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UK ECONOMY EXPECTED TO GROW AT FASTEST RATE ON RECORD
The UK economy is predicted to grow at the fastest rate since the second world war this year, according to a widely cited economic forecaster. The EY Item Club has upgraded its forecast for GDP growth during 2021 from 5% to 6.8%, which would mark the fastest annual growth since 1941. This comes in the
CREDIT SUISSE POSTS ‘UNACCEPTABLE’ ARCHEGOS LOSS
Credit Suisse on Thursday reported a net loss of 252 million Swiss francs ($275 million) for the first quarter following the implosion of US-based hedge fund Archegos Capital. The bank reported that the loss reflected a “significant charge with respect to the US-based hedge fund matter in 1Q21 (first quarter), offsetting positive performance across wealth
FTSE 100 REBOUNDS AFTER WORST DAY IN TWO MONTHS
The FTSE 100 rose on Wednesday, rallying after a mass sell-off led to a 2% fall in the previous session. The index rose 0.6%, lifted by oil giants BP Plc’s and Royal Dutch Shell’s respective gains of 2.0% and 1.7%. The surge followed a report from Azerbaijan’s energy ministry said BP’s oil output reached 5.9
FINANCIAL SERVICES SHIFT £1 TRILLION IN ASSETS TO EU
UK banks and insurers have shifted thousands of jobs and over £1 trillion in combined assets out of the UK and into European Union hubs due to the impact of Brexit, a new study has confirmed. According to research from think tank New Financial, more than 440 firms in the UK banking and financial services
JPMORGAN TO FINANCE BREAKAWAY EUROPEAN SUPER LEAGUE
JPMorgan confirmed on Monday that it is financing the nascent European Super League, a breakaway group featuring 12 of Europe’s biggest football clubs that threatens to shake up the sport. Six Premier League teams – Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham Hotspur – are involved in the deal, alongside AC Milan, Atletico
CHINA’S ECONOMY POSTS RECORD 18.3% QUARTERLY GROWTH
China’s economy grew a record 18.3% in the first quarter of 2021 compared to the same period in 2020, new data has shown. Growth was also up from 6.5% in the fourth quarter of 2020. The results mark the biggest jump in Chinese GDP since quarterly records began in 1992. However, the economy’s growth fell
MORGAN STANLEY FLAGS HIGH PROFITS AND $1 BILLION ARCHEGOS LOSS
Morgan Stanley on Friday disclosed a loss of almost $1 billion from the collapse of private fund Archegos Capital Management, undercutting an otherwise upbeat 150% jump in first-quarter profit. The Wall Street giant was one of six banks that had exposure to Archegos, a family office fund run by controversial former hedge fund manager Bill
JPMORGAN PLEDGES $2.5 TRILLION TOWARDS CLIMATE ACTION
JPMorgan Chase & Co said on Thursday that it will commit $2.5 trillion towards sustainability and development initiatives over the next decade. $1 trillion of the pledged funding has been earmarked solely for investment in green projects, including renewable energy and clean technologies. The $2.5 trillion target for investment, which begins in 2021 and will
COINBASE HITS $100 BILLION VALUATION IN NASDAQ DEBUT
Coinbase, the US’s largest cryptocurrency exchange, reached a valuation of over $100 billion on its first day of public trading on Wednesday. The company was valued at $99.6 billion when trading opened, with stocks priced at $381 apiece. This price would later fall to $328.28, but not before reaching the $100 billion milestone. Read More
GOLDMAN SACHS AND JPMORGAN INVESTMENT BANKING PROFITS SOAR
US stock indexes were set to rise on Wednesday following positive earnings reports from investment banks. JPMorgan Chase & Co and Goldman Sachs Group Inc both beat analysts’ expectations for first-quarter profit. Goldman saw its overall investment banking revenue jump 73% to $3.77 billion, the highest amount seen since 2010. The bank managed to effectively