UK economic outlook less grim but ‘considerable’ risks remain, says BoE’s Haldane June 30, 2020 The UK’s economic outlook has improved slightly since May but the risk of high and persistent unemployment remains, the Bank of England’s chief economist Andy Haldane said today. “Looking ahead, risks to the economy remain considerable and two-sided,” Haldane said in a speech delivered online. “Although these risks are in my view slightly more evenly [...]
Explanation of DeFi staking and the importance of Ethereum 2.0 June 30, 2020 The financial world is changing at a pace never before seen in history. These new instruments are being developed and made available to anyone willing to explore the space and to serve a wide variety of needs. Investment in Decentralised Finance (or DeFi) has spiked to 1.5bn USD in assets locked. These assets are in [...]
UK GDP suffers largest fall since 1979 in first quarter of 2020 June 30, 2020 UK GDP slumped by 2.2 per cent in a coronavirus-ravaged first quarter of 2020, its worst slump since 1979, data confirmed today. The figure was slightly higher than the Office for National Statistics’ (ONS) initial estimate of the pandemic hit. It initially measured a two per cent fall. The drop revealed today is the worst [...]
UK mortgage approvals plunge to record low as coronavirus hammers economy June 29, 2020 UK mortgage approvals fell further to hit a record low in May as the coronavirus pandemic continued to hit the housing market, according to the latest Bank of England figures. Some 9,300 new loans for houses were approved last month, down from April’s 15,900. Economists polled by Bloomberg had been expecting 25,000 approvals for May. [...]
Bank of England tells lenders to push ahead with climate risk analysis June 29, 2020 The Bank of England and UK financial regulator today told banks and insurers to press ahead with analysing the impact of climate change on their operations. The Climate Financial Risk Forum (CFRF) — established by the BoE and Financial Conduct Authority (FCA) last year — published a guide setting out how financial firms can analyse [...]
Ryanair boss Michael O’Leary calls on EU to block KLM bailout June 26, 2020 Ryanair boss Michael O’Leary has called on the European Union to block a €3.4bn (£3.1bn) rescue package for the Dutch wing of Air France-KLM. In a statement, O’Leary said: “We call on the European Commission to block this subsidy doping to KLM, which will further reduce competition and consumer choice in the Dutch and French [...]
Three behavioural biases to watch out for during a crisis June 25, 2020 Nick Kirrage walks us through the most common behavioural biases investors suffer from and how to overcome them. At the best of times, investors are at risk of succumbing to certain behavioural biases that can cloud judgment and impair decision-making. In highly stressful and unpredictable times like the Covid-19 crisis, there is a greater propensity [...]
Easyjet raises £419m through share placing to bolster finances June 25, 2020 Low-cost carrier Easyjet today announced that it had raised £419m through a share placing in order to help it withstand the coronavirus pandemic. In total, the budget airline placed 59.5m ordinary new shares – 15 per cent of the firm’s existing share capital – at a price of 703p per share. The placing price represents [...]
Stocks sell-off continues as new cases rocket June 25, 2020 Asian stocks were buffeted by their biggest drop in eight sessions today, as a rise in US coronavirus cases and warnings from the International Monetary Fund knocked investor confidence. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.7 per cent, Tokyo’s Nikkei slumped 1.1 per cent and Australia’s ASX 200 tumbled 2.1 per cent. [...]
UK debt office plays down risk of failed gilt auctions June 24, 2020 Britain is unlikely to struggle to sell bonds at future debt auctions, the head of the UK’s Debt Management Office said on Wednesday, after the Bank of England’s governor said market turmoil in March had risked causing difficulties. Speaking at a hearing of the Treasury select committee, Sir Robert Stheeman said it was “not obvious” [...]