Lenders come after Liberty Steel

Winding up petitions against the specialty steels division of Liberty Steel could still go ahead. The company, part of Sanjeev Gupta’s GFG Alliance, employs hundreds of staff in South Yorkshire, including in Rotherham. GFG underwent a restructuring and transformation drive following the collapse of its main lender Greensill Capital. HM Revenue & Customs (HMRC) issued … Read more

World Shares Steady After Wall Street Sinks Into Bear Market | Business News

By YURI KAGEYAMA, AP Business Writer TOKYO (AP) — Shares opened mostly higher in Europe early Tuesday and Asian shares recovered from the worst of their losses following Wall Street’s tumble into what’s called a bear market. London and Frankfurt gained on the open but fell back slightly later in the morning. Shanghai advanced while … Read more

Foreign investors dump yuan amid China’s Covid-19 lockdown, rate cuts

Foreign investors are dumping yuan and fleeing China post COVID-19 lockdown and rate cuts which is exacerbating foreign capital outflow. The HK Post reported that investors are exchanging their money from yuan into dollars and driving up the dollar while pushing down the yuan. Over the past four weeks, the yuan spot rate has lost … Read more

Inflation: is France less exposed than its European neighbors as asserted by Bruno Le Maire?

For Bruno Le Maire, inflation is “the first political and economic challenge” of the Borne government. The minister acknowledged that the rise in prices constitutes a risk for the purchasing power of the French. According to the former MP, inflation is “a heavy, difficult and agonizing financial burden for millions of our compatriots, which weakens … Read more

Davos Updates | Energy Leader Pans Fossil Fuel Investments | Business News

DAVOS, Switzerland (AP) — The head of the International Energy Agency is urging countries and investors not to use Russia’s invasion of Ukraine as a reason to increase fossil fuel investments. Speaking on an energy panel Monday at the World Economic Forum in Davos, Switzerland, Fatih Birol said the immediate response to energy shocks from … Read more

Asian Shares Mixed After Wall St Barely Misses Bear Market | Business News

By ELAINE KURTENBACH, AP Business Writer Shares are mixed in Asia in cautious trading after Wall Street rumbled to the edge of a bear market on Friday. Tokyo and Sydney were higher Monday while Hong Kong and Shanghai declined. Investors were awaiting minutes from the latest policy setting meeting of the Federal Reserve and updates … Read more