UK interest rates have been left unchanged at 5.25% by the Bank of England (BoE) The Bank has maintained the interest rates at 5.25% for the seventh consecutive time to combat inflation, resulting in increased mortgage repayments and higher savings rates. The interest rates, at their peak for the pastRead More →
Inflation has reached the Bank of England’s target for the first time in nearly three years, having soared to 11.1% in October 2022, the highest in over four decades – driven by a spike in energy and food prices following the pandemic and Russia’s invasion of Ukraine. In the yearRead More →
On Thursday, 6th June 2024, the European Central Bank announced a reduction in interest rates, a move that was widely expected, despite persistent inflationary pressures in the eurozone, which comprises 20 nations. The central bank’s primary rate has been lowered to 3.75%, a decrease from the historic high of 4%Read More →
Banknotes featuring a portrait of King Charles III entered circulation on Wednesday 5th June 2024. Charles’s portrait will be featured on the front of the £5, £10, £20, and £50 banknotes, visible through the notes’ transparent security window. He is only the second monarch to appear on British banknotes, followingRead More →
Arm, with a 90% holding by SoftBank, is reportedly set to establish an AI chip unit with the goal of developing a prototype by spring 2025. This initiative is aimed at catching up with the booming AI market, currently dominated by Nvidia. Arm, alongside competitors such as AMD, Intel, andRead More →
The decision comes as inflation, which measures price rises over a period of time, remains above the Bank’s 2% target at 3.2%. But bank says cuts are coming. Is the 2% target still a sensible benchmark? The 2% inflation target set by central banks has been a widely adopted benchmarkRead More →
The fragility of U.S. banks: A looming financial crisis or an event unlikely to unfold? Amid escalating interest rates and economic instability, an alarming report has surfaced, suggesting that a considerable number of U.S. banks are on the verge of collapse. This potential looming crisis is attributed to various elementsRead More →
The Bank of England (BoE) stands as a bastion of economic stability, guiding the United Kingdom through the ebbs and flows of financial tides. Modernising the Bank of England’s forecasting system has become a critical necessity. A recent independent review has cast a spotlight on the ‘serious deficiencies’ within itsRead More →
In a move that reverberated across global financial markets, the Bank of Japan (BOJ) recently bid farewell to its negative interest rate policy – the last of its kind in the world. This decision marks a pivotal moment in the realm of central banking and has far-reaching implications for economiesRead More →
UK interest rates have been left unchanged at 5.25% by the Bank of England as widely expected by commentators. It is the fourth time in a row the Bank has held rates at 5.25%. The Bank of England had previously raised rates 14 times in a row to curb inflation,Read More →
The Federal Open Market Committee (FOMC) held interest rates steady and indicated a willingness stop raising interest rates. But a cut anytime soon is unlikely until inflation is brought fully under control and nearer to the Fed’s 2% inflation target. The Federal Reserve sent a signal that it is finishedRead More →
UK interest rates have been held at 5.25%. This is the third time in a row the Bank of England has opted to hold rates the same. The decision, which was widely expected by financial markets, means borrowing costs will remain at their highest level for 15 years. the BankRead More →
World Gold Council The two most significant events for gold demand in 2023 were the collapse of Silicon Valley Bank and the Hamas attack on Israel, the World Gold Council (WGC) said, estimating that geopolitics added between 3% and 6% to gold’s performance over the year. The WGC estimated thatRead More →
The governor of the Bank of England, Andrew Bailey has raised concerns over economic growth as he warned again that interest rates will not be cut in the ‘foreseeable future’. The bank boss said he was concerned over the UK economy’s potential to grow. It comes after the government’s forecasterRead More →
It is widely reported that HSBC‘s online banking system is experiencing some problems today, 24th November 2023. According to the news reports, many customers are unable to access the app or the website or make payments. The bank has acknowledged the issue and said it is working hard to fixRead More →
It was reported Friday 17th November 2023 by the city-state’s central bank that Singapore will be piloting the live issuance and use of wholesale central bank digital currencies in 2024. During the pilot, the Monetary Authority of Singapore, (MAS) will partner with local banks to pilot the use of wholesaleRead More →
Fear or Fact? European Central Bank President Christine Lagarde on Friday 17th November 2023 reportedly said that Europe is now at a critical juncture, with deglobalization, demographics and decarbonization looming on the horizon. Fragmentation ‘There are increasing signs that the global economy is fragmenting into competing blocs’, she said at theRead More →
IMF’s Kristalina Georgieva reportedly said that the public sector should keep preparing to deploy central bank digital currencies (CBDC’s) and related payment platforms in the future. But according to data from the Atlantic Council, only 11 countries have adopted CDBC’s thus far. Alternative to cash Central bank digital currencies (CBDC’s)Read More →
Sam Bankman-Fried, founder of the world’s biggest cryptocurrency exchange, has been found guilty of fraud and money laundering at the end of a month-long trial in New York. He was accused of lying to investors and customers and stealing billions of dollars from FTX, which went bankrupt in November 2022. HeRead More →
Central banks, 18 months ago got it fundamentally wrong and they got it wrong on many other occasions too. So why take any notice? The Fed and other central banks insisted that inflation would be ‘transitory’ – it wasn’t. It reached 7%. That’s 5% above the target of 2%. Along withRead More →
The world may be facing ‘the most dangerous time… in decades’, bank boss Jamie Dimon has reportedly warned. The chief executive of JP Morgan Chase told investors recently that he was concerned about the risks to the economy from rising geo-political tensions. He said wars in Ukraine and Israel couldRead More →
Bitstamp Bitstamp has reportedly disclosed its ongoing discussions with a number of European banks about assisting them in launching cryptocurrency services. These discussions are expected to come to fruition in early 2024. Bitstamp’s Negotiations with Top European Banks Bitstamp’s negotiations underscore the growing acceptance of digital assets within the EuropeanRead More →
Metro Bank shares have plunged by 25% after reports emerged that the bank is urgently seeking to raise millions to bolster its finances. The bank is in talks with investors about raising £250m in equity financing and £350m in debt, while asset sales are also being considered to strengthen the lender’s balance sheet.Read More →
The Rosebank oil and gas field is a controversial project that has been approved by the UK government despite the concerns of environmental activists and some politicians. It is located about 80 miles west of Shetland in the North Sea and is estimated to contain 500 million barrels of oil.Read More →
UK interest rates have been left unchanged at 5.25% by the Bank of England (BoE). The decision comes a day after figures revealed an unexpected slowdown in UK nflation in August 2023. The Bank had previously raised rates some14 times in a row to tackle inflation, leading to increases inRead More →
Confidence in Bank of England (BoE) is a measure of how much the public trusts the central bank to control inflation, set interest rates and maintain economic stability. According to the latest Inflation ‘Attitudes Survey‘ conducted by the Bank of England in August 2023, confidence in Bank of England hasRead More →