Wednesday newspaper round-up: City regulation, Trump Twitter ban, Panmure Gordon

by | May 11, 2022

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More than 250,000 households will “slide into destitution” next year, taking the total number in extreme poverty to around 1.2m, unless the government acts to help the poorest families hit by the energy price shock, according to the National Institute for Economic & Social Research (NIESR). More than 1.5m households will see the rise in food and energy bills outstrip their disposable income, forcing them to rely on savings or extra borrowing to make up the shortfall, said the thinktank, which blamed welfare spending cuts since the Brexit vote in 2016 for leaving millions of families in a vulnerable financial position. – Guardian
Rishi Sunak has moved to weaken regulation of financial services brought in after the 2008 crash amid fears he is aiming to make London into a post-Brexit “Singapore-on-Thames” pushed by Tory donors. The chancellor is bringing forward a new financial services and markets bill as part of the Queen’s speech with the aim of “cutting red tape in the financial sector”. – Guardian

Elon Musk has vowed to reinstate Donald Trump on Twitter if his $44bn (£36bn) takeover of the social media network succeeds, in a move that will further inflame tensions with Democrats ahead of midterm elections. The billionaire Tesla chief said that banning Mr Trump was a “morally bad decision and foolish in the extreme” because it undermined trust in the platform. He added: “The answer is that I would reverse the ban.” – Telegraph

Britain will join the space race this summer with the launch of two shoebox-sized satellites from Cornwall. Equipped with Ministry of Defence kit, the so-called cubesats will take off on a Virgin Orbit Launcher One rocket from Newquay Airport. It will be the first satellite launch from British soil and is aimed at demonstrating the country’s ability to rival other spacefaring nations such as the US, Russia and China. – Telegraph

Panmure Gordon, one of the City’s oldest stockbrokers, turned its biggest profit since before the financial crisis last year as its turnaround under Bob Diamond, the former Barclays boss, gathers pace. The group has racked up tens of millions in losses since it was taken over by Diamond’s Atlas Merchant Capital for £15.5 million in 2017. – The Times

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