Bank of England governor Bailey rebuffs crypto ‘stablecoins’ as form of safe money November 23, 2021 The governor of the Bank of England has slapped down claims that volatile crypto “stablecoins” could develop into a form of safe money. Speaking today in response to a grilling by members of the House of Lords, Andrew Bailey swatted away insistence from the crypto community that stablecoins are a better alternative to central bank [...]
Investors eat up UK inflation-linked debt despite record low yield November 23, 2021 The UK has sold a tranche of debt that will pay investors the lowest inflation adjusted yield on record. Investors hoovered up over £1bn in inflation-linked gilts maturing in 2073 paying the lowest yield on any syndicated gilt sale ever. The maturity date is also the longest for any inflation-linked debt issued. Inflation-linked debt is [...]
UK property market bottoms out after stamp duty relief end November 23, 2021 The end of a watered down tax relief on home sales has caused the property market to bottom out, according to official figures released today. Research by HMRC found property sales shrank around 52 per cent over the last month, dropping to 76,930 in October, down from 160,220 in September. The looming end of the [...]
Bets against pound mount after Bank of England rate inertia November 23, 2021 Traders are strengthening their stance against the pound after the Bank of England scuppered City bets on a first rate hike in three years this month. Short bets – in which traders borrow assets and sell them expecting to make a profit in the future after their price falls – have mounted to around £2bn, [...]
Blockchain and DeFi: Drivers of change in asset management November 23, 2021 | City Talk “The future of assets is tokenized.” That’s what Mona El Isa, the founder and CEO of Avantgarde Finance, told the audience at the Alpha Summit by CFA Institute in May this year. “If you make that assumption, you can totally re-imagine the infrastructure that finance is built on,” she continued. “You can see a totally automated operational and [...]
PMI: UK businesses buckle under weight of record cost rises as City strengthens BoE rate hike bets November 23, 2021 UK businesses are buckling under the weight of costs swelling at the fastest pace on record, according to a closely watched survey released today. A toxic combination of supply chains wilting, demand for goods and raw materials running red-hot and crippling worker shortages have propelled businesses’ costs. The November increase in average cost burdens was [...]
London markets whacked by AO World tumbling on supply chain profit hit November 23, 2021 Supply chain snarl ups and soaring costs have whacked AO World’s profits, sending the online electricals retailer’s shares tumbling, dragging the mid-cap FTSE 250 down with it this morning. In the first hour of trading, London markets plunged into the red, with the capital’s premier FTSE 100 index dropping 0.59 per cent to 7,212.35 points, [...]
Brexit migrant exodus not to blame for labour squeeze November 23, 2021 Hundreds of thousands of Brits have stopped working since the start of the Covid-19 crisis, creating a vacuum of workers, according to fresh figures released today. Research by the Resolution Foundation found the number of workers who are economically inactive – which means they are either not working or not looking for work – has [...]
Powell secures Biden nomination to lead US Fed for second term November 22, 2021 US Federal Reserve chair Jerome Powell has today been recommended for a second four-year term to lead the central bank by President Joe Biden ending months of speculation over whether he would remain in the job. Powell has come under intense scrutiny while heading the world’s most influential central bank due to the Fed keeping [...]
Federal Reserve chair Jerome Powell nominated for second term November 22, 2021 Federal Reserve chair Jerome Powell has been nominated for a second four-year term by President Joe Biden., Lael Brainard, the Federal Reserve board member who vied with Powell for the job, will be vice chair, the White House said on Monday. “While there’s still more to be done, we’ve made remarkable progress over the last [...]
