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Banking
In 2023, more than one out of eight UK banks will close their branches
By December 2023, more than one-third of UK bank branches will be closed. This is a dramatic drop from the three-fifths that existed in 2015.
According to data provided by ATM provider Link, a total 636 branches of banks are expected to…
Arm Targets IPO Valuation of Up to $52bn
According to an updated filing made on Tuesday, Arm will price its initial public offer between $47 and $50 per share. This could raise up to $4.9bn in revenue for its owner SoftBank, and value the UK-based designer of chips at up to $52bn.…
Central banks delaying rate cuts has made economists more pessimistic about 2024
According to economists, the global economy is expected to slow down next year due in part to persistently high interest rates in major economies. This follows a growth that exceeded expectations in 2023.
Consensus Economics has compiled…
Bank of England top economist: UK interest rates will not continue to rise.
The Bank of England chief economist indicated that he would vote to maintain interest rates at the current high of 5,25 percent for a longer period of time rather than raise them.
Huw Pil said to an audience of South Africa's Central…
UBS’s rescue deal with Credit Suisse was a ‘deal of the century.’
Top UBS managers were skeptical when they were asked to save their scandal-ridden competitor Credit Suisse. The deal, which was completed five months ago, has now made UBS Europe's second most valuable lender.
UBS said on Thursday that…
NS&I’s 6.2% bond, the market leader, puts pressure on banks
National Savings & Investments raised its interest rate on one-year fixed bond from 5% to 6.25%, putting the company in a leading position on a major segment of the saving market. This has increased pressure on the banks to follow.…
Five global economic shifts that are happening now
The central bankers at the Jackson Hole Economic Symposium were not deluded about inflation. They said that the threat of inflation persists and that its outlook has been complicated due to structural shifts within the global economy. The…
Bank of England warns of corporate default risk
The Bank of England has warned that rising interest rates pose a greater risk of default for British companies, which could threaten investment and employment.
According to an analysis posted on the BoE blog, the share of UK…
Bank of England warns of company debt burden
High interest rates are putting indebted businesses under the most pressure since 2009, the Bank of England has warned.
Half of all businesses with borrowings will be struggling to meet debt payments by the end of this year, the Bank…
Brics Bank aims to reduce the dollar’s reliance
According to the president of the bank, the development bank created by the Brics countries plans to start lending in South African and Brazilian currency as part a plan that aims to reduce the reliance on dollars and promote a multipolar…
SoftBank’s arm announces plans for the largest US IPO since nearly 2 years
SoftBank's chip designer Arm, which is owned by SoftBank, has begun the countdown for the largest US initial public offering (IPO) in nearly two years. The company unveiled a preliminary prospectus to be listed on Nasdaq early next month.…
Chief UK charity lender defends its approach to falling bond values
The Charities Aid Foundation is one of the UK’s most successful intermediaries.
It was founded almost a hundred years ago as part of National Council of Social Service in order to encourage charitable giving. In 1974, it became an…
Treasury could save billions of dollars a year, but it can’t succumb to the temptation
It was not covered or discussed much in Europe. The European Central Bank announced that it would stop paying interest on the minimum reserve balances from next month. This announcement was snuck in under the more important the rise in…
UK charity bank raises new debt after huge paper losses on bonds
After reported steep paper losses on the value of its bonds, a UK bank that serves 14,000 charities announced a fresh £15mn debt funding from its owners.
CAF Bank announced on Monday that it had reached a deal to pay the shortfall if the…
Stress test for many of the world’s biggest hedge funds
After being invited to participate in the stress tests, which are the first ever to include the shadow banking sector, many of the largest hedge funds around the world will reveal if their investments could amplify economic shocks or harm…
Lloyds is facing a High Court case over ‘overcharging of’ £624m in car finance.
In a landmark case at the High Court, Lloyds Banking Group was accused of illegally "overcharging" car finance customers by hundreds of millions pounds.
The UK's largest high street bank is accused of charging excessive interest…
Bank of England increases interest rates by 0.25 percentage point
The Bank of England raised interest rates by 0.25 percentage points, to 5.25 percent. It warned that borrowing costs would likely remain high despite a slowdown in inflation.
The Monetary Policy Committee of the central bank voted on…
Metro Bank profits from higher interest rates, cost control and profit returns
Metro Bank, a high street rival bank, has announced its first half-year profits since the 2019 scandal that saw investors misled about a key measure of risk. Higher interest rates have boosted its turnaround effort.
The lender reported a…