Top 10 Business News Today:
1. UBS agrees takeover of stricken Credit Suisse for $3.25bn
The Swiss government has forced through the takeover of stricken bank Credit Suisse by rival UBS for almost $3.25bn (£2.65bn) – well below its market value – amid fears that a failure to protect depositors would trigger a new global banking crisis…read more
2. John Lewis faces criticism over plans to dilute mutual model
Plans by loss-making retailer John Lewis to end more than seven decades as a 100% employee-owned business have drawn criticism from an MP and supporters of its mutual ownership model…read more
3. Slash interest rates and stop bond sales, ex-policymaker tells Bank of England
The Bank of England should slash interest rates and stop selling government bonds in the wake of the turmoil in the banking sector, a former Threadneedle Street policymaker has said…read more
4. Silicon Valley Bank’s collapse will not be a one-off – a banking crisis was long overdue
It has been a year since the Federal Reserve started to raise interest rates and banks are starting to fall over in the US. Anybody who thinks Silicon Valley Bank was a one-off is deluding themselves. Financial crises have occurred on average once a decade over the past half century so the one unfolding now is if anything overdue…read more
5. UK steel industry in crisis after lack of support in budget, union warns PM
The government’s failure to support the ailing UK steel industry in last week’s budget has put thousands of jobs at risk, the prime minister has been told…read more
6. Jeremy Hunt’s ‘bizarre’ ditching of pension limit ‘widens inheritance loophole for wealthy’
Jeremy Hunt’s budget decision to scrap the limit on pensions savings has been criticised as “bizarre” by the UK’s leading economics research institute, which says it creates an unjustified extra inheritance tax loophole for high earners that should be closed as soon as possible…read more
7. Good knowledge needed to grow business – Fashionpreneur
The Chief Executive Officer, Mykmary Fashion House, Micheal Onyemah, has said that a sound knowledge of the principles of business is needed to make entrepreneurs succeed…read more
Source: https://punchng.com/good-knowledge-needed-to-grow-business-fashionpreneur/
8. Currency in circulation now N982bn – CBN
The currency in circulation in the country dipped by a 235.03 per cent to N982.09bn at the end of February from N3.29tn at the end of October 2022, on the back of the naira redesign policy of the Central Bank of Nigeria…read more
Source: https://punchng.com/currency-in-circulation-now-n982bn-cbn/
9. Payment platform’s valuation drops by $45bn
Global payment platform, Stripe Incorporated’s valuation fell to $50bn from its $95 valuation in March 2021…read more
Source: https://punchng.com/payment-platforms-valuation-drops-by-45bn/
10. Chinese firm to launch robot taxis
Chinese tech company Baidu has announced that it can now operate robotaxis in a part of the capital city of Beijing with no human staff or driver inside…read more
Source: https://punchng.com/chinese-firm-to-launch-robot-taxis/
