FTSE 100 has worst week since October as fears rise over Covid fallout

Increased lockdown measures in Germany, France and China dent prospects for rapid recovery in 2021

The FTSE 100 has recorded its worst week since late October as concerns increased about the economic fallout from tougher lockdown measures around the world.

The index of leading UK company shares ended the week down by 138 points compared with the previous week, a fall of about 2%, at 6,735, after official figures showed the British economy edged closer to a double-dip recession in November. After a strong start to the year, gaining by about 6% since the start of January, the performance was the worst weekly decline for the FTSE 100 since the last week of October as England headed for a second national lockdown.

Continue reading…

Source link Read the rest

Sacramento Biz Journal hires Geraldo as a data reporter

The Sacramento Business Journal has hired Renata Geraldo as a data reporter. She starts next week. Gerado was a reporter with the Wall Street Journal corporate team as part of the fall 2020 newsroom...

The post Sacramento Biz Journal hires Geraldo as a data reporter appeared first on Talking Biz News.

Source link Read the rest

CoinSwitch Kuber’s $15m Series A marks Ribbit Capital’s first Indian crypto deal

Ribbit Capital, the Palo Alto-based backer of Revolut, Robinhood and Affirm, has led its first Indian cryptocurrency deal.

CoinSwitch Kuber, one of India’s crypto investing platforms, landed a $15 million Series A led by Ribbit Capital. The investor also backs non-crypto Indian firms such as CRED, Razorpay, and Zest.

CoinSwitch Kuber’s co-founders Vimal Sagar Tiwari, Ashish Singhal, and Govind Soni

San Francisco-based Paradigm co-led the round alongside Ribbit Capital. Founded by Coinbase’s co-creator, Fred Ehrsam, and Matt Huang, a former Sequoia partner, Paradigm is a crypto-focused investor.

The two backers are investing in CoinSwitch Kuber ahead of a year which sees the start-up gun for a user base of ten million.

The fintech, founded in 2017, says it will put the new capital towards its technology, security, compliance and new product capabilities.

Existing investors participating in the round include Sequoia Capital India. As well as angel investor, Kunal Shah, who … Read the rest

German economy shrank by just 5% in 2020 amid Covid-19

Manufacturing and ‘decisive’ fiscal action behind smallest anticipated fall in Europe

Germany’s economy shrank by 5% last year, according to official figures, among the smallest declines anticipated in Europe despite the coronavirus pandemic causing the deepest recession since the 2008 financial crisis.

The German recession is expected to be among the least severe in Europe, with analysts crediting a decisive fiscal response and the avoidance of overly optimistic forecasts. By comparison, national output is expected to drop by more than 9% in Italy and France, and by 11.3% in the UK – the worst performance for more than 300 years.

Continue reading…

Source link Read the rest

AP econ reporter Boak moving to White House team

Associated Press economics reporter Josh Boak is moving to the news service’s White House team. He will be focused on President-elect Joe Biden’s handling of the economy, both the policies his administration is championing and the...

The post AP econ reporter Boak moving to White House team appeared first on Talking Biz News.

Source link Read the rest