@peter_IFAMAG reads Twitter so you don’t have to.
The long-awaited ‘Russia Report’ reveals successive UK governments turned a blind eye to money laundering through London. Elsewhere Softbank exits Credit Suisse funds after ‘circular financing’ review. The four largest tech stocks now out-value the entire Japanese stock market.
Firstly James Hurley shares new developments in the Wirecard scandal.
Networks of British shell companies in London, Essex and Co. Durham are at heart of alleged bank fraud which prosecutors are examining for links to possible money laundering by Wirecard https://t.co/USQLCgrM1q
— James Hurley (@jameshurley) July 21, 2020
Isabel Woodford writes an interesting piece on Monzo Plus’s rollout.
Monzo Plus is clearly a feat of engineering. But a scan of the fintech market shows that premium products don't tend to get much uptake…In other words, most people don't want to PAY for fintechs. Can Monzo break the bad spell? My piece this morning: https://t.co/L0gc1O2K4d
— Isabel Woodford (@i_woodford) July 20, 2020
Chris Giles left confused after HM Treasury announces public sector pay rises, and then public sector squeezes.
Interesting @hmtreasury tactic today
Announce big public pay increases for 2020-21 overnight and into morning bulletins
Then, warn of a big squeeze to come in obscure letter at 09:30
The latter will be more important to doctors, teachers, the military and civil servants pic.twitter.com/6jAgEWrLlT
— Chris Giles (@ChrisGiles_) July 21, 2020
David Ingles points out the value of the four largest tech stocks in comparison to the Japanese stock market.
Apple, Amazon, Microsoft and Google combined are now bigger than JAPAN'S ENTIRE STOCK MARKET. In other words, these 4 alone would be enough to create the world's third biggest stock market (behind the U.S. and China).
— David Ingles (@DavidInglesTV) July 20, 2020
SoftBank pulls out of Credit Suisse fund following review.
ICYMI: The Circle of SoftBank is no more!
Credit Suisse has completed its review of its supply chain finance funds, in which Greensill plays a major role and:
*SB has redeemed its investment
*CS will reduce the maximum allowed exposures to single obligorshttps://t.co/zrsuGI2T2J
— Robert Smith (@BondHack) July 21, 2020
The Russia Report came out earlier today and is rather damning of UK policy.
"Successive governments have welcomed the oligarchs and their money with open arms, providing them with a means of recycling illicit finance through the London ‘laundromat’, and connections at the highest levels with access to UK companies and political figures." #RussiaReport
— Sean O'Neill (@TimesONeill) July 21, 2020
Meanwhile, the government discuss pensions.
Govt sets sombre tone in call for evidence on ways to resolve issue of 1.7m retirement savers missing out on #pensions tax relief. The options outlined “all have “drawbacks” and would introduce “significant complexity” into the system. pic.twitter.com/ZR7jsov0qJ
— Josephine Cumbo (@JosephineCumbo) July 21, 2020
What are your thoughts on these tweets?
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