Category: News

Public Stakes in Small Firms

(Bloomberg) — European policy makers who frantically assembled plans to help their economies weather the coronavirus lockdowns are starting to focus on how to prevent cascading bankruptcies that could derail the rebound.

The next big idea gaining traction among officials and economists is potentially taking stakes in small and medium-sized businesses, in contrast to early efforts that relied heavily on loans to keep corporations afloat.

The European Commission and the Bank of England have both floated the concept, and France’s finance ministry is examining the option. So is Germany’s economy ministry, according to a spokesman. The nation’s DIHK business association,

Read more

How Kingold Jewelry’s fake gold bars slipped through scrutiny in one of China’s biggest loan scams

The scandal involving Nasdaq-listed Kingold Jewelry, one of China’s largest jewellery makers, has raised eyebrows in China’s business community as company officials and bankers feel the heat from the fallout.

The company was alleged to have used 83 tonnes of fake gold bars, or gilded copper, as collateral to secure 20 billion yuan (US$2.83 billion) of loans from onshore lenders, Caixin reported on June 29, describing it as one of the largest gold loan fraud cases China has ever seen.

The amount is equivalent to about 22 per cent of China’s annual gold output in 2019. If they were real,

Read more

Conte’s Popularity Sparks Speculation on Grabbing Party Role

(Bloomberg) — The popularity of Prime Minister Giuseppe Conte has triggered speculation he might become leader of the anti-establishment Five Star Movement, with an opinion poll suggesting he could turn the party into Italy’s leading force.

Conte, a Florentine lawyer, was picked by Five Star to become premier in 2018 but still has no party membership. He has since shown surprising resilience in surviving an attempted power grab by Matteo Salvini of the anti-migrant League last year, forging a second coalition, and managing the coronavirus emergency.

Yet Conte’s personal support is fueling tensions within his administration, led by Five Star

Read more

If you’re planning a staycation in the UK this summer, here’s what to pack

We've got you covered for your staycation from beachwear to walking boots and everything in between: iStock/The Independent
We’ve got you covered for your staycation from beachwear to walking boots and everything in between: iStock/The Independent

Having spent the past three months in lockdown, when the prime minister announced that hotels, caravan parks and campsites can reopen from 4 July, it was a welcome change to our new normal.

Whether you’re getting cabin fever or are sick of working from home with much less social interactions than usual, we’ve never needed a holiday more.

As sunny weather and blue skies are making a more frequent appearance, take a few days off and book a staycation to explore some

Read more

Why corporate America makes an unconvincing ally against racism

Amazon, Apple, McDonalds, JP Morgan – the biggest names in corporate America have all joined the global call for a reckoning on racial injustice in the wake of George Floyd’s brutal death at the hands of Minneapolis police last month.

Corporate donations to civil rights groups– at least $1.7bn by one estimate – have been accompanied by an outpouring of solidarity statements from the biggest names in fast food, finance and media.

Related: Brands are fighting to prove they are anti-racist – but is it enough?

Watching the news Marcia Chatelain, a provost’s distinguished associate professor of history at Georgetown

Read more