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☆ Taylor Swift fans lose at least $1 million to Eras Tour scams in the UK
▼ + stars: | 2024-04-18 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Thousands of Taylor Swift’s UK fans have been duped into buying fake tickets for her upcoming Eras Tour concerts, according to a major British bank. With all UK dates now sold out, desperate fans are more likely to turn to resale sites and social media for tickets. Lloyds said it expects to see “many more fans fall victim to ticket scams in the coming weeks and months,” leading up to the first concert in Edinburgh, Scotland. According to UK Finance, a financial services industry association, Brits lost more than £40 million ($50 million) to “purchase scams,” including sales of fraudulent tickets, in the first half of last year. In November, the bank warned customers over ticket scams relating to Glastonbury, the popular outdoor music festival held annually in England in the summer.

Persons: Taylor Swift’s, —, Swift, ”, you’re, Liz Ziegler, you’ve, nothing’s, they’ve, Kirsty Adams, Taylor Swift Organizations: London CNN, Lloyds Bank, “, Lloyds, Ticketmaster, UK Finance, HSBC, Europe’s, CNN, Barclays, Glastonbury, Olympics Locations: British, Singapore, United States, United Kingdom, Edinburgh, Scotland, Glastonbury, England

☆ Taylor Swift fans in the UK have been scammed out of $1.2 million, bank says
▼ + stars: | 2024-04-17 | by ( Katie Balevic | Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

UK Taylor Swift fans have lost over $1.2 million to Eras Tour ticket scams, Lloyds Bank says. Most of the ticket scams targeted 25- 34-year-olds through fake ads on Facebook. AdvertisementIt looks like it's heating up to be a Cruel Summer — at least for Swifties in the United Kingdom seeking Eras Tour tickets. Fans of Taylor Swift have already been scammed out of over $1.2 million trying to purchase concert tickets, mostly through Facebook, according to Lloyds Bank. "For her legion of dedicated Swifties, the excitement is building ahead of Taylor's Eras Tour finally touching down in the UK this summer.

Persons: Taylor Swift, —, Liz Ziegler, Swift, Alma Galvan Organizations: Lloyds Bank, Facebook, Service, Swifties, United, Lloyds, Ticketmaster, Business, San Francisco Better Business, ABC, BBB, Facebook Marketplace, Paypal Goods, Services Locations: United Kingdom, United States

☆ Britain's royal family should follow the lead of major CEOs when it comes to transparency, says expert
▼ + stars: | 2024-03-16 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +6 min

The royal household is exempt from freedom of information laws in the UK since it isn't a public authority. Hay suggested that the monarchy should follow the lead of major companies that have been transparent when a CEO becomes unwell. While Kensington Palace was clear that it wouldn't provide a "running commentary" on the princess' well-being, that didn't stop conspiracy theories on her whereabouts. Meanwhile, CNN said it was reviewing all Kensington Palace handouts in light of the incident. Kensington Palace did not immediately respond to a request for comment.

Persons: Kate, —, Bob Krist, George Hay, Hay, JP Morgan Chase, Jamie Dimon, António, Osório, Prince William, Catherine, Duchess, Chris Jackson, Phil Chetwynd, Buckingham, King Charles, Charles III, Max Mumby, Graham Smith, Jack Royston, Royston, Kensington Organizations: Service, Brand Finance, Windsor, Getty, Tourism, Frogmore, Reuters, Barclays, CNBC, Lloyds Banking Group, BBC News, BBC, AFP, CNN, YouGov Locations: London, Britain, António Horta, Horta, Kensington, Cambridge, Belgium, Greece, Bulgaria, Republic

☆ How far does Gulf money go? An Abu Dhabi-backed newspaper buyout attempt is sparking panic in London
▼ + stars: | 2024-03-14 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Copies of The Daily Telegraph newspaper on a newsstand in a shop in London, UK, on March 12, 2024 (L), and UAE Vice President Sheikh Mansour bin Zayed al-Nahyan speaking at COP28 on Dec. 1, 2023. More than 100 members of Parliament have signed a letter opposing the buyout of major British newspaper the Telegraph and news magazine, The Spectator, by UAE government-backed investment fund RedBird IMI. Long a favorite of Britain's Conservative Party, ownership of the 168-year old daily is not just about profit, but about power. The deal would ultimately see the Telegraph, which is valued at a reported £600 million, come under full Emirati ownership. Lawmakers have been scrambling to introduce a new law that would enable Parliament to veto buyouts of news outlets by foreign governments.

