Confusion reigns ahead of introduction of Bounce Back Loan top-ups November 9, 2020 Businesses that took out Bounce Back Loans (BBLs) from non-bank lenders may struggle to access further funds as alternative lenders scramble to secure financing. The Treasury was forced to introduce top-ups and extend the application deadline for the 100 per cent state-backed loans to January after England was placed into another lockdown last week. From [...]
Softbank’s Vision Fund posts record profit as startup valuations recover November 9, 2020 Softbank’s Vision Fund division posted a record ¥784.4bn (£5.7bn) profit for the third quarter after a recovery in startup valuations helped the unit rebound from a ¥612bn loss the previous year. The Japanese tech investment giant, which has stopped reporting operating profit figures, reported a net quarterly income for the entire group of ¥627.5bn. This [...]
FTSE 100 closes higher and US stocks jump amid election uncertainty November 4, 2020 The FTSE 100 closed on a high and US stocks shot up as traders sought out the safety of recent corporate success stories in the face of a knife-edge presidential election. Wall Street’s major indices all opened higher as the race for the White House went down to the wire, despite investors remaining worried about [...]
EU finance ministers agree to set up anti-money laundering body for bloc November 4, 2020 Finance ministers from European Union member states have agreed to establish an EU body to fight money laundering across the bloc. At a meeting held today, the council of finance ministers expressed their support for the creation of the new supervisory body, first proposed by the EU Commission in May. The ministers also gave their [...]
BoE brings forward rate decision ahead of Sunak’s statement on Covid support November 4, 2020 The Bank of England (BoE) has moved the announcement of its November interest rates decision forward to avoid it clashing with a statement on Covid-19 support from the chancellor. The Bank moved the announcement after Prime Minister Boris Johnson said Rishi Sunak would make a statement on the government’s coronavirus support measures to Parliament at [...]
FCA outlines payment holiday proposals for struggling borrowers November 4, 2020 The Financial Conduct Authority (FCA) has outlined its proposals to bolster support for consumer credit borrowers struggling with the financial impact of the Covid-19 pandemic. Earlier this week, the watchdog announced plans to extend payment holidays credit cards, car finance, personal loans and pawnbroking as England prepares to enter a fresh national lockdown tomorrow. Under [...]
Lloyds ramps up cost-cutting measures, axing 1,000 more jobs November 4, 2020 Lloyds is set to axe over 1,000 jobs, as Britain’s biggest domestic lender ramps up cost-cutting efforts despite returning to profitability during the third quarter. Lloyds will cut 1,070 roles across its commercial and retail bank and has announced plans to create 340 new positions. Read more: Lloyds profit beats forecasts on pandemic mortgage boom [...]
‘Markets got what they really did not want’: The City reacts to knife-edge US election November 4, 2020 Investors didn’t want this to happen. They had bet on a Joe Biden win in the US presidential election that they hoped would unleash a big stimulus, but found themselves rapidly adjusting their positions as the race became too close to call. Bonds and the dollar rose as investors sought safety. US stocks were volatile, [...]
Fish Scupper: EU and EU fail to bridge gaps on fisheries November 3, 2020 The UK and European Union have so far failed to reach agreements on the three most contentious issues in their ongoing trade talks, both sides said. The pair have not been able to reach agreements on fisheries, the so-called level playing field, and settling future disputes between Britain and the EU. Read more: CBI deputy: [...]
Realistic to end new England lockdown in December, says Chris Whitty November 3, 2020 The forthcoming national lockdown in England is designed to reduce Covid-19 transmission rates to the extent that it can end as scheduled on 2 December, chief medical officer Chris Witty said. Speaking to MPs, Whitty said the new lockdown, which is due to come into force on Thursday, could reduce the reproduction (R) number for [...]
