After the Nvidelity comes the Huangover. Jensen Huang joins long list who confused boardroom and bedroom
US Federal Reserve paves the way for pre-election rate rise July 27, 2016 The Federal Reserve signalled the way to an interest rate rise before the US Presidential Election this evening as it heralded the strong pace of the economic recovery. Rate-setters left policy unchanged on this occasion, as expected, but a hike for only the second time since the financial crisis is now a distinct possibility for [...]
Four good things that have happened in the UK since the Brexit vote July 27, 2016 Who could blame us for worrying over our economic fate after the Brexit vote? We were afraid that the economy was heading for certain death and we wouldn't be able to rescue it. Here we are, over a month after the vote and it looks like there may be some light at the end of [...]
Shawbrook becomes the latest challenger to be unshaken by Brexit July 27, 2016 Following in Virgin Money's footsteps, Shawbrook has today waved away the Brexit woes facing challenger banks by showing off a boost to its bottom line. The figures The challenger bank reported profits before tax for the first half of 2016 of £35.2m, up from £24.7m in the first half of 2015. Meanwhile, underlying profit before tax [...]
Currency swings sting Santander, causing underlying profits and income to dip July 27, 2016 Santander today proved currency swings can be the undoing of even the best intentions, as it reported a drop in profits and income for its first half of the year. The figures Attributable profits for the group were less than glowing, down 31.7 per cent at €2.9bn (£2.4m), from €4.3bn in the first half of [...]
Metro Bank heads closer to profit, as chief exec shrugs off Brexit fears July 27, 2016 Metro Bank revealed it was closer to moving out of the red today, as its chief executive waved away any Brexit woes. The figures The challenger bank reported an underlying loss after tax of £4.1m for its quarter to June, a 45 per cent shift towards the black on the £7.6m loss it reported last year, and a 48 per [...]
Taylor Wimpey share price shoots up almost six per cent at the open as building firm says it has not been affected by Brexit July 27, 2016 Housebuilder Taylor Wimpey said today that last month's Brexit vote had not made any difference to its trading, as it reported increased revenue and profit for the six months to 3 July. The figures The company's revenue was up 9.1 per cent to £1.46bn, from £1.24bn in the first half of last year. Operating profit rose [...]
Spending growth through shopping vouchers – should central bankers be trying new things? July 26, 2016 Over the last few months the term helicopter money – once only used to mock former Fed chair Helicopter Ben – has become common place. For that we can thank the Bank of Japan and its increasingly desperate attempts to kick start growth, culminating this Friday with its latest policy meeting. Many economists are expecting the Bank of Japan [...]
The Bank of England is all but certain to slash rates next week after Martin Weale’s declaration July 26, 2016 Another member of the Bank of England's rate-setting monetary policy committee (MPC) has signalled their intent to vote in favour of slashing interest rates at next week's meeting, pushing expectations of a cut to a near-certainty. Martin Weale, an independent member of MPC said today in the Financial Times last week's disappointing purchasing managers' index (PMI) had [...]
Businesses react angrily as RBS tells business customers: We may charge you to hold your deposits if interest rates go negative July 26, 2016 Businesses have reacted angrily after RBS and its subsidiary, NatWest, wrote to business customers to warn that they may have to charge them to hold deposits if interest rates go negative. In a letter to business and commercial banking customers, the lender wrote that it was making a number of changes to their terms and conditions – [...]
Virgin Money says it has weathered the Brexit storm as it grows profit in first half of 2016 July 26, 2016 Challenger bank Virgin Money reported an increase in profits during the first half of 2016, and said it had weathered the Brexit vote storm, with very little changed in its outlook. The figures Statutory profit before tax was up to £93.7m, a 70 per cent jump from the first half, when profit of £55m was recorded. [...]