Today's business and finance round up 28th June 2022
London fintech CEO under investigation over taxes
28th June 2022
Bite-sized business news from the UK and beyond
Good morning Last week The Economist’s Intelligence Unit released its annual list of the world’s most liveable cities ranking them on a variety of factors, including health care, crime rates and access to green space. Overall, Europe dominated the list, with six places in the top 10 and Vienna topping the rankings. Manchester was the UK’s highest placed city at #28, five places above London.
Today's stories
- London fintech CEO under investigation over taxes
- G7 pledge $600bn to counter Chinese influence
FINTECH
London fintech CEO under investigation over taxes
Other stories to keep you in the loop
- Post Office workers to strike over pay
- Families to be paid to use less electricity under plan to avoid power blackouts
- British taxpayers take stake in sex party planning firm
- Sainsbury's pressed to pay more to subcontracted workers
- British fintech Kroo gets full banking licence
- Russia defaults on debt for first time since 1998
GLOBAL ECONOMY
G7 pledge $600bn to counter China
What happened?
On Sunday, leaders of the seven major industrialised countries, aka the G7, agreed at a summit in Germany to raise $600bn to fund infrastructure projects in developing countries over the next five years.
It’s all part of a plan to challenge China’s own, similar efforts in the developing world
In 2013, China launched what it calls The Belt and Road Initiative, a global infrastructure strategy designed to increase China’s global reach and influence.
The investment scheme involves projects in more than 100 countries aimed at creating a modern version of the ancient Silk Road trade route from Asia to Europe.
The West, namely the G7, are concerned it will leave China’s autocratic state with too much influence on developing nations.
The US will headline the project with a $200bn contribution that will include direct government aid and private investments — the G7 as a whole including the UK, plus private investors, will make $600bn in investments by 2027.
The fund is actually a revamped version of a project first unveiled at the G7 summit in Cornwall last year. Back then it was known as the Build Back Better World but it faltered from a lack of progress, and the project was relaunched in Germany over the weekend.
The infrastructure projects will focus on climate, information technology and health systems
The first batch of projects include a solar project in Angola, vaccine manufacturing facility in Senegal and a submarine internet cable that will run from Singapore to France.
Stat of the day
According to a Daily Mail investigation the UK is the fraud capital of the world with £3bn in losses a year
Interesting links from around the web
- 5 expert-approved ways to set financial boundaries with your friends
- Founder tips on how to be successful
- Learn some useful foreign words that have no English equivalent