Persons: Sheikh Mansour bin Zayed, Nahyan, Britain's, Long, Sheikh Mansour bin Zayed Al Nahyan, Barclay, Lucy Frazer Organizations: Daily Telegraph, UAE, COP28, United Arab Emirates, United Emirates, British, Telegraph, The, IMI, Britain's Conservative Party, Lloyds Bank, State for Culture, Media, Sport Locations: London, DUBAI, United Arab, Qatar, Saudi Arabia, UAE

☆ European markets set to open higher as investors focus on euro zone data, earnings
▼ + stars: | 2024-02-22 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a higher open Thursday ahead of a busy day of earnings and data in the region. Preliminary services and manufacturing purchasing managers' index data from the euro zone in February is due Thursday, and will serve as a gauge of business activity in the region. Meanwhile, earnings are due from Nestle, Zurich Insurance, Iberdrola, Telefonica, Lloyds Banking Group, Rolls-Royce, WPP, Anglo American and Hargreaves Lansdown. Overnight, Japan's Nikkei hit a record high on Thursday, with investors shrugging off dismal business activity data from the country, while other Asia-Pacific markets traded in the green. S&P 500 futures rose in overnight trading Wednesday, boosted by a jump in Nvidia shares.

Persons: Hargreaves Lansdown, shrugging Organizations: Zurich Insurance, Iberdrola, Telefonica, Lloyds Banking Group, Royce, WPP, Nikkei, Nvidia Locations: Nestle, Asia, Pacific

☆ Investors 'have nervousness' around UK financial services, says Lloyds Banking Group CEO
▼ + stars: | 2024-02-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors 'have nervousness' around UK financial services, says Lloyds Banking Group CEOCharlie Nunn, CEO of Lloyds Banking Group, discusses its 2023 full-year results and the economic outlook.

Persons: Charlie Nunn Organizations: Lloyds Banking, Lloyds Banking Group

☆ JPMorgan reveals its favorite European stock picks — giving one over 93% upside
▼ + stars: | 2024-02-22 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +1 min

JPMorgan uncovered several top European stocks it says offer substantial upside potential — as well as some "unattractive" names — right now. The bank is underweight on the euro zone, given that its "Growth-Policy trade-off" is "likely to deteriorate further." Nevertheless, JPMorgan sees pockets of opportunity in the European market. Here are five stocks from its list of "top European picks" which stand out for having substantial upside potential, according to FactSet's consensus price targets: 'Unattractive stocks' JPMorgan also revealed its list of "unattractive stocks" from a sector it's underweight on — banking. Stocks named as " unattractive" include Lloyds Banking Group , BNP Paribas , Svenska Handelsbanken AB and Bank of Ireland Group .

Persons: Mislav Matejka, Banks, Stocks, — CNBC's Michael Bloom Organizations: JPMorgan, Lloyds Banking Group, BNP, Svenska Handelsbanken, Bank of Ireland Group

☆ The dollar is back. It’s not all good news
▼ + stars: | 2024-02-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —The greenback is strengthening again after a bumpy 2023, as Wall Street accepts that interest rate cuts are coming later than previously expected. The US Dollar Index, which tracks the dollar against the British pound, euro, Swiss franc, Japanese yen, Canadian dollar and Swedish krona, is up 2.8% for the year as of Friday morning. “All of a sudden the interest rate differential kicks in — if that is slower than the Fed or faster,” said Krosby. Higher interest rates tend to garner more international capital to flow into a country, raising demand for the currency and thus its value. Still, Todd Jones, chief investment officer at Gratus Capital, says he expects the dollar to trend lower eventually as the Fed gets closer to cutting rates.

