Bank of England Deputy Governor Sarah Breeden has warned that global stock markets are overvalued and poised for a correction, citing numerous economic risks that current asset prices fail to reflect. Breeden expressed concern over potential simultaneous crystallisation of macroeconomic shocks and weaknesses in the burgeoning 'shadow banking' system.
Four individuals have been arrested following dawn raids across three counties, as the Serious Fraud Office investigates a "sophisticated conspiracy" to fraudulently claim public funds from the government's Energy Company Obligation 4 (ECO4) scheme.
Pirates seized the oil tanker Honour 25, carrying 18,500 barrels of oil and 17 crew members, approximately 30 nautical miles off the Somali coast. The vessel, en route to Mogadishu, was overtaken by six gunmen, with five additional armed men subsequently boarding. This incident marks a resurgence of piracy in a region once notorious for such activity.
The US Justice Department has concluded its investigation into Federal Reserve Chairman Jerome Powell regarding alleged building cost overruns. The probe will now transition to an internal review by the central bank's inspector general, coinciding with Senate consideration of Kevin Warsh as Powell's successor.
