Britain's biggest retailer Tesco will stop mortgage lending at its banking business because of tough market conditions, it said on Tuesday, as rival lender Nationwide Building Society reported a drop in profit margins. Tesco Bank, which serves more than 23,000 mortgage customers with total balances of 3.7 billion pounds ($4.7 billion), said it would stop new lending and seek to sell its existing portfolio of home loans. "In recent years, challenging market conditions have limited profitable growth opportunities," said Tesco Bank Chief Executive Gerry Mallon.
Investing.com - The U.S. dollar was hovering near one-month highs against a currency basket on Wednesday, supported by higher U.S. Treasury yields after the U.S. temporarily eased restrictions on Chinese telecommunications giant Huawei. The move came as a reprieve for markets which had been roiled by fears over the escalating trade war between Washington and Beijing but investor sentiment remained subdued as investors monitored the increasing involvement of tech companies in the trade spat. "The trade dispute won't be resolved easily, so the risk-off mood won't come off all of a sudden.
Departing Daimler AG Chief Executive Officer Dieter Zetsche promised cost cuts and an efficiency drive to restore profit margins as the man who steered the Mercedes-Benz carmaker for more than a decade leaves his successor to tackle unprecedented industry upheaval. “We cannot and will not be satisfied with the current level of profitability,” Zetsche said Wednesday at the German manufacturer's shareholder meeting in Berlin, which marks the end of his 13-year tenure. Daimler's target remains to return Mercedes-Benz Cars and Mercedes-Benz Vans to a “profitability corridor” of 8% to 10% by 2021, the Stuttgart-based manufacturer said.
So if you want to know how to buy Bitcoin in Canada, there are plenty of options – from top-rated cryptocurrency exchanges to Bitcoin ATMs. Around 85% of Canadians are aware of Bitcoin, and more than half of the population owns digital currencies. In addition to these eye-opening statistics, the Canadian government is open to cryptocurrency exchanges and blockchain-based start-ups.
IG Group on Wednesday set out plans for a turnround as the online derivatives trading company said the effects of a regulatory crackdown and lacklustre market conditions continued to take their toll in the final quarter of its financial year. The group said that the low levels of volatility and market activity of the third quarter had dragged on into the first two months of the fourth quarter and estimated full year net trading revenue would be around £475m, 17 per cent below the previous year. IG's over the counter leveraged revenue in Europe fell by 26 per cent.
Best-selling author, TV host and personal finance guru Suze Orman has been inspiring Americans for decades to make better money moves and avoid serious financial mistakes. She'll be the first to tell you that what you don't do with your money may be even more important than what you do with it. Here are 22 major money don'ts — straight from the expert.
During the 2019 Berkshire Hathaway Annual Shareholders Meeting, Vice Chairman Charlie Munger shared advice on how most people should approach obtaining success in their careers. “I think the right strategy for the great mass of humanity is to specialize,” Munger said. While some companies tend to focus on investing in stocks that fall under the same sector, Berkshire Hathaway has shied away from that.
Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, joins "Squawk Box" to discuss where investors can find value in the markets as they continue to digest the news surrounding the U.S.-China trade relationship.
The Wednesday Market Minute Global stocks drift lower as investors fade the impact of eased restrictions on Huawei to focus on slowing economic growth and rising geo-political risks. The New York Times reports the White House is reading to expand the number of Chinese firms on the so-called Entities List, a move that could escalate trade tensions between Washington and Beijing. European stocks drift lower ahead of EU elections later this week, while the pound retreats to near five-month lows as Prime Minister Theresa May faces renewed calls to resign.
Following a couple years of serious financial difficulties, the restaurant empire of British celebrity chef Jamie Oliver may have reached the end of its road—the latest victim of an ongoing, partly Brexit-related shakeout in the U.K.'s casual dining sector. The Jamie Oliver Restaurant Group said Tuesday that it had gone into administration, with KPMG's insolvency team taking over. Most of its locations are closing immediately, taking more than 1,000 jobs with them.
How much you pay in property taxes often comes down to which side of a county, city or district line you're on. And if you're a homebuyer this spring, it's another important factor to consider while you house hunt. Property taxes largely fund public schools but also other local services like roads and police.
Blame the reaction in Baidu (NASDAQ:BIDU) on what you will. Similar to how Alibaba (NYSE:BABA) is often regarded as China's answer to Amazon (NASDAQ:AMZN), Baidu has long been likened to Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL). The company's dominance in internet search market and BIDU stock's increasingly diverse web of ancillary technology-driven ventures make for a solid comparison.
Struggling department store chain JCPenney (JCP) reported first quarter earnings that missed analysts' expectations across the board, and featured a steep drop in sales. The department store chain reported a loss of 47 cents per share, versus analysts' forecasts of a loss of 38 cents per share. “We have made good progress on each of our immediate action steps highlighted last quarter, including our continued efforts to reduce and enhance our inventory position, which resulted in a 16 % reduction in our inventory and a meaningful improvement in our free cash flow this quarter,” she said.
Brazilian makeup brand Natura Cosmeticos SA agreed to buy Avon Products Inc, according to two media reports early on Wednesday. Natura will buy Avon in an all-stock deal that values the U.S. group at more than $2 billion, the Financial Times reported https://on.ft.com/2HMtdu2, citing people familiar with the matter. Reuters reported last week that Natura was close to completing the deal to buy Avon.
