Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
The interest on excess reserves now stands at 1.8%, a 30 basis point cut compared with the 25 basis point reduction for the benchmark funds rate.The Fedread more
The decision to cut rates followed a monthslong pressure campaign by Trump, who often criticized Chairman Jerome Powell by name as he called for lower interest rates.Politicsread more
Stocks traded lower on Wednesday as traders digested the Federal Reserve's latest decision on U.S. monetary policy.US Marketsread more
This is a comparison of Wednesday's FOMC statement with the one issued on July 31 after the Fed's previous policymaking meeting.The Fedread more
Ahead of the Fed's 2 p.m. announcement, many economists were forecasting one further cut in 2019, but some investors were hoping for two more this year.The Fedread more
The Fed has become increasingly divided, with three officials voting against the Fed's quarter-point cut to the fed funds target rate range.Market Insiderread more
For consumers, lower rates do mean cheaper loans, which can impact your mortgage, home equity loan, credit card, student loan tab and car payment. n the flip side, you'll earn...Personal Financeread more
Gold edged lower on Wednesday but held about the key $1,500 per ounce level after the U.S. Federal Reserve decided to cut interest rates.Futures & Commoditiesread more
As the Federal Reserve lowers rates, some banks are pulling back their offerings on their savings accounts and certificates of deposit. Even so, they are still pretty good by...Personal Financeread more
* Uhuru's Oct. 23 London listing is days before Brexit deadline
* IPO will give startup valuation exceeding 30 bln yen -source
* Uhuru to increase external board directors to seven people (Adds details on the changes to Uhuru's corporate governance, financial advisers)
TOKYO, Aug 30 (Reuters) - SoftBank-backed Japanese startup Uhuru is expected to raise at least 5 billion yen ($50 million) ahead of its listing on London's junior AIM market on Oct. 23, a person said, just days before Britain's EU exit deadline on Oct. 31.
The initial public offering will give the startup a valuation exceeding the 30 billion yen achieved at its last fundraising, the person familiar with the matter said, declining to be identified because the information is not public.
While Japan has moved to strengthen its corporate governance in recent years, Uhuru believes becoming the only Japanese firm on the AIM board will better help it attract capital and grow outside Japan, the person said.
Uhuru declined to comment.
"Britain's corporate governance is extremely strict but should make the company more able to respond to investors," the person told Reuters.
As part of its efforts to improve governance, Uhuru plans to install Andrew Rose, a veteran Japan hand who recently retired as a fund manager at asset manager Schroders, as an outside director late next month, the source said.
That will bring the number of external directors to seven, including three Britons, with Uhuru to halve the number of its executives on the board to three, the source said.
Last year, Uhuru received a 500 million yen ($5 million) investment from telco SoftBank Corp. Its other investors include Salesforce.Com, Mitsui & Co and Dentsu.
Uhuru opened its London office last year, putting it in close proximity to Cambridge-based SoftBank Group Corp subsidiary and business partner Arm.
Arden Partners and SMBC Nikko are advising Uhuru on the listing. ($1 = 105.3900 yen) (Reporting by Sam Nussey; Editing by Himani Sarkar)