Barclays Announces Plans To Curb Fossil Fuel Funding LeapRate

February 09, 2024 BY Simon Mugo

Barclays Announces Plans To Curb Fossil Fuel Funding

This decision is a critical component of its newly unveiled Transition Finance Framework (TFF), introduced amid growing scrutiny from environmental advocates concerning its energy financing policies in light of rising emissions from fossil fuel combustion. Starting in 2025, the financial institution plans to limit its financing to companies that are not diversified, such as those…

February 09, 2024 BY PureContent

China moves to revive its stock markets, sacks securities regulator

The Communist Party's central committee appointed Wu Qing as Yi's replacement, with Yi being seen by some as the fall guy for recent losses. Wu, nicknamed "Broker Butcher," is a senior official known for cracking down on brokerages. A veteran regulator with a reputation for tough actions, he previously served as the acting vice…

February 09, 2024 BY Elizabeth Anderson

Former Zipmex CEO in Thai SEC’s crosshairs

Based on his LinkedIn profile, Yimwilai headed this company, which is the Thai division of the Singapore-headquartered outfit, from August 2018 to November 2023. The SEC also indicated that its investigation picked up inconsistencies in filed company reports. Zipmex received Ministry of Finance and SEC approval to operate in Thailand in 2020. On 2 February…

February 09, 2024 BY Elizabeth Anderson

Tesla employees up against AI as managers tasked with identifying crucial positions

Based on Yahoo Finance data, Tesla lost approximately $200bn in market value over the past six months, and this move may be one of the measures aiming to revive it. Even though the US Labour Department recorded a general upsurge in hiring new employees, tech job cuts are front and centre as companies increasingly onboard…

February 08, 2024 BY Simon Mugo

Italy’s Intesa Bank Is on Track To Exit Its Russian Operations Fully

The move was further supported in September when President Vladimir Putin issued a decree allowing for transactions involving these assets. In an interview with Bloomberg Television, CEO Carlo Messina revealed that Intesa has significantly reduced its exposure in Russia to a "minimal" level. Yet, the bank has struggled to wholly disentangle itself from its subsidiary…

February 08, 2024 BY Simon Mugo

PBB, a German Bank, Says It Can Handle the US Real Estate Crisis

PBB, a part of the SDAX small-cap index that strongly emphasises real estate financing, made this reassurance in its second extraordinary disclosure in as many days as its equity and debt instruments experienced market pressure. The bank had previously characterised the current situation in the U.S. market as "the most significant real estate crisis since…

February 08, 2024 BY PureContent

ASIC takes disciplinary action against nine SMSF auditors

The concerns included non-compliance with auditing and assurance standards, independence requirements, registration conditions, or being unfit to remain an SMSF auditor. ASIC took the disciplinary measures in the quarter ending 31 December 2023. Among the actions taken, ASIC disqualified five auditors and imposed additional conditions on two. Two auditors had their registrations cancelled. Notably, of…

February 08, 2024 BY Elizabeth Anderson

South Korean authorities clamp down on cryptocurrency looters

Reportedly, Haru Invest emphasised high-yield promises while it froze certain platform functions in June 2023. Around this time, the outfit also cut 100 jobs. The company cited issues with its partners as the reason why customers could not make deposits or withdrawals. Yonhap News described the company as a “rug pull” front for fraud, which…

February 08, 2024 BY Elizabeth Anderson

Chinese NEV sales hitting long-time lows

Based on the China Association of Automobile Manufacturers (CAAM) statistics, the overall sales, which include exports, came to 2.44 million units. Although this is an annual 47.9% jump, it is a 22.7% dip compared to December 2023. The CAAM data tracks sales to third-party dealers and vehicles such as trucks. Reuters indicated that, according to…

February 07, 2024 BY Simon Mugo

Monte Paschi Bank Announced Its First Dividend Payout in 13 Years

Alongside major Italian banks such as Intesa Sanpaolo (ISP.MI) and UniCredit (CRDI.MI), MPS has benefited significantly from the rise in interest rates. Additionally, the bank has gained from positive outcomes in several legal disputes with former executives, alongside ongoing restructuring efforts led by CEO Luigi Lovaglio. Thanks to the favourable court decisions, the bank could…