Top news of the day, June 02
Latest news:
1. European leaders and the head of the International Monetary Fund agreed to step up the intensity of talks over Greece’s fate after an extraordinary meeting in Berlin about ways to avert a default.
The top-level huddle lasted past midnight Tuesday morning at Germany’s government headquarters with Chancellor Angela Merkel, IMF chief Christine Lagarde, European Central Bank President Mario Draghi, French President Francois Hollande and European Commission President Jean-Claude Juncker in attendance. The goal was to hammer out an offer that Greece could consider in coming days, according to two people familiar with the plan.
2. Plus500 Ltd. agreed to a $703 million bid from Playtech Plc, two weeks after the trading platform froze customer accounts, its stock plunged and short-sellers began circling. Playtech reserved the right to walk away if needed.
Playtech, an online gambling company that’s expanding into trading, said Monday it would pay 400 pence a share for Plus500, about 55 percent of its value a month ago. The deal can be scrapped if Plus500’s business falters, Mor Weizer, chief executive officer of Playtech, said on a call with investors.
3. KPMG is growing its legal arm beyond tax, threatening to become a major player in the legal services market.
Speaking to Lawyers Weekly, Jeremy Geale, the head of KPMG’s tax controversy team, said the Big Four firm is boosting the range of legal services it will offer its extensive list of existing clients.
Find the Results of the recently closed poll (June 01) and share your opinion on the new Poll vote “Which type of analysis do you use when you invest?”
4. The Financial Reporting Council (FRC) has found a number of areas that need to be addressed in its annual review of the Big Four’s audit offering.
Overall the auditing by major firms is improving, however, a third of audits (33%) carried out by eight of the UK’s leading audit firms failed to meet the regulator’s quality standards – including 10 that required significant improvements.
5. ISA License Application Stage for Existing Trading Platforms (FOREX) is Concluded.
On Monday, May 26, 2015, the application submission stage for trading platform companies seeking an operating license from the ISA was concluded. Companies that did not submit an application for a license are no longer permitted to operate.
6. A group of undisclosed investors joined their forces to create the first bitcoin bank in the world. Presently, this bank is applying for a license, reports Die Handelszeitung.
7. Financial services firms may dominate the list of corporate investors in fintech startups, but the biggest investment dollars are coming from two of the world’s largest tech companies, Google and Intel, according to data from CB Insights.
By OneStopBrokers
