June, 2022

• 27 June

  Recession fears sink Canadian banks into 20% drop from high

  

    Bloomberg Canadian banks fall about 20% from their record high set in early February as recession fears send investors fleeing. The S&P/TSX Commercial Banks Index, which tracks the country’s eight largest lenders, dropped, adding to another day of losses after inflation in Canada surged to a four-decade high and US data pointed to rising unemployment and slumping manufacturing and ...

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• 27 June

  Barclays agrees to buy mortgage lender Kensington for $2.8b

  

    Bloomberg Barclays Plc has agreed to buy Kensington Mortgage Company Ltd, expanding the reach of its offering in Britain’s housing market. The lender’s UK unit will pay about £2.3 billion ($2.8 billion) for the specialist mortgage lender that is owned by Blackstone Inc. and Sixth Street, according to a statement. Kensington, which is based in Maidenhead, England, and has ...

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• 27 June

  Goldman says signs are here of belt-tightening impact to profits

  

    Bloomberg The first hints that consumer belt-tightening is passing through to corporate earnings are coming in, posing a bigger risk to US equities than stock-selling by American households, according to Goldman Sachs Group Inc. High inflation and declining asset prices have started to strain household finances, Goldman strategists led by David Kostin wrote. They cited the 0.3% drop in ...

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• 27 June

  Payments firm SumUp reaches $8.4b valuation

  

    Bloomberg SumUp has achieved an 8 billion euro ($8.4 billion) valuation in its latest funding round, raising 590 million euros in a deal split between debt and equity in a bid to develop new products and gain clients. Bloomberg News first reported in January that SumUp was considering raising a fresh round of funding. People with knowledge of the ...

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• 27 June

  Credit Suisse may replace top lawyer

    Bloomberg Credit Suisse Group is considering replacing its top lawyer Romeo Cerutti, as the troubled lender struggles to resolve legacy legal issues and focus on looming court battles, people familiar with the matter said. The Zurich-based lender is considering hiring former UBS Group AG general counsel Markus Diethelm, the people said. Diethelm is fresh from exiting as chief legal ...

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• 27 June

  Zimbabwe fines 12 banks

    Bloomberg Zimbabwe penalised 12 banks for “financial indiscipline” that fueled inflation and undermined the currency, the Herald newspaper cited President Emmerson Mnangagwa as saying. The unidentified institutions have received unspecified “hefty penalties,” Mnangagwa told supporters of the ruling party after opening a gold-processing facility, according to the Harare-based paper. The central bank probed a total of 16 lenders suspected ...

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• 27 June

  TikTok turns on the money machine

  

    Bloomberg Alyssa McKay used to work part-time at a frozen yogurt store in Portland, Oregon, making minimum wage to cover her college tuition. Now the 22-year-old earns more than $100,000 a year on the short-video platform TikTok. Brands like Coach, Netflix and Amazon Prime Video pay up to reach her 9 million followers, mostly teenage and pre-teen girls who ...

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• 27 June

  Instagram to test AI on faces to verify users are over 18

  

    Bloomberg Instagram, under fire from safety advocates to keep children off the app and prevent teens from seeing harmful content, is testing new ways to verify users’ age. Among them: running users’ video selfies through an artificial intelligence (AI) that can determine if they are adults. The Meta Platforms Inc-owned app recently started requiring users to submit their birthdate ...

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• 27 June

  VW sticks to iconic Porsche IPO plan

    Bloomberg Volkswagen AG is sticking to a plan to list its iconic Porsche sports-car maker later this year as Europe’s biggest carmaker looks to finance a costly shift toward electric vehicles. VW is going ahead with the initial public offering in the fourth quarter because the unit has proven resilient over the years to market disruptions including the recent ...

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• 27 June

  GM’s Cruise plots expansion after debuting robotaxi fares

  

    Bloomberg General Motors Co’s Cruise LLC plans to expand its robotaxi business to all of San Francisco this year and move into other cities beginning in 2023, a growth push that comes on the heels of its first self-driving vehicle rides to carry paying customers. The company started charging fares for rides covering one-third of the city between 10 ...

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