Weaker economic backdrop presents fresh headaches for Fed July 28, 2021 Today’s Federal Open Market Committee announcements come amid mounting concerns that the rapid rise in Covid cases could dampen the global economic recovery. This backdrop presents a different set of problems for Fed Chair Jerome Powell to when he last spoke in June. Recovery prospects are still good, but have tempered. Investors around the world [...]
Coutts secures B Corp ethical status July 28, 2021 Coutts has secured the sought-after B Corp status, the bank announced on Twitter. The certification attests companies uphold certain social and environmental performance standards, public transparency, and legal accountability to balance profit and purpose. The private bank and wealth manager has a history spanning over three centuries and is known to be the banker for [...]
Barclays UK assets hit £219bn as easing lockdown sees fewer loan costs July 28, 2021 Barclays UK assets have hit £219bn in the past six months as lockdown measures have eased, allowing for fewer loan costs. The bank’s UK division pulled in a total income of £3.2bn, which was up one per cent in comparison to last year but was partially offset by its operating expenses of some £2.1bn. Shares [...]
House prices to surge another £50,000 over next five years July 27, 2021 House prices are expected to surge another £50,000 over the next five years, further reducing affordability in the UK property market, according to new forecasts published today. Estate agent Savills predicts house prices will jump nine per cent this year, driven by the extended stamp duty holiday and prospective buyers rushing to purchase larger homes [...]
Criminal Commission consider report alleging Tom Hayes was wrongfully convicted for Libor rigging July 26, 2021 An academic paper that claims Tom Hayes was wrongfully convicted for rigging Libor interest rates is under review by the Criminal Cases Review Commission (CCRC). It’s the latest development in an ongoing inquiry by the CCRC – the body responsible for investigating suspected miscarriages of justice – into the former trader’s case. The CCRC confirmed [...]
First-time buyers: Where do millennials stand on the property ladder? July 21, 2021 Around two-thirds of people aged in their 20s and 30s hope to buy a new home in the next five years, according to a survey. Some 66 per cent of people in their 30s and 67 per cent in their 20s are considering buying a property in the next five years, compared to 38 per [...]
Lenders set to increase interest-free periods on credit cards July 15, 2021 Households could be offered longer interest-free periods on credit cards over the summer, according to a survey of lenders. Banks and building societies also anticipate that mortgage availability to households will rise, according to the survey published by the Bank of England. The Bank’s Credit Conditions Survey is carried out every quarter to help it [...]
UK banks expect a rush of defaults in coming months July 15, 2021 UK banks expect defaults to rise over the coming months as households struggle to service debt taken on to cope with the financial pressures of the Covid crisis, new figures released today reveal. According to the Bank of England’s latest Credit Conditions Survey, banks expect default rates on unsecured lending – or credit card lending [...]
House prices fall for the first time this year as stamp duty holiday winds down July 7, 2021 The price of the average UK property fell last month for the first time this year, as the end of the most generous stamp duty holiday loomed. House prices fell 0.5 per cent in June, down £1,284 to an average price of £260,358, according to figures from Halifax. The new figures mean annual house price [...]
Mother Nature likes Bitcoin and the Metaverse July 6, 2021 The Metaverse turns human beings into digital avatars on its landscape, explains Crypto AM columnist Dr Chris Kacher.