SoftBank bailout would give it control of WeWork: sources
Japan’s SoftBank Group has prepared a financing plan that would give it control of WeWork as the office sharing startup seeks badly- needed financing, sources told AFP Monday. The plan would give SoftBank, which is controled by billionaire Masayoshi Son, more than 50 percent of WeWork and further limit the influence of former chief executive…
Who’s betting against the pound? FX markets enter UK political fray
Britain’s opposition parties are hitting out at currency speculators betting against the pound while also bankrolling the leadership campaign of pro-Brexit Prime Minister Boris Johnson. However, allegations of conflicts of interest are difficult to prove in the highly globalised and largely unregulated foreign exchange (FX) markets. John McDonnell, the main opposition Labour Party’s finance spokesman,…
WeWork to withdraw IPO as it enters austerity mode
WeWork, which replaced its controversial chief executive last week, announced Monday that it will withdraw a plan to go public for now as it shifts into austerity mode. The company’s co-CEOs Artie Minson and Sebastian Gunningham said in a statement they decided to “postpone our IPO to focus on our core business, the fundamentals of…
NY Fed to pump another $75 bn into money markets Friday
For a fourth straight day, the New York Federal Reserve Bank on Friday will inject billions into US money markets to preserve the US central bank’s control over short-term interest rates. The New York Fed said in a statement on Thursday it will again conduct a repurchase agreement operation of up to $75 billion to…
New York Fed steps into market to move interest rates
The New York Federal Reserve Bank on Tuesday stepped into financial markets for the first time in more than a decade to keep interest rates in line with the Fed’s target. Analysts say the operation appears to have been successful but it caused some jitters, coming as the Fed’s policy-setting Federal Open Market Committee opens…
Cathay Pacific chairman John Slosar steps down
Cathay Pacific announced Wednesday its chairman John Slosar is stepping down to retire, the latest high-profile executive to leave the troubled airline after it drew Beijing’s ire over pro-democracy protests in Hong Kong. The flagship carrier has had a torrid few weeks after Chinese state media and authorities blasted the company because some of its…
No US interest rate cut ‘required’ if growth continues: Fed member
The US Federal Reserve will not need to cut interest rates soon if the world’s largest economy continues on its current path, a voting member of the Fed said Tuesday. The remarks by Eric Rosengren, head of the Boston Federal Reserve Bank, came two weeks before the central bank is due to hold its next…
