Google bans personal loan apps from accessing sensitive data April 6, 2023 Google is banning apps that provide personal loans from accessing sensitive user data in a bid to clamp down on predatory activity among some lenders. In a policy update late Wednesday, the company said that the apps available on Google Play were “prohibited” from accessing sensitive data, such as photos or contact books. The new [...]
Mortgage approvals snap back following mini budget chaos, but net lending at lowest since 2016 March 29, 2023 Mortgage approvals have improved for the first time since August, as the market begins to shake off the stress of the mini-budget, however experts have warned that the housing market will “remain price sensitive”. According to the Bank of England’s Money and Credit report for February, net mortgage approvals for house purchases increased to 43,500 [...]
Why the Bank of England and Fed could welcome Credit Suisse and Silicon Valley Bank failures March 28, 2023 There’s been reams and reams of wild predictions about whether we’re slipping into another financial crisis, triggered by the collapse of US tech lender Silicon Valley Bank (SVB) and Credit Suisse’s arranged marriage with its crosstown rival UBS. Blackrock chief Larry Fink even warned in his annual letter to shareholders we’re slipping into a slow [...]
UK household debt swells past £2 trillion for first time ever March 27, 2023 Family debt has swelled past £2 trillion for the first time ever in a sign Brits are whipping out their credit cards to fund spending amid the cost of living crunch, new research out today reveals. Household debt is now nearly the same size as the entire UK economy (£2.2 trillion) and has been pushed [...]
Why HAVE savers missed out on interest rate rises? MPs accuse banks of ‘profiting’ in failing to pass on savings hike March 22, 2023 MPs suggested banks were earning “disproportionate profits” by failing to pass on interest rates rises to savings accounts. In a letter to the Financial Conduct Authority (FCA), the Treasury Committee also asked whether banks were earning “disproportionate profits” by “increasing rates on mortgages far quicker than rates on savings products”. Earlier this month, the chair [...]
First Republic’s share price jumps nearly 50 per cent after Yellen indicates more protection for depositors March 21, 2023 First Republic Bank’s future looked increasingly secure on Tuesday as the possibility of further government support sparked a dramatic share price revival. Speaking to the American Bankers Association, Treasury Secretary Janet Yellen indicated that the Federal Deposit Insurance Corporation (FDIC) could step in to guarantee all deposits, as it did with Silicon Valley Bank (SVB), [...]
Mini budget continues to wreak havoc on the UK housing market as annual sales dive 18 per cent March 21, 2023 UK property transactions fell four per cent in February as the fall out from last September’s mini budget continued to drive down the UK’s housing market. Sales of residential property fell 18 per cent during the year with just 76,920 transaction across the UK, as buyers were forced to deal with higher borrowing costs as [...]
Europe’s banks post strong gains as Janet Yellen is set to signal further support for US banks March 21, 2023 European Bank stocks continued to recover today as US Treasury Secretary Janet Yellen is set to signal further support for regional US lenders. Europe’s largest banks were all firmly in the green around midday. BNP Paribas rose 3.9 per cent, Deutsche Bank was up 5.2 per cent, while UniCredit and Santander climbed 6.3 per cent [...]
FTSE 100 closes up as investors hope Credit Suisse deal will contain banking crisis March 20, 2023 Markets managed to shrug off turmoil in the banking sector to finish the day higher despite huge turmoil in the financial sector. The FTSE 100 closed 0.93 per cent higher at 7,403.85 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, climbed 0.13 per cent [...]
FTSE 100 close: London index claws back Silicon Valley Bank induced losses as HSBC soars March 14, 2023 London’s FTSE 100 surged today, arresting the sharp declines notched yesterday as it was caught up in a global market sell off driven by investors’ fretting over the impact of Silicon Valley Bank (SVB) collapsing. The capital’s premier index gained 1.17 per cent to close at 7,637.12 points, while the domestically-focused mid-cap FTSE 250 index, [...]