British currency risk management firm Argentex names new interim CEO
April 25 (Reuters) - FX firm Argentex (AGFX.L), opens new tab on Friday replaced its top boss and named its chief operating officer as its interim CEO at a time when it is navigating a liquidity crunch due to ongoing turbulence in financial markets.
Late on Thursday, Argentex said it was in advanced talks to be acquired by cross-border payments provider IFX Payments for 2.49 pence per share, valuing the company at about 3 million pounds ($3.99 million).
Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here.
It had disclosed the talks earlier this week, along with discussion over possible emergency funding as it battles to defend the business from whipsawing currency markets.
On Thursday, it also said it was looking to secure more liquidity support within the next week.
The London-listed company is one of the first known casualties of an extended bout of financial market turbulence.
It had suspended its shares from trading on April 22 following sharp falls in the U.S. dollar, as trade tensions and President Donald Trump's criticism of Federal Reserve Chair Jerome Powell spooked investors into dumping U.S. assets.
On Friday, Argentex said CEO Jim Ormonde had left with immediate effect and that COO Tim Rudman had been appointed interim chief.
($1 = 0.7522 pounds)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Guardian
43 minutes ago
- The Guardian
London residents win £550,000 compensation in cladding defects case
Residents of a multistorey development in London have received £550,000 in compensation from a housing association for cladding defects in a case they hope will set a precedent for other claims. Notting Hill Genesis (NHG) and the contractor United Living have also completed large-scale works at their own cost to remedy the buildings in the Exchange development in Bermondsey, south London. After the Grenfell Tower fire in 2017 it emerged that thousands of buildings had similar combustible cladding and other fire risks. The Exchange development, consisting of five multistorey residential and mixed-use buildings, and constructed for NHG by United Living, had widespread fire safety defects, including aluminium composite material (ACM), combustible insulation and inadequate cavity barriers. In 2020, residents began a legal case to ensure the work was carried out to make the buildings safe and that they would not have to foot the bill. Kyle Taylor, 40, who works in civil society, said he and other Exchange residents had been shocked when they heard people in a nearby building had received bills of up to £40,000 for similar remedial works. 'It has been stressful,' he said. 'We're a mixed community so we have social tenants, private tenants, and first-time buyers through shared ownership. We're a building of teachers and nurses, key workers and young professionals. I know for myself and for a number of people those bills would not have been payable. 'We are pleased that NHG and United Living have at last done the right thing, but disappointed it took so long. We bought our homes in good faith and were devastated to discover they were not safe because of cost-cutting construction. 'We have had to live in unsafe homes for many years and are relieved that we can now start putting this behind us.' Taylor, who has lived in the development since it was completed in 2014, and has at times spent 40 hours a week on admin connected to the case, said he was pleased the terms of the settlement were not confidential. 'It was really important for me, from the perspective of public interest, that we could be an example for people that it is possible to win on the basis of truth and reality and what's correct and just, but also to inspire some [other] people to go for it.' The compensation will go to 76 leaseholders and independent freeholders and the terms of the settlement mean that none of the works or legal costs can be passed on to any future leaseholders or residents. Sign up to First Edition Our morning email breaks down the key stories of the day, telling you what's happening and why it matters after newsletter promotion The residents had sought compensation for costs, including court and expert fees, having to live in unsafe homes and inconvenience caused by the building works. Christian Hansen, of Bindmans, who acted for the claimants on a no-win no-fee basis, said: 'What we've seen is that a lot of constructors are basically dragging their feet, they're not keen to do as many works as they should and they're fighting these cases. I can only hope that settlements like this will be a bit of a wake-up call to them that actually they should be settling these things sooner than they are.' An NHG spokesperson said: 'We are pleased to have reached a resolution on this case, having overseen the required building safety work at the Exchange. 'Our duty is to ensure the safety of our buildings and residents and this is always our top priority. Our publicly stated policy is that we do not recharge leaseholders for the costs of remediation work to external walls or balconies where they have been deemed to pose a risk of spreading fire.' United Living was also approached for comment.
