Brits save an extra £273 a month during lockdown August 12, 2020 People across the UK are putting more money into savings as the pandemic forces Brits to stay at home, rather than go to the pub. The average Brit has been able to save £495 per month while lockdown rules temper social opportunities — an increase of £273 compared to their monthly savings pre-pandemic, according to [...]
Revolut trebles loss as digital bank continues to expand customer base August 11, 2020 Digital banking firm Revolut trebled its loss last year as the fintech firm took on three times as many staff to handle its continued expansion. The UK’s most valuable fintech said it booked a £104.7m loss in the 12 months ended 31 December, up from £34.1m the previous year. At the end of December, revenue [...]
Investors expect even higher returns from the stock market in years ahead – despite coronavirus shock August 10, 2020 | City Talk Savers predict annual returns of 10.9% from their stock market investments, even as Covid-19 halted the longest economic expansion on record and plunged the world into deep recession. Investors continue to hope for double-digit yearly total returns from their portfolios, despite the huge blow inflicted on the global economy by the Covid-19 pandemic, according to [...]
The world may seem bleak right now, but Team Human can still have the last laugh August 10, 2020 “A day without laughter is a day wasted.” Words of wisdom from the twentieth century comic genius that was Charlie Chaplin. But whatever 2020 is ultimately remembered for, it seems set to be a year where very few of its days will have been characterised by cheerfulness. The epic challenge presented by the Covid-19 pandemic, [...]
Royal London swings to £181m loss on drop in sales and asset values August 10, 2020 Pensions provider Royal London today said it swung to a loss in the six months to 30 June which it blamed on falling asset values and slow sales during lockdown. Royal London posted a loss before tax of £181m for the six-month period, down from a profit of £397m at the half-year in 2019. Its [...]
Monzo? I’d rather invest my tuppence in the bank August 10, 2020 “Railways through Africa. Dams across the Nile. Fleets of ocean greyhounds. Majestic, self-amortizing canals.” So enthuses Mr Banks to his dubious son Michael. An investment in the Fidelity Fiduciary Bank, in the words of director Mr Dawes, “fires the imagination”. And tuppence is all you need to open an account. Never has the promise of [...]
What the data tells us about the shape of the US economic recovery August 7, 2020 | City Talk Looking at high-frequency data in the US, the key question is whether momentum in consumer spending can be sustained. Some signs of the much hoped-for V-shaped recovery have started to emerge for the US economy. While consumption collapsed in March and April due to lockdown measures and a jump in unemployment, stimulus cheques provided an [...]
TP ICAP sees slow start to second half but retains guidance August 7, 2020 TP ICAP reported a slow start to the second half as the high level of trading activity during lockdown started to fade. Despite a slowdown in activity the inter-dealer broker maintained its guidance of low single-digit revenue growth for the year. The figures TP ICAP increased underlying profits in the period to £136m, up from [...]
Starling Bank predicts 2020 profitability despite deepened losses August 6, 2020 Starling Bank has said it expects to break even by the end of this year and be profitable in 2021, despite more than doubling its losses in 2019. Chief executive Anne Boden told reporters the digital bank had benefited from participating in government schemes to provide business loans during the pandemic, gaining new loans on [...]
Wirecard business partner reported dead in Philippines amid investigation August 6, 2020 A German businessman responsible for one of Wirecard’s biggest sources of profit has been reported dead in the Philippines amid ongoing investigations into his involvement with the disgraced payments firm’s collapse in June. Filipino authorities are seeking to confirm whether a recently registered death was that of former Wirecard executive Christopher Bauer, one of several [...]