Persons: Jerome Powell, Christine Lagarde, Quincy Krosby, ”, Neel Kashkari, Todd Jones, Jones, Anna Cooban, Richard Meade, Janet Yellen, Alicia Wallace, Yellen, ” Yellen Organizations: CNN Business, Bell, New York CNN, Swiss, Canadian, Federal Reserve, European Central Bank, LPL, Treasury, Minneapolis, Gratus, Fed, Hamas, Lloyds, CNN, Banking Committee Locations: New York, Swedish, Iran, Suez, Asia, Europe

☆ Red Sea crisis: How global trade is being upended by attacks on container ships
▼ + stars: | 2024-02-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

That’s added as much as two weeks to a typical East-to-West journey for container ships, and 18 days for slower bulk carriers and tankers. Global container shipping costs are less than half their level during the coronavirus pandemic, which peaked at $10,380 in September 2021. Even so, he said, container shipping is “very cost-effective” as many goods can be packed into a single shipping container. The Galaxy Leader cargo ship is escorted by Houthi boats in the Red Sea on November 20, 2023. Fewer oil tankers have avoided the Red Sea than container ships, which the Houthi militants more closely identify with Western countries allied with Israel.

Persons: Richard Meade, Tesla, Peter Sand, Good Hope, That’s, ”, Lloyd —, “, ” Simon MacAdam, ” Maersk, Meade Organizations: London CNN —, Hamas, Lloyds, CNN, Maersk, Hapag, Carriers, Global, Container, Capital Economics, Organisation for Economic Co, Development, Galaxy Leader, Houthi Military Media, Reuters Locations: Iran, Suez, Asia, Europe, Germany, Swedish, Africa, South Africa’s, Good, Sand, Vietnam, Drewry, Shanghai, China, Rotterdam, Netherlands, Xeneta, Israel, United States, Canada

☆ A manager earning $178,000 had her work-from-home request denied by a judge
▼ + stars: | 2024-01-23 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

A judge ruled in favor of the FCA and agreed that remote work poses certain limitations. AdvertisementA senior manager at the Financial Conduct Authority in the UK had her requests to work from home full-time denied by a judge because of the "weaknesses" remote work poses. Elizabeth Wilson, a senior manager at the FCA earning a salary of £140,000 ($178,000) a year, sued the regulator after it rejected her request to work remotely full-time. His decision comes as other major companies roll back on remote work policies and enforce return-to-office mandates. The judge agreed with the FCA about the "weaknesses with remote working," and ruled that it was within its rights to deny her request.

Persons: —, Elizabeth Wilson, Robert Richter, Wilson Organizations: Financial, Authority, FCA, Service, Citigroup, Lloyds

A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. Finance executives, consultants and headhunters interviewed by Reuters predict subdued deal flows, modest bonuses for most and heavy job cuts in 2024. "2023 will ultimately be one of the lowest corporate finance fee pools in modern history," said Fabrizio Campelli, head of Corporate Bank and Investment Bank at Deutsche Bank. JOB CUTSBanks have already turned to cost cuts to try to weather the downturn, which in a people-intensive business means job losses. And although some bankers expect a tough 2024, others sense an opportunity for European banks from the Basel Endgame.

Persons: Hollie Adams, Fabrizio Campelli, Banks, Ronan O'Kelly, Oliver Wyman, O'Kelly, Dominic Hook, Goldman Sachs, Vis Raghavan, JP Morgan, Morgan McKinley's, Stephane Rambosson, headhunter, Rambosson, Ana Botin, Morgan's Raghavan, there's, Oliver Wyman's O'Kelly, Deutsche's Campelli, Anousha Sakoui, Carolyn Cohn, Jesus Aguado, Alexander Smith Organizations: REUTERS, LONDON, Finance, Reuters, Corporate Bank, Investment Bank, Deutsche Bank, Organisation for Economic Cooperation, Development, Barclays, Lloyds, Challenger Metro Bank, UBS UBSG.S, Citi, Workers, Global Investment Banking, Employment, European Union, Santander, Global, Basel, Thomson Locations: City, London, Britain, Europe, Middle East, Africa, Ukraine, West, China, United States, India, Madrid