The Independent
an hour ago
- The Independent
Trump-Musk feud live updates: Elon deletes tweet claiming the president is in the Epstein files amid public break-up
Elon Musk has deleted his tweet in which he claimed that Donald Trump is in 'the Epstein Files.' Musk initially shared the post on Thursday as the spat between him and the president exploded over a disagreement over Trump's congressional spending bill. The billionaire also suggested that Trump should be impeached. 'The Epstein Files' is a phrase used to describe information that U.S. authorities hold on the disgraced financier and pedophile Jeffrey Epstein, who died in a Manhattan jail cell in 2019. By Saturday morning, Musk's post alleging Trump is in the files had been removed. This comes as Trump and Musk don't appear to be speaking, despite earlier rumors that a phone call might occur following their disagreement. The president shrugged off the feud in calls with multiple TV networks on Friday morning, dismissing Musk as a 'man who has lost his mind,' saying he was 'not particularly' interested in reconciliation, and 'the poor guy's got a problem.' Mass deportations from Trump's Big, Beautiful Bill could quietly cost U.S. over $1.4 trillion Mass deportations enabled by the Trump administration's Big, Beautiful Bill spending and tax package could cost the U.S. over $1 trillion in the coming years, as the administration is already reportedly struggling to fund its rapidly expanding immigration crackdown. The package, which the House of Representatives passed last month, directs $168 billion towards immigration and border law enforcement agencies. That spending, combined with the economic impact of removing scores of immigrants and more granular changes, like a potential decline in revenues thanks to the possible deterrent effect of new fees on migrants, could cost the U.S. over $1.4 trillion over the next decade, according to an analysis from the libertarian Cato Institute. Mass deportations from Trump's Big, Beautiful Bill could cost U.S. over $1.4 trillion White House has been fending off attacks from Elon Musk that bill adds too much to deficit Graig Graziosi7 June 2025 14:30 Trump says he's still considering cutting Musk's government subsidies, but "only if its fair" Reporters asked President Donald Trump if he was still considering cutting Elon Musk's government contracts and subsidies after he threatened to do so on Thursday. Trump said that Musk 'gets a lot of subsidy,' and that he was going to 'look at' what he's getting and consider cutting them, but 'only if it's fair for him and for the country.' On Thursday, Trump and Musk were embroiled in a public spat that saw the Tesla CEO agree with a call for the president's impeachment and insinuate that he was on notorious rapist and child sex trafficker Jeffrey Epstein's client list. Trump responded by threatening to end Musk's government contracts and subsidies, ostensibly as a way to save the American public money, and questioned why former President Joe Biden hadn't done so during his time in office. Graig Graziosi7 June 2025 14:00 Trump-Musk friendship goes from meteoric rise to epic meltdown in under a year Musk was once Trump's critic and became his friend as the Tesla head pushed further right in his political leanings. It hit its apex after the assassination attempt on Trump in July. Musk then joined Trump on the campaign and quickly dubbed himself 'first buddy.' That led to Musk becoming the head of the Department of Government Efficiency, which was tasked with slashing the federal budget. The relationship turned sour as the two disagreed over Trump's spending bill. Musk left the White House and the two remained friendly, at least in public. That changed as Musk posted criticism of the bill online and culminating with the meltdown on social media between the two. Read more here about their history together: A timeline of Donald Trump and Elon Musk's tumultuous relationship Though the tech billionaire quickly rose to the (self-titled) position of 'first buddy,' it ended in a flash, writes Mike Bedigan and Isabel Keane Rebecca Whittaker7 June 2025 13:40 Trumps Tesla spotted parked outside the WhiteHouse President Donald Trump is thinking of getting rid of the red Tesla that he bought from Elon Musk earlier this year. He is considering either selling theModel S electric vehicle, priced at around $80,000, or giving it away, The Wall Street Journal reported, citing a senior White House official. The car was pictured Friday parked outside the West Wing between the White House and the Eisenhower Executive Office Building. It comes after Elon Musk, the CEO of Tesla, lost $34 