After the Nvidelity comes the Huangover. Jensen Huang joins long list who confused boardroom and bedroom
The Bank of England’s chief economist has “sympathy for savers” after rate cut August 14, 2016 One of the Bank of England's senior policy-makers has said he has "enormous" sympathy for savers, after the central bank slashed interest rates in the wake of the Brexit vote. Andy Haldane, one of nine members of the BoE's rate-setting monetary policy committee who voted in favour of cutting rates even further from their already historic low, said [...]
Economists expect another month of stable inflation before sterling’s Brexit devaluation hits prices August 13, 2016 Inflation figures out this week are expected to reveal sterling's dramatic post-referendum collapse is yet to hit prices for UK consumers. Statistics out on Tuesday, which will show how quickly prices rose in July, the first full month after the referendum, will also be watched closely by commuters as they determine how much train tickets will [...]
Royal Bank of Scotland to ditch “RBS” in brand shake-up August 13, 2016 The Royal Bank of Scotland (RBS) will become a name of the past for the majority of people across the UK, its chief executive said yesterday. The bank is set to kill off the RBS retail brand for everywhere outside Scotland, using less-toxic local brand names instead. That will mean in England and Wales, all RBS [...]
It’s official: The Royal Mint says there’s been a major gold rush since the Bank of England’s interest rate cut August 12, 2016 There's been a gold rush on since the Bank of England's interest rate cut, it turns out – after the Royal Mint confirmed a huge uptick in the number of people buying gold. Chris Howard, the Royal Mint's director of bullion said today that its bullion trading site had experienced a 250 per cent increase [...]
Construction industry stumbles but don’t blame Brexit yet August 12, 2016 The stumble in UK construction in the run-up to the referendum was worse than economists first feared, as housebuilding and property development fell back in the second quarter of the year. Construction output dropped by 0.9 per cent in June, according to figures released by the Office for National Statistics (ONS) this morning. The decline [...]
We must save Britain’s failing savings culture before it’s too late August 12, 2016 The chancellor may be cheering the collapse in government bond yields since Mark Carney announced a fresh round of monetary easing last week, but companies with final salary pension schemes certainly are not. If gilt yields fall, pension fund deficits widen – and the increasing price of government bonds barely counteracts this. According to former [...]
Bank of England assertions on pension scheme deficits to be “tested” August 11, 2016 Experts reacted to the contention from the Bank of England that lower yields had a “relatively limited” effect on pension scheme deficits. The minutes of the MPC played down the impact of ballooning pension deficits – despite the trend continuing as yields fell after last week’s interest rate cut. “Lower yields posed potential risks to some aspects of the functioning [...]
Digital challenger bank Mondo just got its banking licence August 11, 2016 Another new challenger bank has been given the green light by the financial regulator in an attempt to give the big banks a run for their money. Digital challenger Mondo, a smartphone-only app, has been granted a banking licence which gives it free-reign to offer customers the full range of services offered by the traditional high street banks – although it [...]
Will Mark Carney’s corporate bond-buying help UK companies? August 11, 2016 Companies across the UK are bracing themselves for a shake-up to the way they raise cash on the corporate finance market as the Bank of England prepares to start buying private sector debt. Threadneedle Street will buy around £10bn of top-quality corporate bonds as part of its mission to help the UK avoid a recession [...]
Aldermore becomes the latest challenger bank to shrug off Brexit with 50 per cent boost to profits August 11, 2016 Aldermore has today reported a huge boost to its bottom line, while revealing it feels it can keep on smiling throughout the Brexit uncertainty. The figures The challenger bank reported profit before tax of £59m for the first half of 2016, up 50 per cent from the prior year's £40m. Meanwhile, underlying profit before tax increased to £63m, [...]