SNB could seek to prevent banks hoarding cash if franc soars: Roubini group

ZURICH The Swiss National Bank might seek authority to stop commercial banks converting reserves into cash if its current policy arsenal failed to prevent a major appreciation of the franc, economist Nouriel Roubinis research group said.

A report published by the group on Monday after a meeting with SNB officials outlined how the bank might respond should currency intervention not curb market turmoil, perhaps in the event of a British vote to leave the European Union.

One option would be to prevent banks from switching reserves into cash. That would require a new law, but the Roubini Global Economics report said SNB officials were confident that the legislation could be changed …to give the bank this authority.

The SNB, which now uses negative interest rates and currency intervention as its main tools to keep the strong franc in check, declined to comment on the report.

The SNBs preferred tool for easing would remain FX intervention, though additional — and possibly irregular size — cuts to the policy rate might be made if a large shock threatened to trigger massive franc appreciation — particularly versus the euro, the group said.

The central bank was unlikely to ease policy at its next ratesetting meeting on June 16, it said.

Roubini, who famously predicted the 2008 financial crisis, is also a professor at New York Universitys Stern School of Business.

Should Britains Leave camp win the Brexit referendum on June 23, currency intervention alone might not be enough to keep a lid on the franc, Roubini said.

We believe the SNB has the ability to reduce the sight deposit rate to -1 percent (or even -1.25 percent if it decided against adopting other tools such as quantitative easing), it said. The SNB now charges banks 0.75 percent on some deposits, and aims to keep three-month LIBOR around -0.75 percent as well.

The first cut in the sight deposit rate would likely be 25 basis points, the Roubini group said.

SNB officials say they do not have an issue using irregular size cuts if they get a big enough bang; firing smaller bullets would allow the bank to fire more shots before reaching -1 percent. We cannot rule out a cut larger than 25 basis points (either) if warranted, the report said.

Roubinis group said SNB remained comfortable with developments in the real economy but was not happy about the deflation that Switzerland is experiencing.

However, SNB officials are willing to be patient on this score, as many deflationary drivers are external, it said.

Given the extremely low level of interest rates, the SNB is keeping some ammunition in reserve.

(editing by John Stonestreet)

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African Bank’s revival – the hard lessons learnt

African Bank Ltd, the unsecured lender that collapsed almost two years ago after needing to raise R8.5 billion relaunched itself on 4 April 2016 after 20 months of curatorship. The new African Bank has a formidable clutch of shareholders including the SARB, the PIC and 6 big banks. They also have a new management team and an increase in strategy which extends to transactional banking and the selling of insurance products. There are many vested interests needing this venture to succeed. Meanwhile retail investors and the South African asset management community have learnt some hard lessons from ABIL’s demise. Olga Contantatos, Head of the Credit Process at Futuregrowth Asset Management explains. Candice Paine

Hi, this is Candice Paine for Biznews and I’m sitting with Olga Constantatos who is Head of Credit Process at Futuregrowth Asset Management. Today we are speaking about the new reincarnation of African Bank Ltd. As many of you will remember, the unsecured lender collapsed almost two years ago, after needing R8.5bn to survive. At that time, the South African Reserve Bank stepped in and split the bank between the good bank and the bad book. The shareholders lost everything and the bondholders are able to recoup some of their investments. Olga, can you tell us what the new African Bank looks like?

As you said, the performing book was transferred into the new African Bank and the bad assets were left behind in the old African Bank. There are new shareholders in African Bank. The SARB is now a 50 percent shareholder. The PIC (on behalf of the Government Employees’ Pension Fund) is a 25 percent shareholder, and the Big 6 banks – Investec, Capitec, and the Big 4 – are the remaining 25 percent shareholders. What happened was that that the debt instruments in the old African Bank were effectively swapped for new instruments in the new African Bank. The Old African Bank will remain under curatorship and the book will be realised and wound up over time. Abil itself, which is the holding company of African Bank, is in Business Rescue and that’s where shareholders effectively (the listed company) have been wiped out. There’s no expected recovery for them.

Read also: Wealth-building lessons from African Bank saga

Okay, so we have a new African Bank with the old, existing investors. What does that mean for Pension Funds that may have been holding African Bank debt or Money Market instruments at the time of the curatorship?

