Turkey’s central bank on Thursday 25th January 2024 hiked its key interest rate to 45%. It comes amid an ongoing struggle against double-digit inflation for Turkey’s policymakers, with the rate hike the latest step in that ongoing fight. 30 Turkish Lira to 1 U.S. dollar Inflation in Turkey increased nearly 65%Read More →
Inflation, rose marginally to 4% in December, up from 3.9% in November 2023. Economists had forecast a slight fall but unexpected rises in alcohol and tobacco prices were behind the surprise rise. However, with energy bills predicted to come down in 2024, there are still expectations of interest rate cutsRead More →
The world’s five richest men have increased their combined fortune from $405 billion in March 2020 to $869 billion in November 2023, according to a report from Oxfam. Wealth increased at a rate of $14 million per hour for 5 people A report by the charity highlighted the wealth ofRead More →
After years of regulatory rejection, the U.S. Securities and Exchange Commission on Wednesday 10th January 2024 finally approved the Bitcoin EFT. It has approved what are known as ‘spot’ Bitcoin Exchange-Traded Funds (ETFs), which can be purchased by anyone from pension funds to retail investors. This now means that some of theRead More →
Federal Reserve officials in December concluded that interest rate cuts are likely in 2024, though they appeared to provide little in the way of when that might occur, according to minutes from the meeting released Wednesday 3rd January 2024. FOMC meeting minutes The rate-setting Federal Open Market Committee (FOMC) agreed to keepRead More →
Mortgage lenders have started 2024 by cutting interest rates. The UK’s biggest lender, the Halifax, has cut some interest rates by nearly a full 1%, with other lenders expected to follow suit. HSBC has announced it will also make cuts in January. Halifax is reducing its rates, with interest onRead More →
Wasted wind power will add £40 to the average UK household’s electricity bill in 2023, according to a think tank. That figure could increase to £150 in 2026, Carbon Tracker has estimated. When it is very windy, the grid cannot handle the extra power generated. So, wind farms are paidRead More →
For true cryptocurrency bulls, the most lucrative investments in 2023 were in the stock market. While Bitcoin rallied over 150% for the year, shares of Coinbase, Marathon Digital, MicroStrategy and the Grayscale Bitcoin Trust, which are all tied closely to the digital currency, did substantially better, rising more than 300% in value. Bitcoin miner Marathon Digital soared someRead More →
House prices have ended the year 1.8% lower in the UK, according to Nationwide Building Society The Nationwide forecasts no growth or a further fall in 2024. The lender said the average house price across the UK was £257,443 in December 2023. This was flat compared to November 2023 butRead More →
This was the famous UK advertising slogan of a once famous and proud Japanese business that later fell from grace. It became a 1980’s advertising hit for Toshiba in the UK. There was a time when more than one of your TV’s, computers, laptop’s, Hi-Fi’s, speaker systems or other essentialRead More →
UK inflation fell by more than expected in November 2023, driven largely by a drop in fuel prices. Inflation dropped to 3.9% in the year to November 2023, down from 4.6% in October 2023. Other than fuel, slowing food and household items were also behind the drop. Inflation has fallenRead More →
The 10-year Treasury yield slipped further on Monday 18th December 2023, as the final full trading week of 2023 gets underway. Traders are attempting to digest the ‘dovish’ tone of the U.S. Federal Reserve. The central bank held its key interest rate at 5.5% and revealed that policymakers were pencilling in at leastRead More →
Deflation is an economic phenomenon characterized by a general decline in prices for goods and services. It occurs when the inflation rate falls below 0%, resulting in a negative inflation rate. This means that the purchasing power of currency increases over time, allowing you to buy more with the same amount of money. ItRead More →
The economy fell by 0.3% October, after growth of 0.2% in September 2023. UK GDP is 0.0% The UK economy shrank more than expected in October 2023, as higher interest rates hit consumers. The bad weather didn’t help either. Household spending has been dented by rate rises as the BankRead More →
The latest U.S. job data indicates that job growth accelerated in November 2023, with seasonally adjusted non-farm payrolls increasing by 199,000. The unemployment rate has dropped to 3.7%, even as more workers entered the labour market. This points to underlying strength in the labour market and is a positive sign for the U.S. economy. Read More →
Britcoin is a potential British digital currency that would be issued by the Bank of England and backed by the Government. It would be tied to the pound and have a stable value, unlike cryptocurrencies such as Bitcoin. It would be accessible through digital wallets and interchangeable with cash andRead More →
The UK economy will grow much more slowly than expected in the next two years as inflation takes longer to fall, the Office for Budget Responsibility (OBR) says. Are we locked in a never-ending austerity cycle? Living standards are also not expected to return to pre-pandemic levels until 2027-28, theRead More →
Annual inflation in the euro zone sank to 2.4% in November 2023 from 2.9% in October 2023, data showed Thursday 30th November 2023. Core inflation was also below expectations at 3.6%. The European Central Bank has stressed that it is too early to declare victory in the 20-member euro zoneRead More →
Some expect gold to above climb $2,500 Gold prices are on track to rally to all-time highs in 2024 on the back of interest rates increases, inflation fear, looming recessionary concerns and geo-political unrest. The precious metal is always sought after as a safe haven asset. The gold price hit aRead More →
Santa rally is a term that refers to the tendency of the stock market to rise in the last week of December and the first two days of January. This is not a guaranteed or consistent pattern, and it may depend on many and various factors that affect the marketRead More →
Some of the main takeaways from the chancellor’s autumn statement November 2023 National Insurance rate cut from 12% to 10% from 6 January, affecting 27 million people. The 75% business rates discount for retail, hospitality and leisure firms in England extended for another year. Class 2 National Insurance – paidRead More →
Federal Reserve members, in their most recent meeting, gave little indication of cutting interest rates anytime soon, particularly as inflation remains well above their goal of 2%, according to minutes released Tuesday 21st November 2023. The detail of the meeting held 31st October – 1st November 2023, showed that FederalRead More →
Binance chief Changpeng Zhao pleaded guilty Tuesday to criminal charges and stepped down as the company’s CEO as part of a $4.3 billion settlement with the Department of Justice, according to court documents. The plea arrangement with the U.S. government resolves an investigation into the world’s largest cryptocurrency exchange. ZhaoRead More →
UK inflation fell to 4.6% in October 2023, down from 6.7% in September 2023. This is the lowest rate of price increases since 2021 and the bigger than expected fall should provide some relief to UK households gripped by the cost-of-living crisis. The main factors that contributed to the drop in inflation were largelyRead More →
Dame Alison Rose, the former chief executive of NatWest Group, will lose out on £7.6m after she admitted to discussing the closure of Nigel Farage’s bank account with a BBC journalist. Another word for getting the sack? She ‘resigned’ from the banking group in July 2023, after the former UkipRead More →
The U.K. economy flatlined in the third quarter, initial figures showed Friday 10th November 2023. Gross domestic product (GDP) showed zero quarterly growth in the three months to the end of September 2023, following an increase of 0.2% in the previous quarter. In annual terms, the UK’s Q3 GDP wasRead More →