UK retail sales start to rebound in May following record drop June 19, 2020 UK retail sales began to rebound in May, exceeding expectations by rising 12 per cent month-on-month following a record plunge in April, with the proportion spent online hitting a record high. With fuel excluded, retail sales climbed 10.2 per cent month-on-month, data from the Office for National Statistics (ONS) showed. The reading had been expected [...]
BoE’s Bailey: Jobs data could scupper UK economy’s coronavirus recovery June 18, 2020 The UK economy is recovering slightly quicker than the Bank of England expected a month ago as the coronavirus lockdown is eased, but news from the labour market is mostly negative, Bank of England governor Andrew Bailey said. “As partial lifting of the measures takes place, we see signs of some activity returning,” Bailey said [...]
Bank of England holds rates, boosts stimulus by £100bn June 18, 2020 The Bank of England has held interest rates at a record low and will expand its bond-buying programme by £100bn to help to steer the British economy through the “unprecedented” crisis caused by coronavirus. At its June meeting, the BoE’s Monetary Policy Committee (MPC) voted unanimously to keep the main interest rate at a record [...]
Coronavirus outbreak in Beijing is under control, says Chinese health expert June 18, 2020 The outbreak of coronavirus in Beijing has been brought under control, the chief epidemiologist of China’s Center for Diseases Prevention and Control has said. Wu Zunyou said today that the latest outbreak in Beijing is now under control, adding that while new cases may emerge in the coming days, these would be cases discovered during [...]
UK says it still wants deal on global digital tax after US quits talks June 18, 2020 The UK will continue to push for a solution to taxing international digital companies such as Google and Facebook after the US abandoned negotiations for a global digital tax, the Treasury said. US treasury secretary Steven Mnuchin pulled out of talks on digital services taxes with EU officials after they failed to make any progress, [...]
FCA to make mini-bond marketing ban permanent following LCF scandal June 18, 2020 The Financial Conduct Authority (FCA) has permanently banned the mass marketing of speculative mini-bonds to ordinary investors. The ban on the mass marketing of illiquid securities comes after a series of scandals involving unregulated bonds, including the collapse of London Capital & Finance (LCF) last year. The FCA introduced a temporary ban in January amid [...]
Asian markets fall as fears of second wave dent confidence June 18, 2020 Asian markets fell on Thursday as spiking coronavirus cases and prospects of new lockdowns shook earlier confidence about a global economic recovery. Optimism about a quick economic comeback has been tempered by more global cases of coronavirus, with a fresh outbreak in Beijing and rising infections in US states that are reopening after lockdowns helping [...]
Commerzbank fined £38m by FCA over anti-money laundering failures June 17, 2020 The Financial Conduct Authority has fined Commerzbank London £37.9m for failing to have proper controls to prevent money laundering over a five-year period. Announcing its second-largest ever fine for failures to combat potentially illegal transitions, the FCA said Commerzbank’s failures to put anti-money laundering systems in place between 2012 and 2017 had “created significant risk”. [...]
Bank of England lookahead: Bailey set to ramp up QE but avoid negative rates June 17, 2020 The Bank of England is widely expected to boost its asset purchase programme by at least £100bn tomorrow, as the central bank ramps up quantitative easing to shore up the UK economy. Governor Andrew Bailey is set to bolster UK stimulus at the Bank’s Monetary Policy Committee (MPC) tomorrow, economists predicted. The expansion of quantitative [...]
US mortgage applications hit 11-year high, homebuilding misses expectations June 17, 2020 Mortgage applications by Americans have hit their highest level since 2009 as people rush to take advantage of record low mortgage rates, but homebuilding in the US increased less than expected in May. Applications for a home loan in the US have surged over the past nine weeks after cratering in early April, according to [...]