There were three types of debt in African Bank. There were senior claims, subordinated claims, and the offshore debt. Those three have been transferred into similar claims – senior, subordinated, and offshore. If you had a senior claim in the old African Bank, you have now have a new senior claim in the new African Bank. Similarly, with offshore, etcetera. I’ll talk to the senior bondholders mainly because that’s really, where our exposure and our experience lies. What happened for the senior bondholders is that for every R100.00 that you as an investor may have had invested in African Bank Senior Notes: that R100.00 was effectively swapped into R80.00 of a new instrument in a new African Bank. You were given R10.00 cashback and you effectively took a R10.00 write-off. There’s a new instrument sitting in the new African Bank. Subordinated shareholders took a much bigger loss.

As I said, Senior took a ten percent loss and subordinator took over 60 percent loss. What has happened in the new bank now is that the new instruments are earning you a rate similar to what your old instrument was earning you. Given the change in economic circumstances, the fact that it’s a new bank, and that there isn’t really a track record, they are still servicing a sector of the market that is feeling strained in terms of the economy and unemployment. Interest rates have gone up so all those factors (for us) point to an inclination that the new notes should have perhaps been issued at a higher rate. We should have been rewarded more for that risk.

Read also: African Bank: debt holders can transfer to new “good bank”

What about the new bank’s intentions to break into new markets through transactional banking and selling of insurance products, etcetera?

That’s one of their risk mitigation techniques. One of the problems with the old African Bank is that they really, only did one thing and that was unsecured lending. In the genesis of new African Bank, what the management team has decided is to branch out, diversify their income stream, and in that way, try and reduce the risk of African Bank.

What has happened to the new debt? Has it traded at all?

No. There’s been a little bit of trade in the offshore bonds but so far, in the local senior and subordinated bonds there’ve been no trade.

Out of this, there’s definitely been lessons for retail investors. What would you say they most important points are that investors should take away from this bank failure?

I think it’s important that investors know that banks can and do fail. They are no risk-free investment and when they do fail, investors will suffer losses. As we saw with African Bank, senior note holders suffered a ten percent loss and subordinated bondholders suffered an even greater loss. As a retail investor, you might think that doesn’t necessarily affect you but it does. If you had money invested in a Money Market Fund and that Money Market Fund had invested in African Bank notes, you would have experienced the loss depending on how diversified that fund was. You would have experienced that ten percent capital write-off in the senior notes and even more in the subordinated notes. The magnitude of your loss would depend on how diversified the fund is, but you can and do suffer losses. As a retail investor, it’s important to remember two things.

(1) Make sure that the funds you invest in are well diversified. (2) You need to make sure that you are being adequately rewarded for the risk you are taking on. Banks have always had risks but I think people are now more aware of the fact that they have risk, and that you are now compensated in the interest rate that you receive for the risk that you’re taking.

Read also: African Bank progress update: Restructuring, cautionary announcement, curatorship

In terms of the premium that you would have received on the yield from Abil at the time, what would the responsibility have been around the asset managers who actually invested in Abil to the retail investor? Was that adequately compensating you for the risks that eventually turned out to be in that investment?

I can’t talk for other asset managers but I know that for us, what we identified quite early on (some two years before African Bank went into curatorship) was that the risk profile of the bank was increasing. One of the strategies that we took was to (a) reduce our exposure (and quite significantly, it went down from 4bn in November 2012 to just one 1bn at the time of curatorship), and so we significant reduced it. (b) For the exposures that we were getting and that were new, we were demanding a higher premium for them to compensate for the increased risk profile of the bank. That increased risk profile was informed by our analysis of the bank itself. We saw them making much bigger loans. We saw them, making loans over a much longer term. We saw their book growing at a very rapid rate. We saw their provisioning policy, which wasn’t as conservative as some of their peer groups.

For example, Capitec stopped provisioning against their book at the first missed payment whereas African Bank was waiting for four missed payments before they were making provision. For us, all those things were pointing to an increased risk profile. We then required an increased premium but to the extent that we’d locked in rates for an instrument two or three years previously. We were obviously locked into that. Certainly, for new investments we were demanding a higher premium.

