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LONDON, Oct 27 (Reuters) - Lloyds Banking Group (LLOY.L) reported a slide in quarterly profit on Thursday, as the lender braced for a potential rise in loan defaults as inflation squeezes borrowers. Market turmoil sparked by Truss' tax-cutting plans pushed up the country's borrowing costs and led lenders to ratchet up mortgage rates, piling further pressure on households. Despite its lower profit, Lloyds said the strength of its underlying performance meant it could raise its forecast on several performance metrics for the year. However, Lloyds said asset quality - measuring potential loan defaults - was expected to be slightly worse this year. Actual loan defaults remained low for the time being, it added.

☆ UK stocks rise as investors count on upbeat earnings
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

The blue-chip FTSE 100 (.FTSE) rose 0.2%, extending gains to hit a three-week high, while the mid-cap FTSE 250 (.FTMC) up 0.4% by 0724 GMT. Shell PLc (SHEL.L) rose 2.7% as the oil heavyweight said it would sharply boost dividend after reporting a third-quarter profit of $9.45 billion, which came in slightly ahead of expectations. read moreShares of Lloyds Banking Group (LLOY.L) gave up 1.7% after the lender posted a decline in third-quarter pre-tax profit due bad loan charges. read moreThe broader European index (.STOXX) shed 0.3%, as investors cautiously await a likely 75-basis-point rate hike by the European Central bank around 1215 GMT. read moreReporting by Johann M Cherian in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

LONDON, Oct 27 (Reuters) - Having hiked mortgage rates after political turmoil drove up the cost of borrowing, British banks are now cutting home loan prices, albeit slowly, as markets calm since Liz Truss's government collapsed and Rishi Sunak took power. But as markets have stabilised and borrowing costs have fallen, the trickle of mortgage rate cuts has lagged behind. By contrast, average rates on two-year and five-year fixed-rate mortgages have fallen just 0.16 percentage points, Moneyfacts data shows. Reuters GraphicsFIXED RATESMortgage brokers say fixed-rate mortgage rates typically lag changes in swap rates, a trend which could be exacerbated this time as lenders focus on reintroducing products. Five-year mortgage rates have followed a similar pattern, Moneyfacts data shows.

☆ I'm due to make $1,170 just by switching bank accounts. It only took 10 minutes to do it each time — here's how I did it.
▼ + stars: | 2022-10-26 | by ( Chris Stokel-Walker | ) www.businessinsider.com time to read: +6 min

Faced with rising energy bills and double-digit inflation in the UK, every little bit can help, which is why I was drawn to the idea of switching bank accounts. By the time I realized this in mid-September, Santander had withdrawn its switching bonus offer. The bank also offered to credit my Santander account with a £50 payment by way of apology. By then, NatWest was already in the process of switching my First Direct account over, so I couldn't switch it to Santander. And you need savings, as some of the banks I used required £1,000 or more in the new accounts to get the switching bonus.

☆ A recession looks increasingly likely. But Goldman Sachs says these stocks could beat the gloom
▼ + stars: | 2022-10-21 | by ( Zavier Ong | ) www.cnbc.com time to read: +5 min

Central banks are relentlessly hiking interest rates to rein in inflation — even at the expense of economic growth — prompting fears of a recession. "Concerns on sticky inflation and a tight labor market have focused investor attention on implications for rising rates and recession risk. Those stocks have high and expanding cash return on capital invested and return on equity, according to the bank. BlackRock says that's now an 'obsolete' strategy Investors keen to add growth names to their portfolio could also look to Goldman's list of high growth stocks. The bank also identified high growth names that are trading at an attractive valuation, including Watches of Switzerland and Standard Chartered .

