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Who are the villains of the British Steel crisis? | Nils Pratley

The government has been dithering for years, Brexit remains uncertain, and its owners a worry

Choose your villain in the British Steel crisis. The government has dithered for years about the future of steelmaking in the UK and has stumbled from one crisis to another. Or blame the unresolved Brexit pantomime in Westminster. Or point to the company’s private equity owner, Greybull Capital, whose past calamities include Monarch Airlines and electricals chain Comet.

There’s truth in all versions. Let’s start with the government since ministers offered a bizarre spectacle on Monday when they unveiled their shiny new “steel charter”, a pledge to increase the amount of UK steel used in national infrastructure projects. The aim is worthy, many would agree, but the fanfare seemed to belong to a parallel universe. What use is a charter for the future if the immediate threat is to a large plant in Scunthorpe and 5,000 jobs?

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Source: The Guardian

Powell, Business Debt and Our Dynamic Financial System

Speech At “Mapping the Financial Frontier: What Does the Next Decade Hold?” 24th Annual Financial Markets Conference, sponsored by the Federal Reserve Bank of Atlanta, Amelia Island, Florida
Source: FED Speeches

Ryanair loses altitude but O'Leary retains his cheek | Nils Pratley

Last year’s 13% profit margin was pedestrian by Ryanair’s standards

It was cheeky of Ryanair chief executive Michael O’Leary to declare that full-year profits of €1.02bn (£0.9bn), down 29%, were “as previously guided”. He updates his guidance every few months so that, by the time of the big reveal, it’s hard to miss. The past year still included two profits warnings, let’s not forget.

Related: Ryanair profits slide due to lower fares and Brexit uncertainty

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Source: The Guardian

Deutsche Bank staff saw suspicious Trump and Kushner activity – report

  • New York Times releases explosive report on Russia-linked bank
  • Employee says ‘nothing happened’ after she raised concerns

Several financial moves by legal entities controlled by Donald Trump and Jared Kushner between 2016 and 2017 triggered suspicious activity alerts inside Deutsche Bank, a major lender to the Trump family, according to a report in the New York Times.

Related: No holds Barred: Trump and his troops push for imperial presidency

Related: Mitt Romney won’t back Justin Amash in call for Trump impeachment

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Source: The Guardian

Metro Bank cuts ties with design firm owned by founder's wife

Challenger bank’s £25m of work given to InterArch raised conflict of interest questions

Metro Bank has severed links with the architecture firm owned by the wife of its chairman amid criticism over £25m worth of payments made by the lender to the business.

The move came as the challenger bank, which clinched a £375m fundraising this week, seeks to improve its corporate reputation after a major accounting error.

Related: Metro Bank got there eventually, but this story is not over yet

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Source: The Guardian

Thomas Cook shares 'worthless' after Citigroup warning

Wall Street bank advises investors to sell shares in tour operator

Thomas Cook’s shares plunged by 40% on Friday, their biggest drop since the firm nearly collapsed in 2011, after a high-profile City analyst said the company’s shares had no value.

Wall Street bank Citigroup produced a research note advising investors to sell shares in the 178-year-old tour operator, which reported a £1.5bn loss earlier this week, citing a drop in holiday bookings due to Brexit uncertainty.

Thomas Cook owes its name to a humble and deeply religious 32-year-old cabinet-maker who, one June morning in 1841, hiked the 15 miles from his home in Market Harborough to Leicester, to attend a temperance meeting.

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Source: The Guardian