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Friday, 18 September 22:37 (GMT -05:00)

Business And Politics News

British Banks Get Their Ratings Cut After Brexit Referendum

Shortly after the results of the Brexit referendum were announced, Standard & Poor's Global Ratings made several steps aimed at cutting the ratings of multiple British banks. This was done in order to show the world that the economic risks in the United Kingdom are growing and the entire British banking system is now in jeopardy.




To be more specific, the rating agency’s recent press release reads that the British people’s decision to quit the European Union (the so-called Brexit) has undermined the economic and financial situation in the UK and the EU. The risk of multiple unfavorable events in the UK economy and financial system are now more likely than ever.
The British economy has already entered the recession stage, S&P GR experts believe. Moreover, they expect the economic imbalance to escalate as the pace of lending growth is slowing down along with declining housing prices. Still, they believe that the high standards of the British banking system coupled with low interest rates and low unemployment will help the banks to ease the losses expected in the banking sector in the near future.
To be more specific, S&P GR decided to revise the recent forecast from stable to negative for the following banks: Barclays и Barclays Bank, CYBG and such divisions as Clydesdale Bank, HSBC Holdings, Lloyds Banking Group, Santander UK and Nationwide Building Society. However, their current short-term and long-term ratings have been confirmed and stay unchanged for now.  At the same time, the rating agency also downgrade the forecast for the Royal Bank of Scotland ­– from positive to stable. The ratings are confirmed as well.


At the same time, the recent survey conducted by Lloyds indicates that the overall business confidence has dropped considerably. Apparently, this also has a lot to do with the Brexit. It is also interesting to note that Mark Carney, Governor of the Bank of England, also warns about major risks for the entire British economy and financial system associated with the decision to quit the European Union. Some of the biggest risks are the risks that investors my cut their investments in British assets, which already underway and may continue in the coming months. The Bank of England reports that the current situation in the local financial sector leaves much to be desired.


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Raygan's Former Advisor Accuses the Fed of a Big Fraud

The former budget advisor under Ronal Raygan's administration, of the founders of the so-called Rayganomics, David Stockman, is a big adversary of the Federal Reserve's policies. He thinks that artificial interest rate cuts coupled with uncontrolled QE (money printing) creates madness in financial markets, thus separating asset evaluation from their intrinsic value of those assets.

Publication date: 23 August 07:32 AM

U.S. Labor Market Disappoints, Economy Slows Down

The employment rate in the United States increased by 167.000 people in July 2020. It's important to mention the fact that the data came in much worse than expected. According to Reuters, this increase was expected to reach 1.5 million people. At the same time, July's figures were much worse than those revealed in June 2020.

Publication date: 06 August 10:06 AM

iPhone as a Payment Terminal: Apple Bought a Startup For That

Apple has recently acquired Mobeewave, a startup specializing in online payments. The price of the deal is 100 million dollars. According to Bloomberg, the company's technology may allow Apple to turn iPhones into mobile payment terminals accepting mobile payments. To be more specific, Mobeewave developed a technology making it possible to make financial transactions between mobile devices through the built-in NFC module.
Publication date: 05 August 09:27 AM

China Makes Blockchain Professions Official

There are 1838 officially recognized professions in China. Now, there list is up by 2 professions - blockchain engineer and blockchain app operator. The Chinese Ministry of Human Resources and Social Security (MOHRSS) has recently confirmed that by updating the list of official professions.
Publication date: 20 July 11:42 AM

South Korea Invests Billions In Blockchain Technologies

By 2025, South Korea is planning to invest over 48 billion dollars in  blockchain. The goal is to digitize all of the industrial sectors of the national economy in this post-pandemic era. According to ZDNet Korea, the president highly rated some of the benefits this process may bring to South Korea.

Publication date: 18 July 09:40 AM

Black Lives Matter - Investors Keep Ignoring Major Riot In US In 50 Years. Why?

Everyone has probably heard of the #BlackLivesMatter riots, which have been going on in the United States for a while. However, international financial markets seem to have been underestimating this event, which happens to be the biggest riots in the USA in 50 years! Why is that?

Publication date: 18 June 07:56 AM

Donald Trump Influences Bitcoin Exchange Rate

Publication date: 05 June 04:42 AM

Only 4 Of All Existing Billionaires Made Their Fortunes With Cryptocurrencies

Forbes has recently published the list of 2095 billionaires from different parts of the world. It turns out that 4 of them owe it to cryptocurrencies. Who they are, the cryptocurrency billionaires?
Publication date: 13 April 11:54 AM

Life After Brexit: EU-UK Talks Are Underway

Publication date: 07 March 09:03 AM

USA May Take Steps To Support National Economy After COVID-19 Pandemic

Publication date: 07 March 08:15 AM