Lloyds updated its climate policy to make the change, which bars project financing or reserve-based lending to greenfield oil and gas projects, although the policy would still mean it could provide general lending to companies in the industry. read moreClimate groups welcomed the Lloyds move and called on other British banks to follow suit. "By becoming the first of the five largest UK high street banks to stop the direct financing of new gas, oil, and coal projects, Lloyds is making a clear statement on the future of financing for fossil fuel expansion." Lloyds' exposure to dirty industries is smaller than some of its global rivals, given its focus on Britain's economy. The bank provided about 1 billion pounds ($1.1 billion) of finance to commercial oil and gas customers last year, according to its latest climate disclosures report, and the sector accounted for just 0.2% of its overall lending.

☆ Banks, Big Tech seek clearer guidance on combating scams
▼ + stars: | 2022-10-20 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Banks have already improved defences against scams, but a report from industry body Stop Scams UK and the Royal United Services Institute on Thursday said complex guidelines and processes around privacy law make it difficult for companies to share data to stop fraud. Banks hope the bill will include clearer guidance on allowing them to share anonymised customer data - or data that does not identify the individual if refers to - to spot new types of scams more quickly. "If we are to unlock data sharing at scale, we call for proportionate and sensible changes to guidance around the interpretation of privacy law," said Ruth Evans, chair of Stop Scams UK, whose members include HSBC, Lloyds, NatWest, Barclays, TalkTalk, Meta and Google. Last month, more banks jointed Stop Scams UK's fraud-reporting hotline as the cost of living crisis is leading to an increase in the number of financial scams. However, banks demanding more certainty over sharing anonymised data face opposition from privacy groups.

☆ FTSE 100 extends gains, UK inflation back at 40-year high
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 up 0.1%, FTSE 250 down 0.2%Oct 19 (Reuters) - UK's blue-chip index edged higher on Wednesday after a strong Wall Street session driven by earnings optimism, although data showed UK inflation hit a 40-year high again, highlighting persistent price pressures that have hurt consumer spending. The FTSE 100 index of top UK companies (.FTSE) rose 0.1% by 0714 GMT, entering its fifth day of gains, aided by a historic reversal of the new government's failed fiscal plan that had battered the bond markets. Meanwhile, futures signalled a strong start for U.S. stocks after Netflix Inc (NFLX.O) projected more growth ahead. The wider banking index (.FTNMX301010) was down 0.4%, while the investment banking & brokerages index (.FTNMX302020) dropped 0.7%. The domestically exposed FTSE 250 index (.FTMC) slipped 0.2% after a four-day winning run.

☆ ASOS shares drop on talks with lenders to change borrowing terms
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 17 (Reuters) - ASOS (ASOS.L) shares fell sharply on Monday after the British online fashion retailer said it was in talks with lenders to change the terms of a 350 million pound ($394 million) borrowing facility to provide more flexibility in tough economic times. The statement was issued after Sky News reported ASOS had recently approached its lenders, including Barclays (BARC.L), HSBC (HSBA.L) and Lloyds Banking Group (LLOY.L), to amend its borrowing agreements. Sky News said the lenders were lining up AlixPartners and law firm Clifford Chance to advise them on an "unfolding situation". It also forecast full-year net debt of about 150 million pounds, which was higher than previous guidance. "This happened towards the end of August and there has been no adverse impact on trading relationships with our suppliers," ASOS said in response.

☆ ASOS in talks with lenders to amend terms of $391 mln facility
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 15 (Reuters) - British online fashion retailer ASOS (ASOS.L) is in talks with lenders to amend the terms of its 350 million pound ($391 million) borrowing facility, it said on Saturday. Sky News said the lenders were lining up AlixPartners and law firm Clifford Chance to advise them on an "unfolding situation". It warned last month that it expected profit before tax in the year to Aug. 31 to be around the bottom end of its guidance of 20 million pounds to 60 million pounds after weaker than projected August sales. ASOS also forecast full-year net debt of about 150 million pounds, which was higher than previous guidance. "This happened towards the end of August and there has been no adverse impact on trading relationships with our suppliers," ASOS said in response.

