ECO – The News Desk

Britain’s Virgin Money full-year profit misses market view

23Nov

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Money

Britain’s Virgin Money full-year profit misses market view

People walk past a Virgin Money store in central London, Britain, July 27, 2021. REUTERS/Henry Nicholls/File Photo Acquire Licensing RightsNov 23 (Reuters) - Virgin Money UK (VMUK.L) on Thursday reported full-year profit below market estimates, pulled down by pressure on lending margins and stubborn inflation that squeezed British banks' returns.The British banking industry faces a tough economic outlook, higher risks of loan defaults amid a cost-of-living crisis, and margin pressure from fierce competition for savings and mortgage products.Virgin Money said its underlying profit before tax slumped 24% to 593 million pounds ($738.94 million) for the 12-month period, compared with a forecast of 625 million pounds by analysts in a company-compiled consensus.For the financial year 2024, Vir...

Exclusive: China’s clashing priorities behind rare money market distress

7Nov

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Money

Exclusive: China’s clashing priorities behind rare money market distress

SHANGHAI/SINGAPORE, Nov 6 (Reuters) - China's attempts to keep the yuan from falling contributed to last week's chaos in money markets, sources involved say, pointing to the pressure behind the scenes as Beijing tries to guide its economy and markets through a major slowdown.Routine month-end demand for cash in China's banking system snowballed into a scramble on Oct. 31 that pushed short-term funding rates as high as 50% in some cases, an incident that authorities are now investigating.Six participants in the market say a confluence of factors drove fear and confusion across trading rooms in Shanghai and Beijing by late afternoon on that day.Eventually, the People's Bank of China (PBOC), its affiliated China Foreign Exchange Trade System (CFETS) and bond clearing houses stepped in, direc...

Israel launches diaspora bond push to raise money amidst war with Hamas

10Oct

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Money

Israel launches diaspora bond push to raise money amidst war with Hamas

Flame and smoke rise over Lebanon as seen from Israel's border with Lebanon, in northern Israel, October 10, 2023. REUTERS/Ammar Awad/ File Photo Acquire Licensing RightsLONDON, Oct 10 (Reuters) - Israel launched a diaspora bond campaign on Tuesday to raise money amidst a war with Hamas, according to posts on social media sites linked with Israel Bonds."Israel Bonds has launched an international campaign to raise funds for the Jewish state that is at war," posts on LinkedIn, Instagram and X, the social media site formerly known as Twitter. "Invest in Israel bonds to provide the nation with financial resources at its darkest hour."According to its website, Israel Bonds - the country's borrowing vehicle for diaspora bonds - had $5.4 billion worth of outstanding bonds as of December 31, rep...

Global money market funds attract biggest weekly inflows in three months

8Sep

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Money

Global money market funds attract biggest weekly inflows in three months

Saudi riyal, yuan, Turkish lira, pound, U.S. dollar, euro and Jordanian dinar banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsSept 8 (Reuters) - Global money market funds attracted robust inflows in the week ended Sept. 6, as investors gravitated towards safer options amid concerns over slowing growth in China and Europe as well as uncertainty regarding the Federal Reserve's interest rate outlook.Investors poured about $57.38 billion into global money market funds in their most significant weekly net purchases since June 7, LSEG data showed.Reuters Graphics Reuters GraphicsInvestors favoured safer assets on worries that a slowdown in China and Europe would weigh down global growth.Data from the euro area and Britain s...

US money market funds draw biggest inflow in four months

4Aug

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Money

US money market funds draw biggest inflow in four months

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. REUTERS/Rick Wilking/File PhotoAug 4 (Reuters) - U.S. money market funds saw robust demand in the seven days to Aug. 2 as investors favoured safer assets on concerns over a U.S. credit rating downgrade and economic reports signalling a still-tight labour market.Investors secured U.S. money market funds worth about $58.56 billion in their biggest weekly net buying since March 29, data from Refinitiv Lipper showed.Reuters Graphics Reuters GraphicsU.S. equity funds drew $133 million worth of inflows, compared with about $2.57 billion worth of net purchases a week ago.U.S. equity growth funds saw net outflows worth $3.48 billion, the biggest since June 7, but value fu...

YOUR MONEY How to get high rates to work for you

17Jul

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Money

YOUR MONEY How to get high rates to work for you

July 17 (Reuters) - There is no doubt that higher interest rates are hard on a many people – especially if you are taking out a loan on a home or a car, or are struggling to catch up with credit-card debt.But for some, steep interest rates are not actually bad news.That is because they can finally put their savings to work. In fact, 38% of people say they have benefited from higher interest rates during the past year, according to a new survey from Allianz Life Insurance.“That’s the dichotomy: Higher interest rates are both crushing some people and benefiting others at the same time,” says Kelly LaVigne, vice president of Consumer Insights for Allianz Life.“If you are a saver, suddenly you are seeing higher rates on anything from Certificates of Deposit to annuities for the first time in ...