Covid: UK bank lending surged £29.3bn since March, surpassing EU March 29, 2021 UK bank lending has surged by eight per cent to keep businesses afloat since the pandemic began, surpassing EU lending, according to a new study by UHY released this morning. Banks have offered around £29.3bn in businesses loans over the past year, as lending in the EU increased by an average of 5.3 per cent. [...]
Investment trusts beat dividend drought with record payouts March 29, 2021 As companies across the globe slashed payouts during the pandemic investment trusts beat the drought by raising dividend payments to record levels. Investment trusts dished out an extra £87bn in dividends last year, equivalent to a 4.2 per cent annual increase. Between April and December 2020 more than three quarters of trusts investing in equities [...]
BoE urges banks to keep lending as government schemes come to an end March 26, 2021 The Bank of England has urged banks to continue lending through the recovery as the government starts to wind down its coronavirus loan schemes. While the vaccine rollout has boosted confidence the Financial Policy Committee (FPC), which looks at the risks facing the system, has warned SMEs will need to finance cash-flow deficits this year [...]
Covid-19, a year on: the need for a more diverse UK economy March 26, 2021 In this series, City A.M. looks back at the last year of the pandemic and Covid restrictions and takes stock of its impact on industries and issues at the heart of British society. Read more: Read the full Covid-19, a year on series here. The UK’s economy was hit by a 10 per cent drop in GDP [...]
Lord Hill: I’m no cheerleader for Spacs but UK should leave door open March 25, 2021 Lord Hill, who recently published a review into London’s listing rules, has said he recognises concerns over Spacs but fears the UK may regret paying attention to the vehicles in a few years time. Special acquisition companies – Spacs – have risen to prominence during the pandemic in the US and in parts of Europe. [...]
GameStop shares jump a third on ‘meme stock’ rally March 25, 2021 Shares in video-game retailer GameStop rose a third today as the firm recouped the losses it made earlier this week. The firm is one of several so-called “meme stocks” popular with Reddit retail investors that have made rapid gains today. Headphone maker Koss and cinema chain AMC have also seen big gains as the wallstreetbets [...]
Furlough: Extra 200,000 workers temporarily laid off in February March 25, 2021 The government paid out almost £4bn in additional furlough costs last month as a further 200,000 people were temporarily laid off. HM Revenue and Customs said it has paid a total of £57.7bn in furlough claims to around 11.4m workers since the pandemic began a year ago. Separate data published today by the Office for [...]
US jobless claims fall to lowest level since the start of the pandemic March 25, 2021 New claims for unemployment benefits in the US fell to their lowest level since the start of the pandemic as the economy rebounds. Initial claims for state unemployment benefits came in at 684,000, down from 781,000 a week earlier, according to the Labor Department. Claims are now at their lowest level since the middle of [...]
City A.M. TV: Daily Market Snapshot (video) March 25, 2021 Risk aversion continued to work its way through global financial markets yesterday.
Uncovering Japan’s hidden gems March 25, 2021 | Sponsored Chern-Yeh Kwok, manager of the Aberdeen Japan Investment Trust, says there is real value in Japanese markets, but it is often overlooked by investors. Japanese companies are used to dealing with a tough backdrop and their natural caution served them well in 2020 The Japanese market thrived amid widespread volatility last year, rising 16% Japanese [...]