☆ ASOS in talks to amend credit facility terms
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +1 min

Oct 15 (Reuters) - British online fashion retailer ASOS (ASOS.L) on Saturday said it was seeking an amendment to the terms of its borrowing agreements. "ASOS is in the final stages of agreeing an amendment to the future financial covenants in its Revolving Credit Facility, which matures in July 2024," the company said in a statement. The online fashion retailer's lenders including Barclays, HSBC and Lloyds Banking Group were lining up AlixPartners and law firm Clifford Chance to advise them on the unfolding situation, Sky News reported earlier. ASOS said on Saturday it retained a strong liquidity position and called the loan amendments a "prudent step". ($1 = 0.8953 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Mrinmay Dey in Bengaluru; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Sterling choppy as BoE sends mixed messages
▼ + stars: | 2022-10-12 | by ( Samuel Indyk | ) www.reuters.com time to read: +3 min

By 0746 GMT, the British pound was up 0.1% against the dollar to $1.0969, snapping five days of losses. Until the market gets that I think any Sterling rallies are ripe to be sold into," Brown added. "Further rises in Bank Rate are warranted," Lloyds Bank senior economist Hann-Ju Ho said in a note, even as he expects the economy to contract in the third quarter. Looking ahead, the BoE's Financial Policy Committee is scheduled to publish its latest financial policy summary and record at 0930 GMT. Meanwhile, BoE policy makers Jonathan Haskel (0800 GMT), Huw Pill (1135 GMT) and Catherine Mann (1700 GMT) are all scheduled to speak later in the day.

Banks are finding the home loan market stacked in their favour after years of low mortgage rates, but are also aware that bigger mortgage bills could spell trouble for cash-strapped customers. But the higher rates will hit borrowers hard. Mortgage payments as a proportion of gross household income were on average around 20% in June, according to BuiltPlace, a property market consultancy. They could rise to around 27% - the highest since the early 1990s - if mortgage rates were to rise to 6%, the consultancy said. The rise in mortgage rates will be a blow for millions of households' finances, Sue Anderson, head of media at debt charity StepChange said.

☆ Karn Saroya's Web3 seed startup is creating a version of Lloyds of London for crypto. It was just valued at $100 million.
▼ + stars: | 2022-09-28 | by ( April Joyner | ) www.businessinsider.com time to read: +4 min

The Web3 reinsurance company Re has raised $14 million from investors such as Tribe Capital. Now he's seeking to apply Web3 tools to make that industry, which is dominated by firms such as Munich Re and Lloyds of London, more accessible. The company participated in Tribe Capital's crypto incubator, Tribe Crypto Labs, and its other investors include Defy, Exor, Stratos, Framework, Morgan Creek Digital, and SiriusPoint. Cover started out as a search tool for insurance policies but then became an insurer in its own right. Like other financial products, such as mortgages and loans, insurance policies can be bundled up and sold as securities.

☆ JPMorgan doubles down on UK retail bank Chase
▼ + stars: | 2022-09-27 | by ( Iain Withers | ) www.reuters.com time to read: +4 min

JPMorgan said it had attracted one million customers and more than 10 billion pounds ($10.8 billion) of deposits to its UK mobile app bank since its launch last September. read more"We want to be international, starting with the UK," Sanjiv Somani, UK chief executive of Chase, said in an interview at the bank's UK headquarters in Canary Wharf in London on Friday. The retail banking revenue pool is in the trillions, even outside the U.S."He declined to say where Chase might launch next. Somani started his career in retail banking in India helping Citi launch a much simpler version of a 'digital bank' - one that would text you your bank balance. Germany's N26 quit the country after just two years, while Citi axed its UK retail bank last week.

☆ UK swaps one cost-of-living crisis for another
▼ + stars: | 2022-09-27 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

But the budget plans of new Prime Minister Liz Truss and her Chancellor Kwasi Kwarteng may cause a world of pain for mortgage borrowers. Surging interest rates will crimp spending and hurt the housing market, further undermining Truss and Kwarteng’s growth plans. Capital Economics reckons at Monday’s implied levels, mortgage costs could reach their highest level relative to borrowers’ income since 1990. Rather than having to bail them out, regulators and politicians may push lenders to offer repayment holidays or cut interest rates. It will find it equally difficult to let mortgage borrowers suffer alone.

