loans by nearly three times.

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    • ECB hails the bonds yields surge

      ECB hails the bonds yields surge

      The European Central Bank has welcomed the rise in nominal bond yields, Reuters reported. The institution commented that the increase is a sign for working anti-crisis measures. The surge in yields comes in time with rising inflation.

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    • Eurozone corporate lending stalls curbed by credit limits

      Eurozone corporate lending stalls curbed by credit limits

      Recession is strongly advancing in the Eurozone as ECB figures showed a slowing pace in corporate lending and financing, Reuters reported. The big story behind this phenomenon goes back to 2020. In the peak times of pandemic lots of European companies rushed to secure funds to offset the expected lowdown. The slowdown came and still goes on but the majority of firms have already reached their credit limits and can not afford more loans.

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    • BBVA to slash some 3,000 employees in Spain

      BBVA to slash some 3,000 employees in Spain

      The Spanish lender BBVA announced plans to reduce substantially its workforce by reducing some 3,000 jobs related to the bank's domestic operations, Reuters reported. That equals to around 10% of local staff. The intention is to adapt the bank's activities to the constantly growing online banking.

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    • Saudi sovereign fund to double assets in next five years to $1.07trn

      Saudi sovereign fund to double assets in next five years to $1.07trn

      Saudi Arabia’s Public Investment Fund plans to double its assets to 4trn riyals ($1.07trn) by 2025, Prince Mohammed bin Salman said on Sunday, a move that would make it one of the world’s biggest sovereign wealth funds. The fund would invest 3 trillion riyals in new sectors over the next 10 years, said the prince, who is Saudi Arabia’s de facto ruler and chairs the fund’s board.

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    • ECB posts €1.6bn 2020 profit

      ECB posts €1.6bn 2020 profit

      The European Central Bank (ECB) has posted a €1.6 billion profit for 2020, down from €2.4 billion in 2019, the bank said in a statement. The €722 million decrease compared to the previous year was mainly due to lower net interest income on foreign reserve assets and on securities held for monetary policy purposes. Following a decision by the Governing Council, there was also a transfer of €48 million to the ECB’s provision for financial risks, which reduced the ECB’s profit by an equivalent amount.

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