☆ UK bars Abu Dhabi-backed group from acquiring Telegraph, pending review
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 1 (Reuters) - Britain's government on Friday blocked an Abu Dhabi-backed group from taking ownership of the media group that owns the Telegraph newspaper while its takeover bid is scrutinised by regulators over freedom of expression concerns. The government intervened in the planned deal on Thursday when it asked regulators to examine the deal. On Friday, culture and media minister Lucy Frazer set out an enforcement order preventing any transfer of ownership of the Telegraph Media Group without her permission and also stopping any changes of its structure or senior editorial staff. As well as the right-leaning Telegraph newspaper, the group owns the Spectator magazine. They are up for sale after Lloyds Banking Group in June seized control following a long-running dispute with owners, the Barclay family.

Persons: Lucy Frazer, Barclay, Jeff Zucker, Mansour bin Zayed Al Nahyan, Camilla Tominey, Tominey, William Schomberg, Nick Zieminski Organizations: Telegraph, Telegraph Media Group, Ofcom, Spectator, Lloyds Banking Group, IMI, CNN, United Arab Emirates, Thomson Locations: Abu Dhabi, UAE, Gulf

☆ UK’s Metro Bank and Lloyds join Barclays in announcing job cuts weeks before Christmas
▼ + stars: | 2023-11-30 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Staff at UK banks face layoffs in the lead-up to Christmas in what one labor union called “disgraceful” timing. Struggling Metro Bank said Thursday that it expected to slash headcount by 20% as part of efforts to save £50 million ($63 million) a year. But Chris Beauchamp, chief market analyst at stockbroker IG, said becoming more like the big banks Metro Bank sought to displace would “sorely diminish” the lender’s appeal. “Far from being a serious challenger to the UK’s established banks, Metro continues to flounder,” he wrote in a note. Metro Bank also said new stock issued as part of an emergency equity raise last month to shore up its finances would begin trading Thursday.

Persons: “, Daniel Frumkin, Chris Beauchamp, ”, Charles Schwab, Dominic Hook, upskilling, Andrew Coombs, Jaime Gilinski Bacal Organizations: London CNN — Staff, Metro Bank, Lloyds, Barclays, Metro, Citigroup, Vice Media, Continental, Unite, ” Citi, Bank of England Locations: United Kingdom

[1/2] Former UK finance minister (Chancellor of the Exchequer), Alistair Darling, poses for a photograph in Edinburgh, Scotland, Britain, Aug 31, 2018. REUTERS/Russell Cheyne/File Photo Acquire Licensing RightsLONDON, Nov 30 (Reuters) - Former British finance minister Alistair Darling, who steered the country's economy and banking system through the shock of the global financial crisis in 2007-08, has died aged 70 after undergoing treatment for cancer, his family said on Thursday. Darling was named chancellor of the exchequer by former prime minister Gordon Brown in June 2007, just as the crisis was brewing at leading financial institutions. "I never met anyone who didn't like him," Brown's predecessor as prime minister, Tony Blair, said. "Darling's passing is a huge loss to us all," said Britain's present prime minister Rishi Sunak, from the centre-right Conservative party.

Persons: Alistair Darling, Russell Cheyne, Darling, Gordon Brown, Brown, Margaret, Calum, Anna, Tony Blair, Lehman, Rishi Sunak, Muvija, Kate Holton, Andrew Heavens Organizations: REUTERS, Royal Bank of Scotland, Lloyds TSB, Labour Party, Treasury, Western General Hospital, Loretto School, Aberdeen University, The Guardian, Lehman Brothers, Conservative, Thomson Locations: Edinburgh, Scotland, Britain, British, United Kingdom

☆ Britain's Lloyds shake-up puts around 2,500 jobs at risk - source
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

