StanChart considers resuming dividend after quarterly profit beats estimate October 29, 2020 Standard Chartered said it would consider resuming dividends after reporting a smaller-than-expected 40 per cent drop in third quarter profit as it lowered coronavirus loan loss expectations. The UK-based, Asia-focused lender posted an underlying pre-tax profit of $745m (£572m) for the three months to September, significantly ahead of bank-compiled analyst forecasts of $502m, Standard Chartered [...]
UK economy: Experts cut forecast as coronavirus cases surge October 29, 2020 Analysts have become significantly more pessimistic about the UK economy, saying the surge in coronavirus cases and new restrictions will weigh on the recovery as the year runs into 2021. Economists say chancellor Rishi Sunak’s more generous employment support scheme will help limit some damage in the jobs market. But they warn that new lockdowns [...]
Wines to swap for your Euro faves when No Deal Brexit bites October 28, 2020 With Brexit talks coming to a head, the Great British wine drinking prowess may prove to be a key negotiating tool. Winemakers are lobbying leaders across the Block to soften their stance in face of serious hurdles getting their plonk into our glasses. Currently over £2.2bn of wine is imported into the UK from the [...]
Who’s afraid of Jerome Powell? October 28, 2020 I see charts of central bank balance sheets everywhere. Maybe it’s because I am so adamant that quantitative easing (QE) isn’t going to create inflation that I notice them so much. But then again, there is a reason these charts pop up time and again. After all, the US Federal Reserve has increased its balance sheet by $2.8 trillion, [...]
Institutions don’t share retail investors’ optimism on returns October 28, 2020 Schroders’ studies suggest retail – or individual – investors are more optimistic about future returns than investors at large institutions. Individuals have indicated that they expect average annual returns of nearly 11% over the next five years while institutional investors anticipate a more moderate 6%. Schroders’ Institutional Investor Study is an analysis of views from [...]
HSBC to overhaul business model as ultra-low interest rates hit profit October 27, 2020 HSBC is planning a coronavirus-induced overhaul of its business model, seeking to shift its main source of income from interest rate to fee-based businesses. Europe’s biggest lender will also accelerate a sweeping cost-cutting programme, despite reporting better-than-expected results for the third quarter. Read more: HSBC ‘to cut 300 jobs’ in overhaul of UK commercial banking [...]
Easyjet raises £300m from plane sales in bid to boost balance sheet October 27, 2020 Easyjet today agreed to sell nine more planes for £305.7m as the low-cost carrier seeks to relieve pressure on its balance sheet. Wealth management firm Wilmington Trust Services will buy five Airbus 320s, and aircraft leasing firm Sky High 112 will buy the remaining four 320s. Earlier this month Easyjet was reported to have told [...]
Wall Street leads global stocks slump as Covid-19 infections rise October 26, 2020 Wall Street suffered its worst daily decline in weeks today as global stock markets posted losses amid a rise in new Covid-19 infections. There was a sea of red across the major US indices as markets closed this evening, with the S&P 500 posting its sharpest daily fall in four weeks. The downbeat sentiment across [...]
BoE’s Haldane: Working from home hurting work relationships October 26, 2020 Working from home is damaging people’s “social capital” and making them work longer hours, but more freedom and the end of the commute have increased the happiness of many employees, the Bank of England’s chief economist has suggested.
Bank of England considering to permit banks to restart dividend payments next year October 26, 2020 The Bank of England and UK banks are reportedly “bartering” a deal that would allow banks to restart paying dividends from next year in order to boost lending and drive the economy. According to a report in The Times, the Bank of England has agreed to the change in policy as long as banks’ loss-absorbing [...]