Iran announced reciprocal sanctions on institutions and individuals in the European Union due to their measures in support of terrorism and terrorist groups. The blacklisted individuals are banned from receiving a visa or entering Iran, and any ownership of their properties and assets in Iran will be transferred to the Iranian government. Tit for TatEarlier, Iran had imposed retaliatory sanctions against a number of British individuals and entities for supporting terrorism, inciting violence and violating human rights. The statement named three entities and nine individuals that had been blacklisted under the Islamic Republic’s sanctions regime. In yet another hostile act against Tehran on Thursday, the EU unveiled a new set of sanctions targeting Iran over allegations that it has been supplying drones to Russia to hit Ukraine.
This afternoon, Liz Truss announced her resignation after just 44 days as prime minister. A new leadership contest will take place over the next week to decide who will become the third Prime Minister of 2022. The great political gamble of Liz Truss has spectacularly backfired but not before wreaking significant damage to the UK economy. "With a political implosion seemingly imminent, and expectations rising that Liz Truss’ minutes in power were numbered, the pound crept up in value, heading back towards $1.13. Andrew Megson, CEO of My Pension Expert: “Truss’ reign as Prime Minister has caused a tremendous amount of damage in a short space of time.1 month ago Financial Reporter
It should come as no surprise that private credit has ballooned as an asset class over the past 20 years. Whether known as private debt, non-bank lending, alternative lending, shadow lending, or private credit, the investment class has witnessed eye-popping growth in the space of two decades. As other asset classes shrank during the global financial crisis, private credit took off. Kirsten Bode, co-head of pan-European private debt at asset manager Muzinich & Co, agrees. Yet relatively low default rates, even with a predicted rise, may render private credit a more desirable asset class in the eyes of some investors.1 month ago Financial Times
ATP has announced important news in the 2023 season calendar. The program structure for 2023 remains the same with the four Grand Slams, the Next Gen ATP Finals, the Nitto ATP Finals, the nine Masters 1000 and the ATP 500 and 250 which undergo slight modifications due to the modifications to the Masters 1000. The season will start on December 30th with the ATP Cup in Australia and the first ATP singles tournament will be the ATP 250 in Pune on January 2nd. Two weeks later, after the US tour, the Masters 1000 in Miami will begin on March 22nd. After that we will see the first change of calendar, given that Estoril ATP 250 will be played before Monte Carlo - together with Houston and Marrakech - and not after, as happened until this year.28 days ago Financial World
Plus: trans inclusion in sports’Lilah RaptopoulosIn 1813, Jane Austen wrote what would become her most famous sentence. This summer, Fina, the world swimming federation, banned trans women from taking part in its sporting events altogether. But how do you decide the qualifying times for a brand-new gender category that includes so many people — trans men, trans women, people somewhere in between? Sara GermanoSo at the one extreme end of it, you have sports like swimming, which are effectively banning trans women from competing with cis-gendered women. So as of this summer, cycling decided to make trans women wait to compete until they’re about three years into transition.1 month ago Financial Times
Fiduciary duties related to U.S. retirement plans are grounded in the Employee Retirement Income Act of 1974 , or ERISA. The act requires retirement fiduciaries to act prudently, diversify plan investments to minimize the risk of large losses and disclose conflicts of interest. Those latter funds tend to hold more money in stocks and other riskier investments even as a retirement date approaches. He said once a suit of this type is accepted, retirement fiduciaries will find themselves under pressure from their insurers to settle. It's the latest twist for retirement fiduciaries waging legal battles over allegations of high fees.1 month ago Financial Planning
Though, in reality, the lives of many Kusnacht clients are even more aberrant than the most creative scriptwriters could imagine. The comforts that clients receive at the Kusnacht Practice, Greghi says, are not so much about luxury as making them feel safe — and normal. It is a “psychological concierge” service, says Greghi. “We perform miracles here.”Greghi was born into a humble background in Brazil, but the Kusnacht Practice has made him wealthy. The Kusnacht Practice, though the most expensive, is not unique.1 month ago Financial Times
People work harder but earn less in the real economy; the sums don’t add up as their purchasing power is drained. There’s a financial storm coming, but the government seems to like ignoring the realisation that people are suffering daily. Cyprus has managed to ride the initial storm from the Ukraine war blowback, but energy costs are much higher than last year. It is telling that a CyBC poll suggests that 63% of Cypriots believe their circumstances have worsened over the past five years of this government. Many believe the next 12 months will worsen as the economy slows and travels on an unknown trajectory.1 month ago Financial Mirror