News & Updates
Argentina returns to bond market after 15-year isolation
Argentina has returned to the international borrowing markets with a sale of sovereign bonds that ends 15 years of exile since its 2001 default. The country is raising up to $15bn, but demand for the bond issue was strong and attracted orders worth $65bn. Some of the money will go to repaying bondholders who for years opposed the terms of Argentina’s debt restructuring after the default 15 years ago.
Panama Papers Q&A: What is the scandal about?
A huge leak of confidential documents has revealed how the rich and powerful use tax havens to hide their wealth. A huge leak of documents has lifted the lid on how the rich and powerful use tax havens to hide their wealth. The files were leaked from one of the world’s most secretive companies, a Panamanian law firm called Mossack Fonseca. In one case, the company offered an American millionaire fake ownership records to hide money from the authorities. This is in direct breach of international regulations designed to stop money laundering and tax evasion.
Morgan Stanley profits more than halve
Morgan Stanley profits more than halved in the first three months of the year following “challenging” market conditions. Net profit fell by 54% to $1.1bn (£776m), down from $2.4bn in the first quarter of last year. Low oil prices hit the US bank’s trading business and helped push revenues down from $1.9bn to $873m. Morgan Stanley chief executive James Gorman said: “The first quarter was characterised by challenging market conditions and muted client activity. Against that backdrop, our businesses delivered stable results.
EU referendum: Argue leaving EU would liberate UK
Quitting the EU would be an act of liberation and patriotic renewal, Michael Gove is to say, as the war of the words in the debate intensifies. The justice secretary, who backs EU exit, will accuse those who want to stay of treating voters “like children who can be frightened into obedience”. It follows Treasury forecasts an exit could cost households £4,300 a year. Mr Gove will warn of a further loss of powers to Europe in areas such as tax and asylum if the UK stays in the EU.