MTPIX – 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...

Cryptoverse: Bitcoin miners make money ahead of ‘halving’

14Nov

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Money

Cryptoverse: Bitcoin miners make money ahead of ‘halving’

A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsNov 14 (Reuters) - Bitcoin miners are making hay while the sun shines.The business has been yanked out of the doldrums by the cryptocurrency's recent rally - and now mining companies are racing to lock in profits before bitcoin's "halving", when rewards for producing the tokens are cut in half.The next halving is expected in April 2024, a process designed to slow the release of bitcoin, whose supply is capped at 21 million - of which 19 million have already been mined."You're seeing a lot of urgency to plug rigs in ahead of the halving," said Gregory Lewis, analyst at brokerage BTIG that covers the 13 biggest U.S.-listed bit...

India’s LIC posts higher first-quarter profit on transfer of money to shareholder fund

10Aug

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Money

India’s LIC posts higher first-quarter profit on transfer of money to shareholder fund

Life Insurance Corporation of India (LIC) logo is seen displayed behind figurines in this illustration taken February 20, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoBENGALURU, Aug 10 (Reuters) - Life Insurance Corporation of India (LIFI.NS) reported a surge in first-quarter profit on Thursday as the company moved money to a shareholders' fund and income from its investments jumped.The life insurer posted a profit after tax of 95.44 billion Indian rupees ($1.16 billion) for the quarter ended June 30, compared with 6.83 billion rupees a year earlier.State-owned Life Insurance Corporation (LIC) has been transferring money from its non-participating fund to a shareholders' fund to boost its profitability.Reuters reported last year that the life insurer was planning to transfer 1.8 trilli...

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 ...