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Showing posts with the label Finance.

News | UK | Finance: Mortgage New Scheme for 5% Deposits UK Launched.

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  bbc.com Mortgage scheme launched for 5% deposits By Kevin Peachey 5-6 minutes By Kevin Peachey Personal finance correspondent, BBC News image copyrightPA Media High Street lenders are now starting to offer mortgages to borrowers offering a deposit of just 5% under a new government guarantee scheme. The policy, announced in the Budget, is designed to help more first-time buyers secure a home. But the launch comes as average house prices in the UK continue to rise to record levels. Analysts also suggest that cheaper deals are available for those able to stretch to a 10% deposit. The scheme is similar to policies previously used to boost the housing market and the economy, as well as offering support to those buying a home for the first time. The new scheme will be available to anyone buying a home costing up to £600,000, unless they are buy-to-let or second homes. The government is offering a partial guaran

Finance: Morgan Stanley’s Archegos Loss Is No Emergency

CNBC bloomberg.com Morgan Stanley’s Archegos Loss Is No Emergency Brian Chappatta  46-7 minutes  “We cauterize bad stuff,” CEO James Gorman said. “We cauterize bad stuff,” CEO James Gorman said. Photographer: Simon Dawson/Bloomberg Photographer: Simon Dawson/Bloomberg There’s something fitting about Morgan Stanley’s loss from the blowup of Archegos Capital Management totaling $911 million. By all accounts, the episode was among the biggest emergencies within the banking industry since the global financial crisis. The hit certainly came as something of a surprise, given that there was little indication of this kind of loss in advance, and Goldman Sachs Group Inc. had already revealed it came out largely unscathed earlier this week. Putting Archegos aside for a moment, though, it’s hard to find any compelling reason for concern about Morgan Stanley’s trajectory. At the highest level, the bank reported record revenue and profit just like its peers. Equity underwriting quadrupled, similar

News | Business | Finance: Visa and Mastercard accused of charging 'excessive' fees

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  Simon Read 4-5 minutes - Source: BBC image copyrightGetty Images Visa and Mastercard have been accused of cashing in during the coronavirus crisis by charging "excessive fees". British retail groups say the scheme fees charged by payment firms have almost doubled in the last two years. They warn that retailers will be forced to pass on the extra costs to consumers, with credit card bills rising by another £40 a year. "It is vital that the government takes action to tackle excessive card costs," said the BRC's Andrew Cregan. Mr Cregan, head of finance policy at the British Retail Consortium (BRC), told the BBC: "If a phone or energy company increased their fees by such an amount there would uproar. "It's an abuse of a dominant market position by these companies. They're two of the most profitable organisations in the world and they've got merchants over a barrel." The industry body wants the Competition and

News | Business | Finance: Goldman Sachs wallops profit estimates on stronger-than-expected bond trading

  Hugh Son 2 minutes - Source: CNBC Goldman Sachs posted third-quarter results that crushed analysts’ profit estimates on stronger-than-expected results in bond trading and asset management. The firm generated $3.62 billion in profit, or $9.68 a share, exceeding the $5.57 per share estimate of analysts surveyed by Refinitiv. Companywide revenue of $10.78 billion topped the estimate by more than $1 billion, driven by the trading and asset management divisions. Shares of the bank climbed 3.1% in premarket trading. Chief Executive Officer David Solomon just marked his second year atop Goldman Sachs, but he’s still putting his imprint on the firm. Last month, he restructured several of his businesses and named new heads for the New York-based bank’s asset management and consumer and wealth management divisions. The 151-year-old investment bank is in the midst of a transformation, launching a slew of digital banking products in hope

News | Business | Finance: Chinese mutual fund industry sees jump in new funds and inflows

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3-4 minutes - Source: REUTERS SHANGHAI (Reuters) - China’s mutual fund industry saw another massive jump in new products and subscriptions in June, suggesting the swift rally in mainland stocks has room to run further. FILE PHOTO: An electronic board showing the Dow Jones and S&P 500 indexes, at Lujiazui financial district in Shanghai, China March 13, 2020. REUTERS/Aly Song/File Photo. Some 73 new open-ended equity and balanced funds were launched in June, taking the total to 4,110, data from the Asset Management Association of China (AMAC) showed. The net value of open-ended equity and balanced funds stood at 4.2 trillion yuan ($599.5 billion) for the month, up nearly 70% from 2.5 trillion yuan in the same period last year, according to AMAC. Analysts also confirmed the trend that has helped propel China’s stock market to five-year highs. “There are 639 mutual funds newly launched for the first half. I believe these new funds

News | Business | Finance: Goldman Sachs shares jump as earnings blow past the Street on the best trading results in years

Hugh Son 3minutes - Source: CNBC Goldman Sachs reported blowout second-quarter earnings as its reliance on trading and investment banking paid off amid the market turbulence caused by the coronavirus pandemic. The bank earned $6.26 a share in the second quarter, crushing the $3.78 a share estimate of analysts surveyed by Refinitiv. Here’s a list of the bank’s significant milestones for the quarter: Revenue of $13.3 billion was the second-highest ever for the firm and up 41% from a year ago. Fixed income trading revenue came  in at $4.24 billion, the highest in 9 years. Equities trading revenue was $2.94 billion, the best quarter in 11 years. Investment banking revenue was a record $2.66 billion. Goldman shares jumped 4% after the results in premarket trading. “Our strong financial performance across our client franchises demonstrates the inherent benefits of our diversified business model,” Chairman and CEO David Solomon said

Goldman Sachs shares surge after fourth-quarter profit tops expectations

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Hugh Son 3 minutes David Solomon David A. Grogan | CNBC Goldman Sachs  shares surged after posting fourth-quarter profit and revenue that exceeded analysts’ expectations. The New York-based bank generated $6.04 per share in profit for the fourth quarter of 2018, versus the $4.30 estimate. Revenue of $8.08 billion also beat analyst’s estimate of $7.55 billion.  Here’s what Wall Street expected: Earnings: $4.30 per share, a 24 percent decline from a year ago, according to Refinitiv. Revenue: $7.55 billion, a decline of 3.6 percent from a year earlier. Trading Revenue: Equities: $1.64 billion, Fixed income: $992 million, according to FactSet Investing Banking: $1.89 billion Goldman Sachs CEO David Solomon, who took over from Lloyd Blankfein on October 1, is expected to address analysts on an earnings call for the first time Wednesday. He’ll have a lot to discuss: Goldman shares dropped 34 percent last year, the worst performance