The Bank of England is hunting for better ways to keep a close eye on non-bank financial institutions as it looks to track escalating risks posed by the sector, Bloomberg News reported. The central bank has spent months probing how a bevy of investment banks, insurers, central counterparties, hedge funds and other asset managers can handle different forms of stress as part of its so-called system wide exploratory scenario. Still, Governor Andrew Bailey said regulators have already realized there’s a need for further tools to monitor these players.
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A new luxury hotel near London’s Bond Street station is going up for sale after attempts to refinance the project so far have been unsuccessful, Bloomberg News reported. Jones Lang LaSalle Inc. has been appointed to market the five-star BoTree hotel on Marylebone Lane. The 199-room property, built on the site of a former car park, was developed by Shiva Hotels Group and cost £375 million ($487 million) to build. Place III has been attempting to refinance the hotel since it opened in September 2023.
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The United States and Europe are close to finalizing a plan to provide Ukraine with a $50 billion loan backed by Russia’s frozen central bank assets by the end of the year, Treasury Secretary Janet L. Yellen said on Tuesday, the New York Times reported. An announcement of the loan could come this week as finance ministers and central bank governors convene in Washington for the annual meetings of the International Monetary Fund and the World Bank.

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The perilous state of U.K. council finances means one in four local authorities could be forced to request emergency support from the government to avoid effective bankruptcy over the next two years, according to research, the Independent reported. A survey of council chief executives suggests projected funding shortfalls, which are expected to total more than £2 billion next year, will threaten the viability of many councils in England without measures in the Budget to ensure stability and protect vital services.
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Swedish battery maker Northvolt is making significant progress towards raising a new financing package, it told Reuters on Monday. The group has been in talks with investors and lenders in recent weeks to secure short-term funding, three sources familiar with the matter told Reuters on Oct. 11, as the board sought to stabilise the company's finances. It has already started collecting signatures for a financing package potentially larger than $300 million, that could be announced before the end of the month and give the battery maker enough funds until next year.
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Thames Water Utilities Ltd. has started a process to raise at least £3.3 billion ($4.3 billion) in equity that it needs to stay afloat, Bloomberg News reported. The UK’s largest water and sewage operator began the procedure in the past week, meaning potential investors now have access to a data room that provides sensitive information about the company. Thames and its adviser, Rothschild & Co., have approached numerous potential investors, including Brookfield Asset Management and Carlyle Group Inc.
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German automakers should not be afraid of competition from China, Chancellor Olaf Scholz said on Monday at the opening of Mercedes-Benz's first battery recycling plant, an investment he described as part of Germany's new industrial policy agenda, Reuters reported. "Some say that China can do much better with electric motors than us," Scholz said.
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Europe's biggest debt collector, said on Friday that it will file for voluntary chapter 11 bankruptcy protection in the United States as it seeks to restructure its own finances, Reuters reported. The company has struggled as the pandemic, an energy crisis and two-decade-high interest rates failed to unleash a wave of loan defaults, with concerns mounting over Intrum's net debt, which reached 49.4 billion Swedish crowns ($4.69 billion) at the end of June.
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