Read also: Capitec FY profits up 26% after African Bank’s demise

In light of the new African Bank with the new management team and the new strategy: if Futuregrowth weren’t already investors in the debt, would you be buying into it now?

I think the question would come down to what rate we’d be getting to invest at the moment. I think that we still can negotiate a compromise that resulted in the new bank and the new instruments transferring over, the rate at which the new instruments are earning for investors, we don’t believe is adequate. Depending on what new instruments come to market and get issued, we would have to do an analysis around the risk and reward metrics and make sure that we were being adequately compensated. I think that the lack of track record of management would weigh against them, as would the economic environment, as would the competition that they would be facing in going into these new markets. For example, transactional banking: there are already established players so those would weigh against them.

On the plus side however, they also have a lot of capital. They have a lot of support from some very big entities like the SARB, the PIC, and the Big 6 banks – all incentivised to make this work. Their exit as shareholders is reliant on them being able to relist this entity in few years’ time and obviously, they can only do that to the extent that it’s successful.

Olga Constantatos, Head of Credit Process at Futuregrowth Asset Management, thanks for your time today.

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LendingArch enters Canadian FinTech space with customized loan platform

Canada has been called a leader in the global FinTech space, so its no surprise that those with banking expertise are entering the startup world.

Calgary-based LendingArch is one of the latest companies to enter the lending space. Its marketplace platform allows users to browse customizable, hyper-personalized loan options. LendingArch was founded by Arti Modi and Raj Singh; Modi is also a co-founder of OmniArch, an investment firm that manages over 5,000 Canadian investors and $400 million in portfolio assets.

We created LendingArch to revolutionize the financial service space and bridge the gap. We are a customer-centric platform that not only provides you with better options than the current financial ecosystem, but also one that helps improve your financial health long-term, said Modi, CEO of LendingArch. We are helping people re-imagine their financial future. If you are raising a family, consolidating debt, paying off your credit cards, or a millennial looking to plan your future post-college, LendingArch is the solution for you.

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BCE to Buy Manitoba Telecom for $2.5 Billion in Cash, Stock

BCE Inc., Canada’s biggest telecommunications company, agreed to buy Manitoba Telecom Services Inc. for about C$3.1 billion ($2.5 billion) in cash and stock, extending its presence westward and further consolidating the country’s wireless market.

BCE will acquire Manitoba Telecom for C$40 a share,a 22 percent premium to MTS’s closing price of C$32.84 on Friday, according to a statement Monday. The deal is worth C$3.9 billion including debt. Shares of MTS rose 15 percent to C$37.85 at the close in Toronto, their biggest single-day advance. BCE fell less than half a percent to C$58.64.

The dealadds a company with C$1 billion in annual revenue and extends BCE’s presence into central Canada, where rivals Telus Corp. and Rogers Communications Inc. currently hold more sway. BCE bought Bell Aliant Inc. for C$3.7 billion in 2014 and took over Astral Media Inc. in 2012, giving it more cash flow and the ability to keep increasing its dividend.

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Zimbabwe: Cash Crisis Hits Companies

FOREIGN suppliers are cutting back on raw material delivery to Zimbabwe and in some cases taking legal action as local companies fail to pay for supplies due to the prevailing cash crisis in the country, Confederation of Zimbabwe Industries (CZI) president Busisa Moyo has said.

In an interview with Standardbusiness Moyo said because of this, the manufacturing and commercial sectors were low on inventories.

The [cash] crisis is likely to adversely affect output, leading to commodity shortages and an increase in prices of locally-produced goods. Real Time Gross Settlement (RTGS) within Zimbabwe is taking 48 hours but external Funds Transfer (EFT) is taking up to three weeks. Companies are spending a lot of time following up on payments. EFTs to foreign suppliers are now taking 21 to 30 days, Moyo said.

The delay, he said, had seen local companies losing credibility in South Africa and beyond with suppliers cutting on deliveries and reducing credit limits.

Zimbabwe relies on imports as the countrys manufacturing sector is not producing much due to lack of working capital, high production costs, low capacity utilisation levels as well as obsolete equipment. Since 2009, Zimbabwe has imported products worth over $20 billion.

