UK COVID situation; US suspension of Alaskan oil lease; Credit Suisse-Softbank row
In today's episode, we revisit the UK which appears to be on a steady path to post COVID recovery, explore the USA’s decision to suspend oil and gas leases in an Alaska wildlife refuge and finally look at the possibility of Credit Suisse suing Softbank.
- Britain’s health secretary Matt Hancock said last week that the country’s vaccine rollout was clearly working after the country reported zero COVID related deaths for the first time in almost a year. The UK is among the first European countries to gradually open up its economy and since last month has gradually allowed the easing of COVID restrictive measures which had followed a strong coronavirus wave.
- US President Joe Biden’s administration is freezing all oil and gas leases in Alaska's Arctic National Wildlife Refuge pending an environmental review on the impact of drilling in the region. The leases were given by the erstwhile Donald Trump administration during the final months of his presidency. The suspension follows a January executive order that identified “alleged legal deficiencies” in the original leasing program and put in place a temporary moratorium on any oil and gas-related activities in the refuge.
- The Swiss bank and investment firm Credit Suisse is preparing litigation against Japan’s SoftBank after the collapse of Greensill Capital that could see clients lose as much as $3 Billion. The Japanese conglomerate was an important investor in Lex Greensill’s collapsed supply-chain finance empire. The Swiss bank had earlier announced that it would sever relations with Softbank as it was reviewing its risk and client relationships after being hit by the twin collapses of Greensill and Archegos Capital Management.
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