billion in net worth on Thursday after his company's stock plummeted in response to the online fight. Rebecca Whittaker7 June 2025 13:20 Kash Patel has live mid-interview 'WTF' moment on Joe Rogan as he learns of Trump vs. Musk FBI Director Kash Patel first learned that the world's richest man had just accused his boss of being in the so-called 'Epstein Files' while taping an episode of Joe Rogan's podcast on Thursday. Patel, who has come under fire from MAGA supporters in recent weeks for backing away from conspiracy theories about disgraced financier Jeffrey Epstein now that he leads the FBI, appeared taken aback by Elon Musk's wild tweets about Donald Trump's lengthy past relationship with Epstein. 'That's way outside my lane,' Patel demurred while Rogan wondered 'what the f*ck' was going on between the president and his former 'first buddy.' Justin Baragona reports. Kash Patel has 'WTF' moment on Joe Rogan as he learns of Trump vs. Musk mid-interview 'I'm not participating in any of that conversation between Elon and Trump,' Kash Patel insisted during the interview. Graig Graziosi7 June 2025 13:00 'The Trump and Musk spat is turning them both into billion-dollar losers in every way' The boys are going at it. Like two heavies in the playground, the once richest man on Earth and on who thinks he is the most powerful are locked in a scrap, writes Chris Blackhurst. He added the fallout hit them both. Trump says that Musk and his companies receive 'billions of dollars' in government subsidies and contracts. He could cut them. 'I was always surprised that Biden didn't do it,' Trump wrote on his Truth Social Platform. Read more by Chris Blackhurst here: The Trump and Musk spat is turning them both into billion-dollar losers in every way As the 'first buddy' turns first enemy, Chris Blackhurst looks at the feud between the president and tech billionaire and how much it could cost them in real terms Rebecca Whittaker7 June 2025 12:40 Recap: How the Musk and Trump war of words exploded on social media Rebecca Whittaker7 June 2025 12:22 Trump administration scrambling to rehire workers cut by DOGE Departments and agencies across the federal government are scrambling to fill crucial roles left vacant over the Department of Government Efficiency's mass firings and deferred resignation offers. For months, DOGE has demanded departments and agencies dramatically downsize as part of efforts to cut government spending. Some employees have been incentivized to leave with early retirement offers or buyouts. Others, such as probationary employees, have been dismissed. But now, those same departments and agencies have been left understaffed and are struggling to get workers back. Ariana Baio has the story. Trump team scrambles to rehire workers cut by DOGE to fill critical government roles Rescinding reduction-in-force notices, asking for volunteers, and offering jobs to fired federal workers are some of the ways departments are trying to bulk up staff. Graig Graziosi7 June 2025 12:00 LGBTQ+ people march following rollback of queer rights In a bid show defiance to President Donald Trump's rollback of queer rights, LGBTQ+ people from around the world will march through the streets of Washington on Saturday. It comes after transgender people were banned from serving in the armed forces. While proponents of DEI (Diversity, Equity, and Inclusion) consider it necessary to correct historic inequities, the White House has described it as a form of discrimination based on race or gender, and said its transgender policy protects women by keeping transgender women out of shared spaces. The parade route will come within one block of the White House grounds in one of the final main events of the weeks-long WorldPride celebration. On Sunday a more political event, dubbed a rally and march, will convene at the Lincoln Memorial, a revered space in the US civil rights movement as the site of Martin Luther King Jr.'s "I Have a Dream" speech in 1963. Rebecca Whittaker7 June 2025 11:45 Voters opinions on the Trump-Musk feud Voters were confident the feud would 'blow over', the BBC reported. Melanie in Georgia told the broadcaster: That the "two very strong, intelligent, brilliant men" approach things from different perspectives and believes it will all "blow over". Emana in New York said it's "very serious" for Musk to be making allegations about the president, but that she is "cautiously optimistic" it will be resolved. While Duke Machado from Texas, said he supports Trump's "big, beautiful bill" because it represents "common sense American priorities... cutting taxes puts money back in the pockets of hard-working families".
