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...They include Baillie Gifford’s flagship Scottish Mortgage Investment Trust, Bill Ackman’s £7.4bn Pershing Square Holdings, and the £2.5bn RIT Capital Partners trust....
...Bank of China and Industrial and Commercial Bank of China are part of a group of lenders involved in a stand-off over debt at Thames Water’s parent company....
...Their successors Rachel Reeves and Sir Keir Starmer are repeating the trick, ruling out rises in income tax....
...Trust....
...The presidents of the Federal Reserve banks of Dallas, Atlanta, San Francisco and Kansas City are also speaking in public later....
...The trust grew from a market capitalisation of £80mn in 1980 to about £3bn today....
...The trust invests in high-growth companies such as Nvidia and Tesla....
...interest rates in response....
...While lower short-term rates are a drag on bank profits, in a recession driven by tight monetary policy the gains in interest income would be more than outweighed by higher loan defaults....
...Gitlin has a background in aerospace, previously holding roles at Collins Aerospace and United Technologies....
...(On the funding side, banks have had to pay up to hang on to customers’ deposits as people shift cash into money-market funds for the higher yields.)...
...“It is essential for this role and also for my successor to maintain a close proximity to the market but also a healthy distance,” he said....
...Chart of the day Africa had to import $43bn of food in 2019, and the World Bank estimates it could rise to $110bn by next year....
...Washington had also agreed to suspend its levy on steel and aluminium. The UK government has signalled it will not step in to help France’s EDF fund Britain’s flagship nuclear power project....
...But since then many funds have struggled, coming unstuck in markets dominated by central bank bond-buying and low interest rates....
...“How are the Treasury and the bank to make critical decisions based on dodgy statistics?” he said in a House of Lords debate....
...the potential benefits and dangers of so many people having an opportunity to cast a ballot....
...Carried interest and legal interests in the UK If the UK’s Labour party pushes ahead with its plans to raises the tax on carried interest, it might not just be some buyout executives leaving....
...Antoine GaraWell, what happened was a lot of the people who were inside the banks or adjacent to the banks, they wound up building their own firms....
...And these were not the sophisticated financiers that Schwarzman and Gray were used to hobnobbing with: they were in large part retail investors who had been attracted to the funds’ returns when interest...
...And here’s what else I’m keeping tabs on today: Monetary policy: The Bank of Canada will announce its latest interest rate decision....
...When banks began sending out their annual forecasts to clients a month ago, they were broadly united in the view that government bonds would rally next year as interest rates start to fall....
...The second Bank of the United States had lost its charter, and federal deposits had been transferred to state banks....
...She blames “incompetence” at the BoE for failing to realise that the pensions industry might explode when exposed to a sudden spike in interest rates and accuses weak or disloyal Conservative MPs for failing...
...In the UK, the Bank of England has proposed limits for so-called funded reinsurance deals....
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