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UK to pay 120 million pounds compensation to investors in failed LCF fund By Reuters

By Huw Jones and David Milliken LONDON (Reuters) - Britain's taxpayers will pay about 120 million pounds ($168 million) to compensate investors who lost money after the 2019 collapse of investment firm London Capital & Finance, the finance ministry said on Monday. The ministry said it would compensate 80% of losses made by holders of bonds from LCF, up to a maximum of 68,000 pounds per person. About 8,800 people will be entitled to compensation. "The situation regarding LCF is unique and exceptional and the government has decided to establish a compensation scheme for LCF bondholders...

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Fed Rate-Hike Wagers Put on Back Burner as Blackout Begins By Bloomberg

(Bloomberg) -- Federal Reserve rate-hike expectations have been aggressively reduced over the past two weeks in the eurodollar futures market, just as policy makers enter their usual silent period before their April 28 decision. The rapid repricing has removed around 15 basis points of rate increases from the December 2022 eurodollar futures contract. This shift away from fully pricing in a 25-basis-point rise has prompted Citigroup Inc (NYSE:C).’s Jason Williams (NYSE:WMB) to fade the move and target fresh bets on a steeper curve. It is a “puzzling move” that conflicts with the...

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New direction needed: EU launches website for citizens to discuss its future By Reuters

By Jan Strupczewski BRUSSELS (Reuters) - The European Union launched on Monday a website for citizens to debate the future of the 27-nation bloc as the exit of Britain, climate change, the COVID-19 pandemic and the rise of nationalism force the EU to reflect on how it wants to develop. The website, available for contributions in the EU's 24 official languages, is part of what EU institutions call the Conference on the Future of Europe -- a forum for debate to help identify issues the EU needs to address in the changing global context. "The conclusions...

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First Solar Rises On Citi Upgrade, Sees Multiple Triggers Ahead By Investing.com

By Dhirendra Tripathi Investing.com – First Solar (NASDAQ:FSLR) shares eased off a bit but were still higher by more than 2% after Citi (NYSE:C) upgraded the solar panel manufacturer to buy from neutral. Analyst J.B. Lowe now sees the stock at $100, 22% higher from its prevailing levels and 13.6% more from his previous target of $88. The stock is currently almost 27% off its 52-week high of $112.5. The analyst sees “multiple positive catalysts (for the stock) over the next several months.” Lowe listed potential inclusion of a 10-year solar tax credit extension and the...

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Bank of England boosts payments competition with new account By Reuters

By Huw Jones LONDON (Reuters) - The Bank of England gave the green light on Monday to a new type of account at the central bank to bolster Britain's credentials in financial innovation and open up payments to more competition. The BoE said it would offer an "omnibus" account to cater for a wider range of anticipated payments systems, such as those based on distributed ledger technology (DLT) or blockchain, the technology which underpins crypto-assets like bitcoin. "Under the new model, an operator of a payment system can hold funds in the omnibus account to fund...

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German regulator files criminal complaint against Deutsche Bank board member over Wirecard – FT By Reuters

FRANKFURT (Reuters) - Germany's securities regulator BaFin has filed a criminal complaint against outgoing Deutsche Bank (DE:DBKGn) supervisory board member Alexander Schuetz for alleged insider trading of Wirecard shares, the Financial Times reported on Monday. The FT, citing confirmation from Munich's prosecutor office, reported that prosecutors received the complaint from BaFin on Monday by fax and the office was awaiting further details. BaFin, Deutsche Bank and a spokesman for Schuetz declined to comment. Munich prosecutors didn't respond to requests for comment. Schuetz has previously announced that he is stepping down from the board....

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U.S. Sanctions Threats Are Pushing Putin Into Economic Isolation By Bloomberg

(Bloomberg) -- The U.S. is threatening Russia with further repercussions if it doesn’t change behavior on foreign policy and the treatment of opposition activists at home. If history is anything to go by, any new sanctions will just push President Vladimir Putin to make his economy even more self-sufficient. In the seven years since Russia’s annexation of Crimea, Putin’s government and central bank have stripped back the country’s exposure to dollars, shifted assets out of the U.S. and sold a smaller share of its debt to foreigners. “Everyone will just continue playing the same games,” said...

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Britain proposes to regulate ‘mini-bond’ at heart of collapsed LCF fund By Reuters

LONDON (Reuters) - Britain's finance ministry on Monday said it proposes to regulate the issuance of mini-bonds like those sold by the now-defunct investment fund London Capital & Finance. LCF's collapse left investors facing losses on the unregulated mini-bonds they had bought. "The government is consulting on proposals to bring the issuance of non-transferable debt securities - ‘mini-bonds’ - within the scope of financial services regulation," the finance ministry said in a statement. ...

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U.S. Futures Edge Lower; Corporate Earnings Ramp Up By Investing.com

By Peter Nurse    Investing.com - U.S. stocks are seen opening marginally lower Monday, consolidating after last week’s record levels ahead of a busy week for corporate results.  At 7:05 AM ET (1205 GMT), the Dow Futures contract was down 75 points, or 0.2%, S&P 500 Futures traded 8 points, or 0.2%, lower, and Nasdaq 100 Futures dropped 20 points, or 0.2%. Wall Street registered another strong week last week, with the S&P 500 and Dow Jones Industrial Average closing at record highs on Friday, benefiting from earnings topping estimates and strong economic data.  The S&P and...

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Equiniti Group subject of takeover offer, shares jump By Investing.com

By Samuel Indyk Investing.com – Shares in Equiniti Group were trading higher by over 18% on Monday after the company confirmed they are subject to a takeover approach from Siris Capital Group. The non-binding bid from Siris Capital Group is worth 170 pence per share. Equiniti closed Friday’s session at 137.60 pence per share. Equiniti confirmed the highly-conditional offer had been received, saying it is subject to a number of pre-conditions including completion of due diligence and arrangement of debt financing. The board of Equiniti said they will evaluate the proposal carefully in all respects, together...

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