Cryptocurrency investment platform Cred Inc. unwittingly put a convicted financial criminal identified by the U.K. as a fugitive in charge of raising and deploying the firm’s capital before its collapse into bankruptcy, a court-appointed examiner said, the Wall Street Journal reported. An examiner’s report filed Monday in the U.S.
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Resources Per Country
- Albania
- Austria
- Belarus
- Belgium
- Bosnia and Herzegovina
- Bulgaria
- Croatia
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Gibraltar
- Greece
- Guernsey
- Hungary
- Iceland
- Ireland
- Isle of Man
- Italy
- Jersey
- Kosovo
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Macedonia
- Malta
- Moldova
- Monaco
- Montenegro
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- Russia
- San Marino
- Serbia
- Slovakia
- Slovenia
- Spain
- Sweden
- Switzerland
- Ukraine
- United Kingdom
- Vatican City
Brexit drove a shift in Japanese firms out of the U.K. and toward continental Europe, a report shows, Politico reported. The number of Japanese firms based in the U.K. fell 12 percent between 2014 and 2019, from 1,084 to 951, with most of the drop occurring during the politically tumultuous period following the Brexit referendum in June 2016.
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Greensill Capital’s talks to sell parts of its operating business to Athene Holding Ltd. have stalled, Bloomberg News reported. The deal talks between Athene, an annuity seller backed by Apollo Global Management Inc., and Greensill have been held up by a breakdown in discussions with key technology supplier Taulia Inc. Greensill Capital filed for administration in the U.K. on Monday, and Athene emerged as the only credible potential buyer after the supply-chain finance company’s swift collapse.
Telecom Italia and unions agreed on Monday to cut up to 1,300 jobs in Italy this year through a voluntary scheme, two union sources said, as the country’s biggest phone group strives to revamp its business in the COVID-19 crisis, Reuters reported. The cuts would amount to around 3% of TIM’s 42,600 employees in Italy and be implemented through an early retirement scheme. In addition, TIM and unions have agreed a potential further 178 jobs cuts to be implemented by the end of 2023 through a separate voluntary layoff scheme, the sources said.
Greensill Capital filed for insolvency on Monday after losing insurance coverage for its debt repackaging business and said in its court filing that its largest client, GFG Alliance, had started to default on its debts, Reuters reported. Greensill began to unravel last Monday when its main insurer stopped providing credit insurance on $4.1 billion of debt in portfolios it had created for clients including Swiss bank Credit Suisse.
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Ireland’s top securities firm closed its bond desk and said all those involved in a deal which has plunged the company into controversy have now exited, as it sought to draw a line under the worst scandal to hit Dublin’s stockbroking community in decades, Bloomberg News reported. Four staff were made redundant by the closure, Davy said. The move comes after a central bank investigation prompted the nation’s debt office to strip the firm its role as a primary dealer in government bonds on Monday.
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Credit Suisse is winding down specialist funds worth $10bn (£7.2bn) that were mostly invested in loans linked to Greensill, the crisis-hit supply chain bank, The Guardian reported. Greensill, which employs 1,000 staff in London and has the former prime minister David Cameron as an adviser, is preparing to file for insolvency and is in talks to sell parts of its business to the US private equity firm Apollo Global Management, after it lost the of backing of Credit Suisse and its fellow Swiss investment house GAM. “The fund boards have now decided to terminate the funds.
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Brian McKiernan, chief executive of Ireland’s biggest securities firm Davy, resigned after regulators accused the company of a “lack of candor” in dealing with one of the worst scandals to hit Dublin’s stockbroking community in years, Bloomberg News reported. The board has also accepted the resignations of Kyran McLaughlin as a non-executive deputy chairman and Barry Nangle as head of bonds, the Dublin-based firm said in a statement Saturday. Bernard Byrne, deputy CEO, has been appointed interim chief executive.
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Norwegian Air expects its dispute with Boeing over the cancellation of orders for 97 aircraft to be decided in U.S. legal proceedings and not as part of an Irish restructuring process, a lawyer for the airline said on Friday, Reuters reported. Norwegian was given protection from bankruptcy in both Norway and Ireland, where most of its assets are registered, late last year and is aiming to emerge from the process in April with fewer aircraft and less debt. On Friday, the airline indicated to the Irish court that it was seeking to repudiate three aircraft sales contracts with Boeing.
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The U.S. and U.K. are weighing additional penalties against Russia over the use of chemical weapons, with options ranging from sanctions against oligarchs to the extreme step of targeting the nation’s sovereign debt, Bloomberg News reported. British officials plan to push for the Organization for the Prohibition of Chemical Weapons to continue to pressure Russia to provide answers over its use of banned substances, and will raise potential measures with key European allies, including France and Germany, in the coming weeks.
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