Lloyds Bank logo and rising stock graph are seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 24 (Reuters) - Britain's biggest high street bank Lloyds (LLOY.L) is putting around 2,500 jobs at risk as part of a shake-up, a source familiar with the matter told Reuters, amid a renewed push by lenders to slash costs. Staff are expected to be informed of the process as early as next week, the source said, adding it would also involve the creation of 120 roles. The news comes after Reuters reported on Thursday that Lloyds' rival Barclays (BARC.L) is working on plans to save up to 1 billion pounds ($1.25 billion), which could involve cutting as many as 2,000 jobs. But investor concerns about tougher competition for savers' cash and potential loan defaults amid a cost-of-living crisis are weighing on the sector.

Persons: Dado Ruvic, Iain Withers, Lawrence White, Gursimran Kaur, Devika Syamnath, Hugh Lawson Organizations: Lloyds Bank, REUTERS, Lloyds, Staff, Guardian, Reuters, Barclays, savers, Thomson Locations: London, Bengaluru

An Abu Dhabi-backed investment fund said Monday it has paved the way to take ownership of Britain's Telegraph newspaper and The Spectator magazine after striking a deal with the publications' previous owners to repay debts owed by them. The Barclay family owned the right-leaning newspaper and magazine nefore they were put into receivership. Various media firms have been reported to be interested in taking over the publications, including German publisher Axel Springer and the Daily Mail's publisher. The fund said the deal includes an option to turn the loans into equity which would give it ownership control of the newspaper and magazine. Lenders for the Barclay family would need to agree to the deal, which is expected to attract a high level of political scrutiny.

Persons: Abu, Jeff Zucker, Media Investments —, Britain's Barclay, Barclay, Axel Springer Organizations: Britain's Telegraph, The Spectator, IMI, RedBird, CNN, Abu Dhabi's, Media Investments, Lloyds Bank, Ritz Hotel, Daily, International Media Investments Locations: Abu Dhabi, German

Barclays Bank logo is seen in this illustration taken March 12, 2023. Tesco Plc and Tesco Bank declined to comment. It could not be established how much the proposed deal would value the Tesco Bank assets. Tesco Bank was launched in 1997 as a joint venture between the British supermarket group and Royal Bank of Scotland, with Tesco later taking full control of the company. Despite seeing it as a growth area in the past, Tesco has been scaling back its banking services, including no longer offering current accounts and offloading its mortgage portfolio to Lloyds Banking Group (LLOY.L).

Persons: Dado Ruvic, Amy, Jo Crowley, Pablo Mayo Cerqueiro, Lawrence White, Iain Withers, Anousha Sakoui, Jane Merriman Organizations: Barclays Bank, REUTERS, Barclays, Reuters, Tesco Bank, Tesco, Tesco Plc, British, Royal Bank of Scotland, Lloyds Banking Group, Thomson Locations: British, Kensington

☆ Portuguese bankers warn political instability could undermine reforms, public finances
▼ + stars: | 2023-11-16 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

Antonio Horta Osorio, CEO of Lloyds Banking Group, arrives at a garden party at Buckingham Palace, London, May 22, 2018. The government remains fully functional for the time being, at least until parliament has had its final vote on the 2024 budget on Nov. 29. He said reforms should create an environment for companies to achieve better results and compete more effectively globally. The 2024 budget projects economic growth will slow to 1.5% in 2024 from 2.2% expected this year and political instability may also delay public investment, such as using COVID recovery funds, and private investment. "Probably no one wants to invest when there is great instability," said Pedro Castro Almeida, CEO of Santander Portugal.