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Higher share of MSME and housing loans to push up total credit costs: Ujjivan management

Ujjivan Financial Services is coming up with an IPO aimed at reducing share of foreign investors to meet the RBI guidelines for small finance bank. In conversation with Sheetal Agarwal, Samit Ghosh- Managing Director and CEO, Ujjivan Financial Services and Sudha Suresh- CFO talk about the road ahead for the company. Edited Excerpts:

In recent years, share of individual loans has increased in your portfolio. What attracts you to this segment?
Sudha Suresh: There is a huge market opportunity in the individual micro SME space. The micro SME loans are typically between Rs 50,000 to Rs 10 lakhs some loans could also be between Rs 10 lakh to Rs 20 lakhs and is divided into secured and unsecured. Typically unsecured lending could be anywhere between Rs 50,000 to Rs 2 lakhs. Anything above Rs 2 lakhs will be a secured loan. So there is huge opportunity in this bandwidth.

Are your credit costs sustainable at current levels?
Samit Ghosh: The credit costs of group lending business is very low while those relating to individual loans for micro SMEs is definitely higher than group lending. To that extent our credit costs will go up. The standard asset provisioning for group lending is 1% even though our actual cost is much lower. Whereas for individual lending it is over 2%. With increase of Micro SME Housing loan share in overall business, the total credit costs may go up a little.

What are the challenges you see going forward?
Samit Ghosh: We have done a lot of research, we know what the customer wants. Access, service and a hassle free experience. To deliver that and be able to convert them from unorganised to organised would be a challenge. And there is no path laid out on the liability side. The whole retail liability strategy we have is an unchartered path. On the asset side again when we are moving into the missing middle it is an unchartered path. Building up that expertise and doing that business well I think those are the two major challenges and one has to prepare very hard for it.

How is the SFB transition progressing? When will it be operational?
Samit Ghosh: We really needed to supplement our existing technology which was already pretty advanced. We already have existing systems like group lending, collection software, data warehousing, amongst others. We had to just supplement couple of new systems. One is a core banking system for liabilities and second a relatively simple treasury system. So we are in the final stages of the transition. We are supposed to start by 7th of April 2017, as per SFB guidelines. But we are planning to start in the first quarter of 2017 when we will do a soft launch and complete our final launch by end of March 2017. 90% of management team is in place for the SFB. Largely its the same team as in Ujjivan. We did not have to do too much of new recruitment.

What is your strategy in scaling up the SFBs assets as well as deposits?
Samit Ghosh: On the loan side, our portfolio is predominantly into group lending. But about three years back we started lending to micro SME and home loans which form about 12% of our portfolio on a combined basis. We expect this portion of the portfolio to grow much higher in proportion to what we have today and form a major share in the business in the next 4-5 years. Our primary focus would be on the micro SME. We started with home improvement and then moved into micro housing segment. Very frankly probably we would have to go to a slightly higher segment for home loans and it would be largely in the semi-urban towns. What we found is that there is a tremendous demand for home improvement. Bulk of our housing portfolio is in that category.

On the deposit side, our focus would remain with the unbanked and under banked. We are not planning to move into middle class or affluent. So we expect that our existing borrowing customers will be able to provide 40% of our liabilities. But beyond that it would largely come from one or two economic segments higher than our current group lending segment. These are micro entrepreneurs and salaried lower middle class borrowers who actually right now save largely with the unorganised sector. Our target is to convert savings lying with the unorganised sector like chit funds, etc and bring them within the fold of the banking sector.

On CASA, the current account balances with banks actually comes from cash management services. Given the customer segment we are dealing with, we can offer some rudimentary cash management services for micro enterpreneurs, but we cannot expect too much on the current account front. Our focus will be largely on the savings account and fixed/term deposits. It will take 2-3 years to achieve atleast 20% CASA levels for the SFB.

Your return ratios will be compressed over the next few years as you transition and grow the SFB. How do you expect these to pan out in the longer run?
Sudha Suresh: We have excellent return ratios right now. As we transition into an SFB automatically there is an initial transformation and transition phase where we will incur a lot of costs. Also there are certain expectations RBI has from us in terms of returns. So we will be keeping both in mind. We should be comfortably looking at a steady state of returns which should also be ok with the regulators.