The Independent
an hour ago
- The Independent
Musk was Trump's tweeter-in-chief. Now he's using X against him
Elon Musk's X profile is like a window into his psyche: an inescapable stream of consciousness where impulsive tweets reveal his unfiltered thoughts and shifting moods. Musk harnessed his social media platform to propel Donald Trump to the White House, feeding anti-Democrat content and election conspiracy theories to his followers. Now Musk is turning that same platform – home to nearly 600 million monthly users – against him. After posting earlier in the week that Trump's signature budget policy was a 'disgusting abomination' that will 'drive America into debt slavery', the billionaire is openly taunting Trump on X, even calling for his impeachment. An analysis of Musk's tweets by The Independent shows that Musk has undergone a dramatic shift in both the tone and volume of his posts since his initial support of Trump in mid-2024 to when he began distancing himself from his governmental duties earlier this year – weeks before the White House announced his Washington tenure had finished. And now the platform has chronicled the rise and fall of the world's most powerful bromance. Musk began tweeting incessantly after he publicly endorsed Trump in July last year following the first attempt on the president's life in Butler, Pennsylvania. Then, once Musk was tapped in November to lead the Department of Government Efficiency, he emerged as Trump's tweeter-in-chief. Despite his new White House commitments, not to mention running six companies – including SpaceX, Tesla, and X itself – Musk appeared more glued to his keyboard than ever, using the platform as his primary news source, and place to share his views and stir up controversy. The first 50 days of the Trump administration arguably marked Musk's most fervent display of support for the president, both in terms of tweet content and frequency. On February 7, he mused that, 'I love @realDonaldTrump as much as a straight man can love another man.' Take President's Day, February 17, his most prolific 24-hour posting spell to date. Musk posted 262 times, according to The Independent 's analysis, with messages ranging from single emojis to lengthy missives attacking Democrats. All told, the posting spree equated to one message every five-and-a-half minutes, with no breaks. Musk had a busy Q1 — between January 20 and March 10, he posted 6,778 times – averaging more than 135 X posts per day. And he stayed on message, tweeting about his government-slashing force DOGE more than any other topic in that period, quickly followed by 'Trump' and 'president.' Social media analytics firms like Social Blade were forced to stop tracking tweets after X said these businesses had to pay for an Enterprise subscription, at $42,000 to $210,000 a month. The resulting gap has made transparency on X murkier than ever; and is also why The Independent could only analyze Musk's posts until mid-March. In early spring, Musk's public pledges of MAGA allegiance and trollish squibs began to slow down, and the subjects of his posts moved from Trump administration duties to his own commercial interests. Buyers of his electric vehicles protested against his shift to right-wing politics and efforts to dismantle federal departments, with Tesla's stock price plummeting, and a Rome dealership set ablaze. In April, Musk announced plans to significantly reduce his involvement with DOGE, opting to work remotely and allocate more time to Tesla. A month later, Musk's X daily posts at points reached single figures. In hindsight, it might be considered the calm before the storm. By the end of May, Musk came off the platform to deliver a gut punch to the Trump administration. He told NBC News that Trump's showpiece tax bill 'undermines' the work done by DOGE, without directly mentioning the president. Musk landed a heavy blow on Tuesday, blasting the president's 'Big, Beautiful Bill' as an 'outrageous, pork-filled, disgusting abomination.' But it was after a press conference with the German Chancellor where Trump said he was 'disappointed' with Musk's comments, that Musk went on his most destructive X rampage yet — calling Trump ungrateful, calling for his impeachment and saying he's linked to Jeffrey Epstein. And these claims get read and spread by a wide audience: his Thursday post declaring 'Trump would have lost the election' if it weren't for his support garnered nearly 15 million views in a single day. This is more than just a playground spat between the two rich powerful men, because Musk's ownership of X allows him to reach a vast audience, some of whom are skeptical of mainstream media, and control a narrative — and his posts have been known to set off market reactions, media cycles, and political waves. Those who have stuck with X, whether they are one of Musk's 220 million followers or not, have been inundated with his musings and attacks morning, noon, and night. Musk is believed to selectively issue suspensions and use algorithms to throttle foes that are critical of both him and his ventures. According to the tech news site Platformer, the self-styled 'free speech absolutist' directed a team of 80 engineers to amplify his own tweets over others, ensuring they reach vast audiences (he allegedly did the same for Trump in November). Musk has subsequently blurred the line between platform owner, political provocateur and propagandist. How will he next use X to punish the social media-reliant, legacy media-averse president?