Persons: Antonio Horta Osorio, Simon Dawson, Portugal's, Antonio Costa, illegalities, Marcelo Rebelo de Sousa, Antonio Horta, Osorio, Miguel Maya, Pedro Castro Almeida, Paulo Macedo, Sergio Goncalves, Catarina Demony, Mark Potter Organizations: Lloyds Banking Group, REUTERS, Rights, Credit Suisse, bcp, Santander Portugal, Caixa Geral, Thomson Locations: Buckingham Palace, London, Rights LISBON, Lisbon, Portugal, Horta, Caixa, Depositos

☆ Portuguese Bankers Warn Political Instability Could Undermine Reforms, Public Finances
▼ + stars: | 2023-11-16 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

By Sergio GoncalvesLISBON (Reuters) - The resignation of Portugal's prime minister will trigger instability that could delay economic reforms, while making it harder for the country to keep a balanced budget and further reduce debt, bankers warned on Thursday. The government remains fully functional for the time being, at least until parliament has had its final vote on the 2024 budget on Nov. 29. He said reforms should create an environment for companies to achieve better results and compete more effectively globally. The 2024 budget projects economic growth will slow to 1.5% in 2024 from 2.2% expected this year and political instability may also delay public investment, such as using COVID recovery funds, and private investment. "Probably no one wants to invest when there is great instability," said Pedro Castro Almeida, CEO of Santander Portugal.

Persons: Sergio Goncalves LISBON, Portugal's, Antonio Costa, illegalities, Marcelo Rebelo de Sousa, Antonio Horta, Osorio, Miguel Maya, Pedro Castro Almeida, Paulo Macedo, Sergio Goncalves, Catarina Demony, Mark Potter Organizations: Credit Suisse, Lloyds Banking Group, Santander Portugal, Caixa Geral Locations: Lisbon, Portugal, Horta, Caixa, Depositos

☆ Goldman leads new funding for Fnality blockchain payments firm
▼ + stars: | 2023-11-14 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

The Goldman Sachs company logo is on the floor of the New York Stock Exchange in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsLONDON, Nov 14 (Reuters) - Fnality, a blockchain-based wholesale payments firm, said on Tuesday it has raised 77.7 million pounds ($95.09 million) in a second round of funding backed by Goldman Sachs and other blue chip financial firms as it awaits Bank of England approval to start operations. UK-based Fnality seeks to bridge the gap between mainstream and digital finance to cut the time and cost of settling, managing collateral and making payments for financial market transactions. Fnality said the round was led by Goldman Sachs and BNP Paribas, with participation from settlement houses DTCC and Euroclear, as well as Nomura and WisdomTree. Finality raised 55 million pounds in its first whip round in June 2019.

Persons: Goldman Sachs, Brendan McDermid, Fnality, Mathew McDermott, Goldman's, Huw Jones, Susan Fenton Organizations: New York Stock Exchange, REUTERS, of, BNP, Nomura, Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, ING, Lloyds Banking Group, Nasdaq Ventures, Street, Sumitomo Mitsui Banking Corporation, UBS, Sterling, Bank of England, Thomson Locations: New York City, U.S, DTCC

☆ Lloyd's of London SPAC venture scrapped due to volatile markets
▼ + stars: | 2023-11-13 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

A view shows the Lutine Bell during an event to mark accession of Britain's King Charles at the Lloyd's Building in the City of London, Britain, September 15, 2022. The special purpose acquisition company (SPAC) had unveiled plans to combine with London Innovation Underwriters (LIU) and raise additional funds to deploy in the Lloyd's of London insurance market. The SPAC has an end of year deadline to use funds raised for a takeover, and said it would not seek an extension. LIU said it would consider exploring alternative options to pursue its strategy of accessing the Lloyd's of London insurance market. The failed effort comes amid a dearth of new listings in London and concerns over its appeal as a capital markets hub, despite profits at Lloyds of London which are booming thanks to rising prices for insuring commercial risks.

