Author: LoveWorld UK

HSBC Holdings PLC warned its bad debt charges could blow past a previous estimate to $13 billion this year and said its profits more than halved, as the coronavirus pandemic hammered the bank’s retail and corporate customers worldwide. The lender warned its capital reserves could deteriorate, its revenues would come under pressure and it faced heightened geopolitical risk as Europe’s biggest bank set out a gloomier than expected outlook for the second half of the year. HSBC increased its estimate of the total bad debt charges it could take this year to between $8 billion and $13 billion from $7…

Chelsea manager Frank Lampard says starting the new Premier League season on Sept. 12 is too early and his players run the risk of sustaining injuries given the short turnaround between campaigns. Chelsea trail Bayern Munich 3-0 heading into the second leg of their Champions League last-16 tie on Saturday and even if they fail to overcome the deficit Lampard’s side will have little over a month to recover before the new season begins. “I am guessing we will be told when we start and that will be dependent on how we go against Bayern,” Lampard told British media on…

The COVID-19 pandemic has led to a spike in investment among Britons, with millennials leading the way as they turn increasingly to the stock market. The crisis pushed UK household consumption down by a record 9.5 billion pounds in the first quarter as spending on restaurants, clothes and cars plummeted, official data shows. That drop in spending has led to a pick-up in equities investment by people frustrated at low savings rates, particularly among so-called millennials born after 1981, Investment platform Interactive Investor said that openings of tax-efficient self-invested personal pensions (SIPPs) and ISA investment accounts by 25 to 34…

British manufacturing output grew at its fastest pace in nearly three years in July as factories reopened and demand began to pick up after the coronavirus lockdown was eased, a closely watched business survey showed on Monday. The IHS Markit/CIPS manufacturing Purchasing Managers’ Index (PMI) rose to 53.3 in July from June’s 50.1, broadly in line with an earlier flash estimate of 53.6 and the highest since March 2019. The PMI’s output component – which survey compilers IHS Markit say currently gives a clearer sense of the sector’s health – rose to its highest since November 2017 at 59.3. Orders…

Microsoft Corp said it will push ahead with talks to acquire the U.S. operations of Chinese-owned short-video app TikTok, a potential blockbuster deal that could re-shape the social media industry and further inflame crumbling U.S.-China relations. The U.S. tech giant formally declared its interest on Sunday after President Donald Trump reversed course on a planned ban of Tiktok and gave the two firms to 45 days to come to a deal. The proposed acquisition of parts of TikTok, which boasts 100 million U.S. users, would offer Microsoft a rare opportunity to become a major competitor to social media giants such…

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Britain’s central bank will shed more light next week on how fast it expects the economy to rebound from the financial damage wrought by COVID-19, but is unlikely to add to the 100 billion pounds of stimulus it announced in June. The world’s sixth-largest economy shrank by almost a quarter between February and May, and some economists think it could be years before it returns to its previous size. Back in May the Bank of England (BoE) said its best guess was that the economy would return to its previous size in the second half of 2021, but since then…

British house prices jumped the highest in 11 years this month, adding to signs that parts of the economy are rebounding rapidly as coronavirus restrictions are eased. Mortgage lender Nationwide said average house prices leapt by 1.7% in July, above all forecasts in a Reuters poll of economists and the biggest monthly increase since August 2009, when the market was recovering from the financial crisis. “The bounce back in prices reflects the unexpectedly rapid recovery in housing market activity since the easing of lockdown restrictions,” Nationwide chief economist Robert Gardner said. The Bank of England reported that mortgage approvals -…

MANCHESTER, England (Reuters) – Newcastle United fans say they have been treated with contempt after a 300 million-pound takeover bid from a Saudi-backed consortium collapsed on Thursday. The group, which included Saudi Arabia’s sovereign wealth fund PIF, PCP Capital Partners and Reuben Brothers, announced they were ending their interest in the deal which had been delayed by the Premier League’s owners and directors test. The end of the Saudi bid left the North East club still in the hands of British businessman Mike Ashley, who has long faced protests and opposition from the fans. Many Newcastle fans had welcomed the…

President Donald Trump on Thursday raised the idea of delaying the Nov. 3 U.S. elections, an idea immediately rejected by both Democrats and his fellow Republicans in Congress – the sole branch of government with the authority to make such a change. Critics and even Trump’s allies dismissed the notion as an unserious attempt to distract from devastating economic news, but some legal experts warned that his repeated attacks could undermine his supporters’ faith in the election process. Trump’s statement on Twitter comes as the United States is enduring a multi-pronged, once-in-a-generation crisis: a coronavirus pandemic that has claimed more…