☆ UK mortgage borrowers are in for a nasty shock from soaring rates
▼ + stars: | 2022-09-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN Business —Millions of mortgage borrowers in the United Kingdom are bracing themselves for huge hikes to their monthly payments as a consequence of the run on the pound. Markets had already been expecting the central bank to raise interest rates to 4.75% by next spring. There are 9 million outstanding residential mortgages in the United Kingdom, according to UK Finance, an association of banks and financial services firms. About 20% of those loans are tracker, or variable rate products, that typically become more expensive when the central bank hikes rates. Halifax, owned by Lloyds Bank (LLDTF), removed some of its mortgage products, while Virgin Money stopped taking mortgage applications from new customers until later this week.

☆ UK lenders halt mortgage deals to customers after market chaos
▼ + stars: | 2022-09-27 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +3 min

Oli Scarff | Getty Images News | Getty ImagesLONDON - U.K. lenders Virgin Money, Halifax and Skipton Building Society pulled some of their mortgage deals to customers after the tumult in British bond markets. Virgin Money and Skipton Building Society temporarily paused mortgage offers for new customers, while Halifax — owned by the Lloyds Banking Group — is planning to halt any mortgage products with fees where lower interest rates are usually offered. Skipton Building Society said they had paused their products in order to "reprice following the market response over recent days." Markets have begun pricing in a base rate rise to as high as 6% for next year, from 2.25% currently, raising concerns among mortgage lenders and borrowers. "Households refinancing a two-year fixed rate mortgage in the first half of next year will see monthly repayments jump to about £1,490 early next year, from £863 when they took on the mortgage two years prior."

☆ Global rates, retail banking included in Bank of England stress test
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

A general view of the Bank of England (BoE) building, the BoE confirmed to raise interest rates to 1.75%, in London, Britain, August 4, 2022. REUTERS/Maja Smiejkowska/File PhotoLONDON, Sept 26 (Reuters) - Banks' ability to cope with rising global interest rates and the resilience of their retail divisions to market shocks will be under scrutiny in this year's "stress test", the Bank of England said on Monday. It will test "ring-fenced" retail arms of banks on a standalone basis for the first time, the BoE said. There will be a separate stress test of misconduct costs. The test has no pass or fail mark but a bespoke "hurdle" for each bank.

☆ Market chaos forces UK lenders to pull mortgage products
▼ + stars: | 2022-09-26 | by ( Andy Bruce | ) www.reuters.com time to read: +3 min

Brokers said the moves were likely just the start of a big shift in Britain's mortgage market. The country's largest mortgage lender Halifax said it was withdrawing its fee-paying mortgage products - where borrowers could pay an arrangement fee in exchange for a lower interest rate - and moving to a full fee-free range. "In response, we will be temporarily withdrawing our New Business Product Range with immediate effect." Virgin Money said its withdrawal of mortgage products for new customers would take place at 8 p.m. (1900 GMT). "That will feed into higher mortgage rates and, as always, it'll be the taxpayer left carrying the can," said Lewis Shaw, founder of broker Shaw Financial Services.

☆ The pound’s crash will make inflation worse and push interest rates higher
▼ + stars: | 2022-09-26 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

Consequently, the Bank of England will come under pressure to jack up interest rates further and faster. It has been sharply critical of the UK government’s proposals. Investors expect the Bank of England will need to increase interest rates much more aggressively to get inflation in check. The central bank has given no indication it will hike interest rates outside its normal schedule of meetings. “If markets still don’t have faith in the fiscal picture, I’m not sure how the Bank of England wins this,” Rossiter said.