Persons: Britain's King Charles, Sarah Meyssonnier, LIU, Huw Jones, Sinead Cruise, Jason Neely Organizations: City of, REUTERS, Financials, London Innovation Underwriters, Company, Corp, Lloyds of, Thomson Locations: City, City of London, Britain, London, Lloyds of London

☆ UK house prices rise in October for first time since March: Halifax
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Nov 7 (Reuters) - British house prices ended six months of consecutive falls in October, reflecting a lack of homes being put up for sale, but prices are still lower than a year ago, mortgage lender Halifax said on Tuesday. Halifax, part of Lloyds Banking Group (LLOY.L), said house prices in October were 1.1% higher than the month before, the first increase since March on a seasonally adjusted basis, after a 0.3% monthly drop in September. This is likely to have strengthened prices in the short-term, rather than prices being driven by buyer demand, which remains weak overall," Kim Kinnaird, director of Halifax Mortgages, said. Compared with a year earlier, house prices in October were 3.2% lower versus a 4.5% annual decline in September, leaving the average house price at 281,974 pounds ($347,279), nearly 10,000 pounds lower than a year earlier. Halifax said it expected further falls in house prices, and a return to growth in 2025.

Persons: Toby Melville, Kim Kinnaird, Kinnaird, David Milliken, Sarah Young, Kate Holton Organizations: REUTERS, Halifax, Lloyds Banking Group, Bank of England, Thomson Locations: Bristol, Britain, Halifax

☆ UK house prices end six-month losing streak - Halifax
▼ + stars: | 2023-11-07 | by ( David Milliken | ) www.reuters.com time to read: +2 min

Compared with a year earlier, house prices in October were 3.2% lower versus a 4.5% annual decline in September, leaving the average house price at 281,974 pounds ($347,279), nearly 10,000 pounds lower than a year earlier. British house prices surged during the COVID-19 pandemic due to low interest rates, greater demand and temporary tax breaks. Halifax's house price index is still 18% higher than it was in February 2020, despite a 4% fall since its peak in June 2022. Halifax said it expected house prices to fall further this year, with a return to growth in 2025. "The high cost of borrowing alone is not sufficient to trigger the leg down in house prices we predicted," Capital economist Andrew Wishart said.

Persons: Toby Melville, Kim Kinnaird, Huw Pill, BoE, Kinnaird, Andrew Wishart, David Milliken, Sarah Young, Kate Holton, Bernadette Baum Organizations: REUTERS, Halifax, Lloyds Banking Group, The Bank of England, Capital Economics, Thomson Locations: Bristol, Britain, Halifax, British

LONDON, Nov 1 (Reuters) - The UK government has scrapped guarantees on nearly 1 billion pounds ($1.2 billion) of bank loans handed out to ailing businesses during the COVID-19 pandemic, leaving lenders on the hook for some of the borrowings that will not be repaid. The figures could rise further - latest figures show just 17 billion pounds have been fully repaid by borrowers as of June 30. The largest and most controversial, the "Bounce Back Loan" (BBL) scheme, delivered 47 billion pounds and was specially designed to help Britain's smallest firms stay afloat. Following the removal, any financial loss is borne in full by the lender, BBB said. The figures also showed the government had paid out 7.4 billion pounds to lenders under the state guarantees.

Persons: Theodore Agnew, Sinead Cruise, Iain Withers, Matthew Lewis Organizations: Reuters, British Business Bank, Barclays, NatWest, Lloyds, HSBC, Bank, Finance, BBL, BBB, Thomson Locations: London

The special purpose acquisition company (SPAC) unveiled plans earlier this year to combine with London Innovation Underwriters and raise additional funds to deploy in the Lloyd's of London insurance market. The deal by Financials Acquisition Corp differs from a typical SPAC merger because the company has set up London Innovation Underwriters itself. It is not the first time that public market investors in London have backed a new insurance venture. In 2020, Conduit Holdings (CRE.L) listed on the London Stock Exchange, subsequently starting reinsurance activities. UBS and HSBC are joint global coordinators to the Financials Acquisition deal.

Persons: Britain's King Charles, Sarah Meyssonnier, William Allen, Lloyd's, Beazley, Carolyn Cohn, Pablo Mayo Cerqueiro, Anousha Organizations: City of, REUTERS, Financials, London Innovation Underwriters, Lloyds, Innovation Underwriters, Conduit Holdings, London Stock Exchange, UBS, HSBC, Thomson Locations: City, City of London, Britain, London, Lancashire, Lloyd's

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