CITY WHISPERS: City regulator FCA is dodging an investigation into the home REIT scandal
Disgruntled Home REIT shareholders have agreed to a change in the company’s investment policy that effectively abandons its focus on providing housing for vulnerable people.
The company has also admitted that Knight Frank, the real estate company that conducted the first valuation of its portfolio, quit in May because it couldn’t stand behind its own numbers.
The ongoing farce sparked calls for the FCA, the city’s regulator, to join officials and law firms investigating the Home REIT to see if it misled investors — or at least its still-suspended shares of to take the stock market.
Change of direction: Disgruntled shareholders of Home REIT have agreed to a change in the company’s investment policy
So far, however, the regulator has remained silent, telling Whispers that it had “no comment” on whether it would launch an investigation into the matter.
With the company’s business model now completely overhauled and a new board member arriving to try to salvage the situation, one wonders if the regulator has lost its teeth.
Inflation and drug epidemics are fueling the rise in shoplifting in the US
The UK media has recently been buzzing with reports of would-be looters gathering on London’s Oxford Street in anticipation of a TikTok-inspired mass heist.
But the situation here is very different from the US, where inflation and drug epidemics have led to a rise in shoplifting.
American sporting goods chain Dick’s warned last week that the “increasingly serious” crime is contributing to “item losses,” also known as… erm, “shrinkage.”
The Brics Alliance is not in the best of shape
While most financial watchers were watching the central bankers’ meeting in Wyoming, another global event was taking place on another continent.
Brics Alliance members – Brazil, Russia, India, China and South Africa – met in Johannesburg and proposed expanding the bloc by inviting countries including Saudi Arabia, Iran, Egypt and the United Arab Emirates.
But it’s safe to say the group is in better shape.
Russia is locked in a war in Ukraine, while China faces a looming economic crisis and has recently been embroiled in border disputes with India.
Meanwhile, South African President Cyril Ramaphosa is recovering from a corruption scandal.
With friends like that, who needs enemies?
Odey is dismayed by the closure of Le Gavroche
A favorite of many financiers in London’s Mayfair, the two-Michelin-star Le Gavroche restaurant announced last week that it was closing its doors to strike a blow at foodies across the capital.
Investment manager Crispin Odey is also among the desperate.
The French haute cuisine restaurant was one of his favorite haunts before he was ousted from his own company after a spate of harassment allegations, which he denies.
His hedge fund Odey Asset Management, which is currently being carved up over the scandal, has also been a prolific client, and its employees frequently ordered Le Gavroche takeaways to fuel their long hours at the office.