In the first six months of this year, London-based Barclays bank set aside £896 million, or about $1.2 billion, to cover loans likely to turn sour, the bank disclosed on 27 July. The amount is more than double that in the first half of 2022.
Author: admin (Kendrick Williams)
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FALLING INFLATION RAISES HOPE THAT ECB WILL PAUSE RATE HIKES
Slowing inflation in the Eurozone’s two largest economies have raised hopes that the European Central Bank (ECB) will not raise interest rates again when it meets in September after it raised its key rate by another quarter point on 27 July.
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ECB BOOSTS INTEREST RATE TO 23-YEAR HIGH
As the U.S. Federal Reserve did a day earlier, the European Central Bank (ECB) added a quarter point to its key interest rate on 27 July, bringing it to 3.75 percent. It began raising the rate in July 2022, when it was -0.50 percent.
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
Welcome to week 49 of job losses. Higher interest rates and rising inflation, plus the cheap money flow that governments pumped into economies to artificially drive up equity markets and economies are causing companies in many sectors to lay off employees.
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INFLATION SLOWS AND GROWTH SLOWLY RISES IN THE EUROZONE
In July, inflation across the 20 countries sharing the euro currency edged down to 5.3 percent from 5.5 percent in June, reaching its slowest pace since January 2022, and the area’s GDP expanded by 0.3 percent in the second quarter.
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TWO MORE U.S. BANKS BITE THE DUST
The troubled PacWest Bancorp, which wobbled in the wake of the mid-March failure of Signature and Silicon Valley banks, has been sold to Banc of California, a smaller competitor, in a stock swap.
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VALUE OF COMMERCIAL REAL ESTATE LOANS SHRINKS
For the first time in two years, the monthly value of outstanding commercial real estate loans shrank in June, dropping to $5.44 trillion, Capital Economics reported.
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INFLATION IS FALLING BUT MAJOR BRANDS KEEP RAISING PRICES
Coca-Cola, Pepsico, and Unilever are among many familiar brands that have raised prices sharply this year while posting comfortable profits, according to a Wall Street Journal report.
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IS HOUSING RECESSION OVER?
The U.S. housing market’s recession is over, Lawrence Yun, chief economist for the National Association of Realtors (NAR), said in a statement last week.
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FED RAISES INTEREST RATE TO 22-YEAR HIGH
On 26 July, the U.S. Federal Reserve’s Open Market Committee voted unanimously to add another quarter point to its interest rates, raising them to 5.25 percent on deposits and 5.5 percent on loans, their highest since 2001.