Top news of the day, May 28
1. Finance chiefs from the Group of Seven economic powers met on Thursday to discuss how to revive a faltering global recovery, with the United States leaning on Europe to reach a deal to avert a Greek bankruptcy.
The threat of a Greek default, rising oil prices and bond market turmoil are fuelling investor nervousness about an unwinding of the global economic recovery. A slowdown in China — not present at the talks in Dresden, Germany — is adding to the concern.
2. The High Court in Christchurch has granted the Financial Markets Authority’s (FMA) application for Grant Graham and Neale Jackson of KordaMentha to be appointed as receivers and managers of Arena Capital Limited, trading as Blackfort FX (Arena/Blackfort).
3. The former chief executive of failed investment firm Keydata is threatening to join PwC in his £650m law suit against the Financial Conduct Authority over what he describes as a “politically motivated” abuse of power
Stewart Ford accuses PwC, which was called in by the Financial Services Authority (the predecessor body to the FCA) in June 2009 as administrators to Keydata, of working with the regulator to report that the business was insolvent when it wasn’t.
4. The European Union and Switzerland on 27 May 2015 signed an agreement on the automatic exchange of financial account information, aimed at improving international tax compliance.
The agreement represents an important step in ongoing efforts to clamp down on tax fraud and tax evasion. It upgrades a 2004 agreement that ensured that Switzerland applied measures equivalent to those in an EU directive on the taxation of savings income.
5. CMC Markets , a leading provider of financial spread betting and CFD trading, announces a strong performance for the year to 31 March 2015, exceeding the previous year’s underlying profit before tax by 61 per cent to £51.9 million.
By OneStopBrokers
