{
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UK minimum wage to increase by 6.7 percent in April 2025

The UK minimum wage will increase by 6.7% next year, rising to £12.21 ($15.88) an hour from £11.44. This change, effective from April 2025, will provide an additional £1,400 annually for full-time workers, supporting Chancellor Rachel Reeves' budget claims of protecting working people. However, it may pose challenges for the Bank of England in its efforts to combat inflation.
bloomberg.com
British Pound Sterling Bank of England GBR Rachel Reeves
Finance & Economy, News Article
19:00 29.10.2024

Fnality conducts pilot transactions for margin payments using tokenized central bank money

Fnality has successfully executed pilot transactions for margin payments using tokenized central bank money, with participation from Lloyds, Santander, and UBS. The platform, backed by over 20 global institutions, aims to support multiple currencies and is exploring cleared margin payments and repo transactions, pending regulatory approval. The initiative highlights the potential of distributed ledger technology in automating bank balance sheet operations.
Ledger Insights - blockchain for enterprise
Euro British Pound Sterling United States Dollar Banco Santander, S.A. Eurex GmbH UBS AG Lloyds Bank of England USA GBR John Whelan Show more
Crypto, Market Report
12:20 29.10.2024

central banks cautious as inflation declines and rate cuts emerge

The IMF declares the inflation battle largely won, noting a significant decline in global price increases without triggering a recession. While central banks, including the Federal Reserve and the European Central Bank, have begun to cut rates, they remain cautious, emphasizing readiness to adjust if inflation trends reverse. The IMF forecasts global inflation will drop to 3.5% by the end of next year, below pre-pandemic averages.
Moneycontrol
United States Dollar New Zealand Dollar Indonesian Rupiah South Korean Won Euro Bank OF Thailand European Central Bank Federal Reserve Bank of Boston N.A. Bank of England THA GBR KOR PHL IDN NZL USA Pierre-Olivier Gourinchas Sethaput Suthiwartnarueput Show more
Finance & Economy, Market Report
08:29 25.10.2024

bailey warns of risks posed by poorly managed clearing houses

Bank of England Governor Andrew Bailey warned that poorly managed clearing houses can pose significant risks to the financial system. Speaking at international finance meetings in Washington, he emphasized that while central counterparties can help mitigate credit risk during a bank failure, their mismanagement could threaten overall stability.
Bloomberg.com
United States Dollar Bank of England GBR Andrew Bailey
Regulatory & Legal, News Article
22:38 24.10.2024

Modest economic growth amid shifting inflation dynamics and central bank insights

The latest Federal Reserve Beige Book indicates a modest economic growth, aligning with economists' projections, while consumers show resistance to profit-led inflation. Bank of England Governor Bailey noted unexpected disinflation, highlighting the disconnect between economic cycles and margin expansions. Business sentiment surveys suggest dire outcomes for manufacturing that have not materialized, as central bank speaker fatigue begins to set in among markets.
The authors of the latest Federal Reserve Beige Book are clearly followers of TikTok memes. The economy was described as being modest and demure (actually as growing at a “slight or modest pace” but it amounts to the same thing). The benign growth story fits with most economists’ central projections. On inflation, anecdotes suggested a more concerted resistance to profit-led inflation from consumers.
United States Dollar ECB Federal Reserve Bank of Boston N.A. Bank of England Lane Paul Donovan Bailey Show more
TradFi, Market Report
08:19 24.10.2024

review launched into uk water industry amid rising costs and pollution concerns

Jon Cunliffe, former Deputy Governor of the Bank of England, will lead a significant review of the UK’s privatized water industry amid growing public dissatisfaction over sewage spills and rising bills. Water companies are seeking a 40% price increase to support a £107 billion investment plan aimed at addressing persistent leaks, pollution, and climate change, prompting calls for a comprehensive industry overhaul.
Bloomberg.com
British Pound Sterling Bank of England GBR Jon Cunliffe
Regulatory & Legal, News Article
23:00 22.10.2024

bank of england warns interest rates to remain elevated post pandemic

Bank of England rate-setter Megan Greene has indicated that interest rates are likely to stabilize at higher levels than those seen before the pandemic. She noted that the long-run neutral interest rate has increased, a change that markets have already absorbed, reflecting a growing consensus among central bankers for elevated borrowing costs.
Bloomberg.com
British Pound Sterling Bank of England GBR Megan Greene
Finance & Economy, Market Report
16:56 22.10.2024

bank of england seeks improved oversight of non-bank financial institutions

The Bank of England is seeking improved methods to monitor non-bank financial institutions amid rising sector risks. Governor Andrew Bailey highlighted the necessity for enhanced tools to assess how investment banks, insurers, hedge funds, and asset managers manage various stress scenarios.
bloomberg.com
Bank of England GBR Andrew Bailey
Finance & Economy, News Article
16:52 22.10.2024

IMF raises UK growth forecast amid declining inflation and interest rates

The International Monetary Fund has raised its 2024 growth forecast for the UK to 1.1%, up from 0.7%, citing lower inflation and interest rates as key factors boosting domestic demand. Inflation fell to 1.7% in September, down from 11.1% a year prior, prompting expectations of quicker interest rate cuts by the Bank of England. As the Labour Party prepares to unveil its first budget in 14 years, Prime Minister Keir Starmer warns of "tough" decisions to address a claimed £22 billion financing shortfall.
CNBC
Euro United States Dollar British Pound Sterling Japanese Yen S&P Global Inc. Bank of England JPN DEU GBR CAN USA Keir Starmer Rachel Reeves Show more
Finance & Economy, Market Report
15:02 22.10.2024

norway's sovereign wealth fund reports 76 billion quarterly profit amid rate cuts

Norway's sovereign wealth fund reported a third-quarter profit of 835 billion kroner ($76.3 billion), driven by a stock market surge due to falling interest rates. The fund's value reached 18.870 trillion kroner, with a 4.4% overall return, slightly below its benchmark. Despite positive returns across investment areas, heightened global risks were noted amid a shifting geopolitical landscape.
CNBC
British Pound Sterling Japanese Yen United States Dollar Norwegian Krone Euro Bank of England Apple Inc. Norges Bank European Central Bank Bank of Japan NOR Donald Trump Trond Grande Show more
Finance & Economy, Market Report
12:06 22.10.2024
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