Analysis: Under water: how the Bank of England threw markets a lifeline

Bank of England bought bonds after pension fund pleas Some UK pension funds faced problematic margin calls BoE support seen as giving window to build collateral British government’s unfunded tax plan spooked markets LONDON/NEW YORK, Oct 2 (Reuters) – Calls to the Bank of England saying some British pension funds were struggling to meet margin … Read more

UK’s Truss tries to reassure on economic plan

Defends economic plan, saying it is right Also tries to reassure Says Kwarteng made decision on high tax rate BIRMINGHAM, England, Oct 2 (Reuters) – British Prime Minister Liz Truss tried to reassure her party and the public on Sunday by saying she should have done more to “lay the ground” for an economic plan … Read more

Tencent shifts focus to majority deals, overseas gaming assets for growth

HONG KONG, Oct 1 (Reuters) – Tencent is resetting its M&A strategy to put more focus on buying majority stakes mainly in overseas gaming companies, as the tech giant eyes global expansion to offset slowing growth at home in China, people with direct knowledge of the matter said. Tencent Holding Ltd (0700.HK) has for years … Read more

Japan spent record of nearly $20.0 bln on intervention to support the yen

Intervention drains nearly 15% of readily available funds Japan can avoid selling U.S. Treasury bills for now – analysts Impact of further intervention may diminish – analysts TOKYO, Sept 30 (Reuters) – Japan spent up to a record 2.8 trillion yen ($19.7 billion) intervening in the foreign exchange market last week to prop up the … Read more

Barclays hit by $361 million U.S. penalty for ‘staggering’ blunder

Sept 30 (Reuters) – British lender Barclays (BARC.L) agreed a $361 million penalty with U.S. regulators on Thursday for “staggering” failures that led it to oversell $17.7 billion of structured products, racking up further costs for an error that has blighted CEO C.S. Venkatakrishnan’s first year in charge. The bank said after London market close … Read more

UK pension funds ask corporates for cash after gilt blow-up -sources

LONDON, Sept 30 (Reuters) – British pension funds with big losses in gilt market derivatives have sought emergency funds from the companies they manage money for as they race to dump assets to raise cash, industry sources said on Friday. Many pension funds were caught out during the surge in bond yields this week that … Read more

Biden administration changes student loan guidance, as Republican-led states file lawsuit

WASHINGTON, Sept 29 (Reuters) – The Biden administration changed its guidance on who qualifies for federal student loan forgiveness on Thursday, as seven Republican-led states filed a challenge to its student debt cancellation program. President Joe Biden said in August that the U.S. government will forgive $10,000 in student loans for millions of debt-saddled former … Read more

Exclusive: Brands blast Twitter for ads next to child pornography accounts

Sept 28 (Reuters) – Some major advertisers including Dyson, Mazda, Forbes and PBS Kids have suspended their marketing campaigns or removed their ads from parts of Twitter because their promotions appeared alongside tweets soliciting child pornography, the companies told Reuters. DIRECTV and Thoughtworks also told Reuters late on Wednesday they have paused their advertising on … Read more

Bank of England moves to calm bond market rout after tax cut storm

BoE starts buying bonds, delays gilt sales IMF does ‘not recommend’ policies like UK growth plan Fin min Kwarteng and PM Truss under fire for policy Pound trading down 0.7% to $1.065 Kwarteng meets banking bosses again LONDON, Sept 28 (Reuters) – The Bank of England sought to quell the fire-storm in Britain’s bond markets, … Read more

Why no news may be good news for China-watching investors

HONG KONG, Sept 28 (Reuters) – Investors are dialling back risk exposure ahead of China’s Communist Party Congress in October and sticking money in the relative safety of mainland blue chips as they await signs Beijing is ready to address problems hanging over the economy. The ChinaAMC China 50 ETF (510050.SS), the country’s largest exchange-traded … Read more