☆ Pound to dollar: The pound's crash will make inflation worse
▼ + stars: | 2022-09-26 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

Consequently, the Bank of England will come under pressure to jack up interest rates further and faster. It has been sharply critical of the UK government’s proposals. Why a plunging pound is bad newsThe pound hit a record low against the dollar on Monday, dropping near $1.03 before recovering to almost $1.07. Investors expect the Bank of England will need to increase interest rates much more aggressively to get inflation in check. The central bank has given no indication it will hike interest rates outside its normal schedule of meetings.

☆ Fund manager names 2 UK stocks he says look very attractive right now
▼ + stars: | 2022-09-23 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +3 min

Investors should pay close attention to two very different U.K. stocks right now, according to SVM Asset Management's Investment Director Neil Veitch, who named financial services group Lloyds Bank and sports clothing retailer JD Sports . Lloyds For Lloyds, the U.K.'s steepening interest rate curve is an advantage as higher rates quickly translate into earnings and the creation of capital for the bank, Veitch argued. Even a recession — which Veitch believes would be shallow — and associated credit losses should therefore be "manageable," he added. "Its got a medium-term growth outlook, as I say, from the Europe and U.S. all trading on 10 times earnings. Ten times earnings means a stock is trading at a multiple that is equal to 10 times the company's earnings.

☆ Curtea de Apel din SUA s-a pronunțat în favoarea companiei energetice SA „Moldovagaz” și a Guvernului R. Moldova în dosarul cererii de chemare în judecată din partea „Gater Assets Limited”
▼ + stars: | 2021-06-24 | by ( Milena Onisim | ) www.zdg.md time to read: +3 min

Curtea de Apel din SUA a celei de a doua circumscripții a casat hotărârea Tribunalului Districtual din New York din 1 noiembrie 2019 privind restabilirea prescripției pentru recunoașterea și executarea hotărârii arbitrale pe baza cererii de chemare în judecată din partea „Gater Assets Limited” împotriva SA „Moldovagaz” și a R. Moldova. „Potrivit textului deciziei Curții de Apel, Guvernul R. Moldova nu exercită un control extins asupra SA „Moldovagaz” și nici nu abuzează de structura corporativă a întreprinderii. Astfel, SA „Moldovagaz” și-a confirmat „statutul de independență juridică””, se arată într-o notă informativă a companiei energetice. „La rândul sau, interesele Guvernului R. Moldova au fost reprezentate de compania juridică „Steptoe & Johnson LLP” și de avocatul moldovean Andrei Bivol. Din numele SA „Moldovagaz”, coordonarea procedurilor legale a fost efectuată de către consilierul președintelui consiliului de administrație al companiei, Dumitru Melnic”, susțin reprezentanții companiei.

Persons: ., Serghei Covali, Andrei Bivol, Dumitru Organizations: Apel, SA, Moldova, Panama Papers Locations: SUA, New York, SA, . Moldova, Moldova, Insulele Virgine Britanice

☆ Republica Moldova, scutită de la plata unei datorii de peste 32 milioane de dolari
▼ + stars: | 2021-06-24 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +2 min

Republica Moldova va fi scutită de la plata datoriei în valoare de 32,5 milioane dolari faţă de compania „Gater Assets Limited”. Potrivit textului deciziei Curții de Apel, Guvernul Republicii Moldova nu exercită un control extins asupra SA „Moldovagaz” și nici nu abuzează de structura corporativă a întreprinderii. Mai mult, în document se subliniază̆ faptul că SA „Moldovagaz” este o entitate juridică independentă cu drepturi depline. „Gater Assets Limited” a primit drepturile de creanță de la „Lloyds Underwriters” în 2012, care a reasigurat un contract de furnizare a gazelor naturale pentru „Gazsnabtranzit” în 1998. Potrivit documentelor obținute de RISE Moldova, datoria a apărut ca urmare a unei serii de operațiuni de import de gaze din Rusia efectuate în urmă cu două decenii.

Persons: . Anunţul Organizations: SA, Apel, Moldova, Gazprom Locations: Republica Moldova, SA, Republicii Moldova, SUA, New York, Rusia, Moldova

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