CITY WHISPERS: City regulator FCA shuns investigation into Home REIT scandal

Exasperated Home REIT shareholders have approved a change in the company’s investment policy, effectively abandoning its focus on providing housing for vulnerable people.

The company has also admitted that Knight Frank, the real estate company that performed the initial valuation of its portfolio, quit in May because it couldn’t stand behind its own numbers.

The ongoing farce has prompted calls for the FCA, the city’s regulator, to join the officials and law firms investigating Home REIT to see if it misled investors — or at least to get the still-suspended remove shares from the stock market.

But so far, the regulator has been keeping quiet, telling Whispers he “cannot comment anyway” on whether it will launch an investigation into the matter.

With the company’s business model completely overhauled and a new board member on the way to salvage the situation, one wonders if the watchdog has lost its teeth.

Inflation and drug epidemics are driving up shoplifting in the US

The British media has recently been abuzz 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 wave of shoplifting.

US sporting goods chain Dick’s warned last week that “increasingly serious” crime is contributing to “item loss,” otherwise known as…ahem, “shrinkage.”

Brics alliance not in the best shape

While most financial observers were watching the central bankers’ meeting in Wyoming, another global event was taking place on another continent.

Members of the Brics alliance — Brazil, Russia, India, China and South Africa — met in Johannesburg and proposed expanding the bloc by inviting countries such as Saudi Arabia, Iran, Egypt and the United Arab Emirates.

But it’s safe to say the group is in better shape.

Russia is embroiled in a war in Ukraine, while China faces a looming economic crisis and has recently been embroiled in border clashes with India.

Meanwhile, South African President Cyril Ramaphosa is recovering from a corruption scandal.

With friends like these, who needs enemies?

Odey among distraught people over the closure of Le Gavroche

Le Gavroche, a two-Michelin-starred eatery favored by many financiers in London’s Mayfair, announced last week that it will close its doors amid a blow to the capital’s posh foodies.

Among the distraught people will also be investment manager Crispin Odey.

The French haute cuisine establishment was one of his favorite places before he was kicked out of his own business following a flurry of harassment allegations, which he denies.

His hedge fund, Odey Asset Management, which is currently being dismembered as a result of the scandal, has also been a prolific client, with employees often ordering takeaways from Le Gavroche to fuel their long hours at the office.

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