Asset manager 360 One Wam to acquire UBS' India business for $36 million
April 22 (Reuters) - Indian wealth and asset manager 360 One Wam (ONEW.NS), opens new tab said on Tuesday that it will acquire UBS' (UBSG.S), opens new tab local onshore wealth management business in a deal valued at 3.07 billion rupees ($36 million).
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Reuters
7 minutes ago
- Reuters
Sterling drops to six-week low against euro
(Reuters) - Sterling rose against the U.S. dollar on Thursday but dropped to a six-week low against the euro, following weak economic data from the U.S. and the UK. The euro hit its highest level in almost four years against the U.S. currency as investors rushed into safe-haven assets, while remaining cautious about the impact of the U.S.-China trade deal. The downturn in British manufacturing was less steep than initially feared in May, but output, orders, and jobs continued to decline as companies cited recent tax hikes and U.S. President Donald Trump's tariffs. "Thursday's data shows the UK economy continues to face challenges," said Nick Andrews, senior forex strategist at HSBC. "Tuesday's labour market data also loosened more than expected while Wednesday's government spending review did little to lift the outlook for growth but instead turned the focus to where potential tax rises might fall in the Autumn." British government bond yields and the pound dropped on Tuesday after the release of weaker-than-expected labour market data that showed wage growth slowing to its lowest since September 2024, boosting bets on Bank of England rate cuts. The pound fell 0.6% to 85.28 pence per euro after hitting 85.37, its lowest since May 2. Analysts recently flagged that the yield spreads between the UK and the euro area pointed to sterling at 85 pence. The Bank of England meets next week, and although it is expected to stand pat on rates, money market traders added to bets for additional rate cuts this year. Money markets fully priced a 25 basis points BoE rate cut by September and 50 bps by year-end. "We see a strong possibility that the Monetary Policy Committee ditches its hawkish bias, which could pave the way for an August (interest rate) cut," said Matthew Ryan, head of market strategy at Ebury. The financial market's reaction to British Finance Minister Rachel Reeves's plans was muted on Wednesday, as many economists already expected additional taxes later this year. Sterling rose 0.4% versus the dollar to $1.3597 .
South Wales Argus
8 minutes ago
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Boeing shares tumble after Air India plane crash
The US-based airplane manufacturer, which has been blighted by safety issues in recent years, saw shares drop as much as 8%. A Boeing 787 Dreamliner aircraft bound for Gatwick airport, carrying 242 people including 53 British nationals, appeared to explode after crashing shortly after taking off from Ahmedabad Airport. Airline Air India said 169 passengers are Indian nationals, 53 are British, one is Canadian and seven are Portuguese. Faiz Ahmed Kidwai, director general of India's directorate of civil aviation, told the Associated Press the crash happened in the Meghani Nagar area at 1.38pm local time (9.08am BST). A Boeing spokesman said: 'We are aware of initial reports and are working to gather more information.' The first flight of the Boeing 787 Dreamliner aircraft involved in the crash was in December 2013. Air India confirms that flight AI171, from Ahmedabad to London Gatwick, was involved in an accident today after take-off. The flight, which departed from Ahmedabad at 1338 hrs, was carrying 242 passengers and crew members on board the Boeing 787-8 aircraft. Of these, 169 are… — Air India (@airindia) June 12, 2025 It is the first crash involving a Boeing 787 aircraft, according to the Aviation Safety Network database. However, the fleet was reportedly grounded in 2013 after fires related to lithium-ion batteries in its electrical power system. It is understood that airline operators including British Airways, United Airways and Qatar Airways use the model. Boeing planes have been involved in other incidents in recent years such as the Lion Air crash in 2018 involving a Boeing 737 Max which killed 189 people. In 2019, Ethiopian Airlines Flight 302, involving another 737 Max aircraft, crashed killing 157 people on board. The entire Boeing 737 Max fleet was grounded after the incidents.
BBC News
9 minutes ago
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Major League Cricket 'not a threat' to Hundred now
Major League Cricket (MLC) chief executive Johnny Grave says the tournament should not be seen as a danger to The Hundred any third edition of the United States' franchise league starts on Friday at 02:00 BST when defending champions Washington Freedom face San Francisco emergence caused some uneasiness in English cricket with fears a clash with The Hundred would create a scramble for the best English and overseas relations between the England and Wales Cricket Board (ECB) and MLC have improved with both parties keen to work together so the tournaments do not overlap where possible.A number of American investors - including some with interests in MLC - are in the process of finalising deals to acquire stakes in franchise in The Hundred following the ECB sale earlier this year."The likes of England and Australia and India have had complete monopolies and global dominance," Grave told BBC Sport."There's always a bit of emotional threat from anything that's new that could destabilise what's been before."But I think now the relationship and communication with the ECB is great. Certainly, I don't think we [MLC] are a threat to the ECB." Washington Freedom will have Steve Smith, currently playing for Australia in the World Test Championship final against South Africa, available for two games of in the summer Smith will hook up with Welsh Fire for a stint in The Hundred. Freedom are owned by American-Indian IT entrepreneur Sanjay Govil, who also agreed a deal to buy a 50% stake in attended an informal meeting of global franchise owners at Lord's last week and is optimistic of an ongoing spirit of cooperation."I'm certainly philosophical around the need to coexist," said Englishman Grave, who previously held senior positions at Surrey and the Professional Cricketers' Association."Particularly with The Hundred and the Caribbean Premier League that exist closely to the window that we currently are in."MLC is really only interested in developing a home audience. We need to build a fan base in the United States."The reality is we'll be playing under lights at night in the US, so we're not really competing against the English product for English cricket fans." MLC cool interest in English players World Cup winner Liam Plunkett, who is married to an American and lives in Pennsylvania, will be the sole English representative in this year's MLC launched senior figures expressed a desire to lure some of England's top players to the tournament in the future, including Harry Brook and Ben acknowledged MLC's franchises appear to have cooled on that idea. "I don't think English players will be something that our teams are necessarily targeting," Grave added."They would be competing against the opportunities that exist for English players in their home market for them to stay at home and play in front of their friends and families."But I think certainly for players who want to look at opportunities abroad, then, I think MLC is a hugely exciting platform for them."
