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☆ Bank of England bond sales creating a 'selling gold at the bottom' moment, strategist says
▼ + stars: | 2023-09-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

People walk outside the Bank of England in the City of London financial district, in London, Britain, January 26, 2023. Henry Nicholls | ReutersLONDON — The Bank of England's rapid pace of bond sales is creating a "selling gold at the bottom" moment for investors, according to Christopher Mahon, head of dynamic real return at Columbia Threadneedle. Now, despite the fact that the value of gilts has fallen dramatically since then, the central bank is unwinding those holdings, and fast. In late July, the central bank estimated that it would require the Treasury to indemnify £150 billion ($189 billion) of losses on its asset purchase facility (APF). The Bank of England, for its part, disputes that the asset sales are affecting markets in any substantive way.

Persons: Henry Nicholls, Christopher Mahon, Mahon, BOE, it's, Dave Ramsden, Ramsden Organizations: Bank of England, Reuters LONDON, Columbia, U.K . Treasury, Treasury, U.S . Federal Reserve, European Central Bank, Bank, U.K, . Bank of England, CNBC, Monetary, BNP Locations: City, London, Britain

☆ As the Olympics loom, Paris's transport grid worries wheelchair users
▼ + stars: | 2023-08-31 | by ( Yiming Woo | ) www.reuters.com time to read: +3 min

With Paris streets often clogged by traffic, travelling underground is often much quicker but only 9% of metro stations can be accessed without walking up and down steps. Wheelchair users, however, would need to travel by bus as both metro stations have stairs and no lifts, a test ride carried out by Maille, who was accompanied by a Reuters journalist, showed. In Berlin, 83% of underground stations are accessible for wheelchair users, according to the operator. The company also plans to deploy 250 specially refitted buses that can transport more wheelchair users, he added. But wheelchair activist Maille said this won't help many visitors with their trips between hotels and venues.

Persons: Franck Maille, Stephanie Lecocq, Alexander III, la, Maille, Gregoire de Lasteyrie, Yiming Woo, Tassilo Hummel, Ingrid Melander, Ken Ferris Organizations: APF, Madeleine, REUTERS, Rights, la Chapelle, Wheelchair, Reuters, Transport, Thomson Locations: APF France, Paris, France, London, Berlin

☆ The Bank of England is facing major losses on its bond purchases — and it's set to get much worse
▼ + stars: | 2023-08-30 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

In late July, the central bank estimated that it would require the U.K. Treasury to backstop £150 billion ($189 billion) of losses on its asset purchase facility (APF). It saw the BOE accrue £895 billion worth of bond holdings while interest rates were historically low. However, the pace at which the central bank has had to tighten monetary policy in a bid to tame inflation means the costs have risen more sharply than anticipated. watch now"First, interest rates have risen far above levels assumed in the fiscal watchdog's spring forecasts. "On the other hand, though, while QE gilts are not sold, the BoE pays Bank Rate on the ~£900bn reserves it created to buy them.

Persons: Dan Kitwood, BOE, Sanjay Raja, Raja, Imogen Bachra, BoE, Bachra, QE Organizations: Bank of England, Getty, Deutsche Bank ., Treasury, AFP, Deutsche Bank, Bank, NatWest, — Locations: —

Olympic games, titanic pricesFlavien Lallemand had barely made it on the Paris 2024 ticketing site, before deciding it wasn’t worth it. The Olympics, last hosted in Tokyo, Japan, is the world's largest sporting event and the French government claims the 2024 Games will be the most inclusive yet. It’s an embarrassing distraction for the games organizers, who have trumpeted the events accessibility credentials. “Paris 2024 will be the first Games to focus on solidarity and inclusivity,” boasts their official site. Unlike past Games, Paris 2024 set up a “games pack” purchase system.

Persons: isn’t, Lallemand, it’s, we’ll, ”, Alex Pantling, “, Debauve, Jimmy Gressier, Steph Chambers, Tony Estanguet, Estanguet, ” Estanguet, Emmanuel Macron, Stephane Lenoir, Bertrand Guay, Lenoir, Nicolas Merille, ” Merille Organizations: Paris CNN, CNN, Olympic, Facebook, BFMTV, RMC Sport, Organizers, Paralympic Games, Paris, Games, London, Getty, APF, “ Wheelchair Locations: Paris, Tokyo, Japan, “ Paris, ”, ” Paris, London, France, AFP

☆ BoE's Bailey confirms decrease in bond purchase cap
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Hannah McKayLONDON, Nov 4 (Reuters) - Bank of England Governor Andrew Bailey said on Friday that the maximum size of the BoE's Asset Purchase Facility holdings can now be lowered to 886 billion pounds from 966 billion pounds, after the conclusion of emergency purchases last month. The BoE bought 19 billion pounds of long-dated and index-linked government bonds last month to halt a fire sale of assets by pension funds following former prime minister Liz Truss's mini-budget. Britain's finance ministry - which indemnifies the BoE against losses on its bond portfolio - approved a 100 billion pounds increase in the maximum size of the APF to 966 billion pounds, in case greater purchases were needed. Bailey, in a letter to finance minister Jeremy Hunt on Friday, said this could now be lowered to 80 billion pounds and would fall further as the BoE unwound its quantitative easing purchases. The BoE also aimed to sell the 19 billion pounds of long-dated and index-linked gilts in a "timely but orderly" way, Bailey wrote.

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