Samit Ghosh: First couple of years, we see moderate pressure on the return ratios because we will have incremental costs on one hand but on the other hand our borrowing costs will drop because the term borrowing which we do now is at a much higher cost than inter-bank and other things which we can do after becoming an SFB. We expect our cost of funds may drop by approximately two%. After two years, return ratios will be on track to current levels.

Your cost of funds have moved up in the past year. What is the reason?
Sudha Suresh: Typically there are huge borrowings at March ending. Whereas if you look at any other quarter we will just keep the funds that we require. We can close our quarterly balance sheet with as low as Rs25 crore or Rs 60 crore whereas March numbers will be Rs 400-Rs 600 crore. This creates an anamoly when you actually calculate the ratio it shows an increase in costs. However, our costs of borrowings have come down steadily and our average cost of borrowings is coming down further. Average cost of borrowings is 12% but we are able to borrow from banks at 10.5 to 11%. Average lending rate is 22%.

What will be the FII holding in Ujjivan post IPO?
Sudha Suresh: FII holding has reduced from 91% to 77% post pre-IPO placement and will fall further to 44-45% levels post the issue. After including ESOPs, the FII holding will fall well below 40%.

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Consumer Products – M&A Insights, Spring 2016

Posted by admin on 05/02/2016 in Unsecured Lending | Short Link
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Foreword

In this, our latest Consumer Products MA Insights review,
we look back on 2015 as a year of significant European deal
activity set against a backdrop of improved consumer confidence
together with investors carrying significant accumulated funds to
deploy.

From a UK economic perspective, consumer confidence returned
with the GfK index in positive territory for the entire year. This
was coupled with a return to a positive trend in real growth in
earnings over an extended period for the first time since mid-2010.
The increase in confidence was mirrored by an increase in 2015 deal
activity with 36 large (+€200m) European deals with a combined
value of €142.9billion ahead of the 34 deals with a value of
€39.7 billion in 2014.

A significant highlight of 2015 was the €95.5 billion
megadeal between ABInBev and SABMiller which, representative of
many large deals, is likely to trigger further MA activity
amongst its competitors but also, importantly, resulted in
follow-on divestments (namely the disposal of its share in the
Molson Coors JV, the sale of its European Peroni, Grolsch and
Meantime brewing assets, and sale of its 49% stake in China
Resources Snow Breweries).

Similarly, the Reynolds Tobacco/Lorillard deal also triggered
further activity by Imperial Tobacco and BAT as a direct
consequence.

The Food Beverage sector continues to be active,
accounting for over half of major (+€200m) European deal
activity, and has proved to be a favourable hunting ground for a
number of major overseas investors.

Latin American headquartered companies have been particularly
active with Brazil#39;s JBS acquiring UK#39;s Moy Park (meat
processing), Brazil#39;s BRF (via its Austrian subsidiary)
acquisition of Thailand#39;s Golden Foods for poultry production,
Grupo Cuervo#39;s swap of assets with Diageo – Jose Cuervo
for Diageo#39;s Old Bushmills whiskey and Alfa SAB#39;s bid for
Campofrio (meat processing).

We also saw clear examples of other overseas buyers flexing
their financial muscle with Philippines#39; Monde Nissin
delivering a knock out bid for Marlow Foods (Quorn), as did Asahi
for SAB Miller#39;s selected European brewery assets.

One of the other themes to emerge is that of ongoing sector
consolidation with Nomad Foods reinforcing its position in the
frozen food market with its acquisition of both Iglo Group and
Findus. Elsewhere JAB Holdings, a major shareholder in DE
MasterBlenders, further consolidated its position in the global
coffee market with its acquisition of Keurig, having previously
acquired some of Mondelez#39;s coffee business.

In terms of the outlook for deal activity for 2016, the picture
remains less certain. Our most recent CFO survey indicated that
business confidence may be stalling over the sustainability of the
global recovery and the impact of uncertainty over the UK#39;s
referendum on EU membership amongst other potential economic
shocks. These factors have, in turn, appeared to have shifted CFOs
to adopt more defensive strategies.

