Jack Ma’s Ant to Apply for Key License as Soon as This Month

The People’s Bank of China intends to accept Ant’s application to become a financial holding company once it’s submitted and will then start a review process, which could take months, said the people, asking not to be identified discussing a private matter. Officials will examine Ant’s capital strength and business plans, as well as the … Read more

Ex-Bankers’ Study-Abroad Startup Nears $ 1 Billion Unicorn Status

Owl Ventures led the round, with Steadview Capital and Paramark Ventures as well as existing investors Jungle Ventures and Sequoia Capital India participating, the company, known by its brand name Leap, said Wednesday in a statement. Its valuation has doubled since a September fundraising and is nearing $ 1 billion, co-founder Vaibhav Singh, 37, said … Read more

Bitcoin Holds Above $ 20,000 After Week of Forced Crypto Selling

Marcus Sotiriou, an analyst at GlobalBlock, pointed to the Glassnode data to say that “a macro bottom, or temporary bottom, could be close,” according to a note on Monday. Altcoins have not suffered the same “cascade in liquidations” as Bitcoin and Ether, which are the tokens primarily used as collateral for leveraged positions, he said.

Biden Says US Recession Avoidable After Call With Ex-Treasury Secretary Summers

(Bloomberg) – President Joe Biden reiterated that a US recession is not “inevitable” following a conversation with former Treasury Secretary Lawrence Summers, who sees a significant chance the country will find itself battling stagflation. “I was talking to Larry Summers this morning, and there’s nothing inevitable about a recession,” Biden told reporters Monday at Rehoboth … Read more

Russian Nobel-Prize Editor Auctions Medal to Aid Ukrainians

Dmitry Muratov, editor-in-chief of Novaya Gazeta, was awarded the Nobel together with journalist Maria Ressa of the Philippines last year for their “courageous fight for freedom of expression.” He donated his approximately $ 500,000 prize money to charity, and suspended publication of the newspaper in March after Russia passed legislation restricting reporting on the war, … Read more

Qatar Airways CEO Opens Door to Settling Airbus Row Out of Court

With his company hosting the IATA event in Doha, Al Baker has found himself thrown together with Airbus CEO Guillaume Faury at a low point in his decades-long relationship with the European manufacturer. Qatar Airways is suing over surface degradation issues afflicting its A350 wide-body jets, with Airbus having hit back by scrapping the carrier’s … Read more

BOE Move to Scrap Mortgage Tests Puts First Time Buyers at Risk

In the worst case scenario, new buyers would be unable to remortgage if prices fall, leaving them able to access only the most expensive loans and trapped in debt. In 2019, the Financial Conduct Authority estimated that there were 250,000 so-called “mortgage prisoners” stuck at high rates in the UK.