AT&T (NYSE:T) stock has struggled over the past several years as the telecommunications giant has been weighed down by a plethora of headwinds, including cord-cutting, wireless price competition, stagnating streaming growth, and a rising debt load. Source: Shutterstock T stock peaked near $45 in mid-2016. Ever since, AT&T stock has been down and out. The proposed merger between wireless peers T-Mobile (NASDAQ:TMUS) and Sprint (NYSE:S) looks like it will receive regulatory approval after FCC Chairman Ajit Pai told Bloomberg that, in light of their recent concessions, he is going to recommend that his colleagues approve the merger.
Most people have been trained to delay collecting Social Security for as long as possible so that they can receive the maximum amount owed to them. After all, if they hold out until age 70, the size of their benefit will be significantly larger than if they started collecting at their full retirement age or age 62, the earliest age you can get Social Security benefits. That's because under Social Security Administration rules if you were born in 1943 or later and delay collecting Social Security benefits beyond your retirement age, you'll see an 8% annual increase each year until age 70.
An ex-Credit Suisse Group AG banker became the first person to plead guilty in what U.S. prosecutors called a $2 billion fraud and money-laundering scam tied to loans to Mozambique that were used to pay bribes and kickbacks. Detelina Subeva, 37, a former vice president in the bank's global financing unit, pleaded guilty on Monday to one count of conspiracy to launder funds. The U.S. agreed to drop three other conspiracy charges against Subeva, who's one of three Credit Suisse bankers accused of working with Mozambique's ex-finance minister in a secret kickback scheme.
The Dow jumps 200 points. So what happens next? A look at what the traders bought today, with CNBC's Melissa Lee and the Fast Money traders, Pete Najarian, Brian Kelly, Mark Tepper and Tim Seymour.
The recent escalation of trade tensions between the U.S. and China has caused stocks to retreat as investors worry that the trade war between the world's two largest economies will be longer than expected. After hitting a high just above $60 a year ago, shares of Charles Schwab have fallen nearly 28% and are now trading at a forward P/E ratio of 15.2 compared to a five-year average of 22.1. Regeneron shares hit a high of more than $600 almost four years ago and are currently trading 50% lower at a forward multiple of 13.6 even though earnings per share (EPS) have doubled over that period.
Just as quickly as the Trump administration imposed trade restrictions against Huawei last week, it has removed them – at least temporarily – this week. Traders learned last night that the Trump administration has granted Huawei a reprieve from its trade restrictions until Aug. 19. AutoZone, Inc. (AZO), DISH Network Corporation (DISH) and Xilinx, Inc. (XLNX) were the top performers in the S&P 500 – with gains of 5.57%, 5.29% and 4.63%, respectively – but they weren't the only stocks enjoying buying pressure today.
Tesla has reduced the prices of its two most expensive models, raising concerns about fading interest in its cars and whether the company can generate enough cash to pay all the bills. On Monday, Tesla cut $3,000 from the price of the Model S sedan and $2,000 from the Model X SUV. The company said in a statement that it periodically adjusts prices and available options like other car companies.
For the piece of your portfolio that's something in between speculative and pure buy-and-hold holdings though, now may be a good time to start thinking a little more defensively and a little less aggressively. Here's a rundown of seven names that may prove safer, counter-cyclical bets than the hot stocks that made the runup this year such a fun ride. Baby Boomer Stocks to Buy In no certain order: Microsoft (MSFT) For many investors, the knee-jerk assumption is that software giant Microsoft (NASDAQ:MSFT) is so inextricably linked to the all-important technology market that an economic swoon could easily up-end this well-known name.
Toyota Motor Corp last month announced two deals in China that were small in size but large in strategic planning. The technology transfers represent gestures of goodwill to Beijing by the Japanese automaker, which wants to "step on the accelerator in China" as CEO Akio Toyoda told an internal management group, according to minutes of meetings on March 19 and April 23 viewed by Reuters. Announcing U.S. investment first was a strategy Toyoda felt the company needed to pursue to avoid U.S. President Donald Trump's wrath, the minutes showed - providing a rare window into how it has sought to tread carefully as the United States and China battle for investment, jobs and influence in the global economy.
An individual with a winning ticket is faced with two options – either take the money in the form of a lump sum or an annuity payment – which would be paid out over the course of about 30 years. In the case of the annuity payment – the less common option – a winner would receive one immediate payment and 29 consecutive ones. The amount paid increases by 5 percent each year, according to K. Eli Akhavan, partner and chair of the Private Client and Wealth Preservation Group at CKR Law.
The growing animosity between Huawei Technologies and the U.S. government was inevitable and a sales ban imposed by the Trump administration will have no effect on the firm's plans, according to the founder of the Chinese telecommunications giant. Speaking to Chinese state media on Tuesday, Ren Zhengfei said there would be “conflict with the United States sooner or later” as Huawei seeks to grow its dominance in the global telecom industry. “We sacrificed [the interests of] individuals and families for the sake of an ideal, to stand at the top of the world,” he said according to a report in the South China Morning Post.