However, there a number of more positive reasons why the
momentum in deal activity is likely to continue in 2016:

  • the relative decline in the strength
    of the Euro and Sterling against other major global
    currencies;
  • the presence of overseas buyers and
    private equity investors with significant war chests;
  • the attractive multiples being
    achieved by sellers at the moment.

On this latter point we would expect major companies to continue
to take the opportunity to divest non-core branded assets such as
Procter Gamble#39;s divestment of its international brands
to Henkel. Other such current processes include Mondelez#39;s
proposed disposal of its Philadelphia branded cream cheese business
and Two Sisters#39; planned divestment of its Fox#39;s biscuits
business.

Taking all this into account, 2016 offers the prospect of
another active year for MA in the Consumer Products sector,
with continued investor interest, particularly through the Asian
and US deal corridors into the European market.

Economic outlook – UK

  • In 2015, the UK economy put in a
    resilient performance with GDP rising by 2.2%, albeit down on the
    2.9% growth recorded in 2014 and with future growth indications
    tuned downwards to c. 2.1% in the Chancellor#39;s recent budget.
    While the 2015 performance represents the slowest rate of annual
    growth for three years, the UK still remains one of the fastest
    growing of the developed nations.
  • Continuing uncertainty over a
    potential Brexit, slowing global demand and volatility in financial
    markets remain a concern for the corporate sector, with the
    Deloitte CFO Survey showing that both business confidence and risk
    appetite are trending down.
  • UK consumer confidence, as measured
    by the UK GfK Consumer Confidence Index, recorded a promising
    increase in January 2016 recording a level of +4, however this had
    been pegged back to zero at the end of February 2016. Confidence in
    personal finance remained strong given the end to a six year
    squeeze on incomes, low interest rates and inflation having created
    a benign environment for UK consumers. However, concerns over the
    general economic situation over the next 12 months have eroded
    overall confidence levels, nonetheless the UK GfK Major Purchases
    Index remains positive at +12.
  • Unemployment remains at a ten-year
    low, falling again in December 2015. Wages continue to rise, albeit
    at a slower rate of 1.9%, down from the 2015 peak of 3.3%. With
    inflation at 0.3%, consumers should still feel a positive impact in
    their pockets. However, questions remain over why the strength of
    the job market has yet to translate into stronger and more
    sustained wage growth as well as how the introduction of the
    National Living Wage in April 2016 will impact on employment
    prospects for 2016, particularly given our expectation for many
    businesses to focus on productivity increases.
  • Inflation edged up to 0.3% in January
    2016, its highest rate for a year, driven by a lower decline in
    energy prices than in January 2015. However the consensus view for
    2016 is that inflation and interest rates will remain at a low
    level, which combined with low mortgage rates and intense
    competition in the grocery market, will continue to take pressure
    off consumers spending on non-discretionary items.
  • Borrowing costs also remain at a
    historically low level and through 2015 we saw a rise in unsecured
    lending and a decline in the savings ratio as consumers appeared
    happy to increase their personal leverage, borrowing more and
    saving less.
  • The outlook for 2016 is, on the
    whole, positive with GDP growth forecast to be at or near the same
    level as in 2015. However, some clouds remain on the horizon, with
    uncertainty over the ongoing strength of consumer spending coupled
    with the slowdown in growth in emerging markets, a potential Brexit
    and continuing volatility in the financial markets.

The #39;UK GfK Consumer Confidence Index#39; remained positive
throughout 2015 (ending at +2 in Dec-15, compared to -4 in Dec-14),
the first time it has done so since the start of the Consumer
Confidence Barometer in 1974. A strengthening UK job market,
continuing levels of low-inflation (with sharp falls in petrol
prices) and interest rates have boosted UK consumer confidence
about their own personal economic situation and the outlook for the
next 12 months. (see figure 1).

Improvements in discretionary income and consumer confidence in
short-medium term outlook drove the #39;UK GfK Major Purchases
Index#39; from +5 in January 2015 (then a seven-year high) to +7
in December 2015, with the number of shoppers agreeing that
now is a good time for people to make major purchases
such as furniture or electrical goods peaking in June 2015 and
August 2015 at +17. (see figure 2).

Improvements in real earnings (adjusted for tax and inflation)
continued with average household incomes in the UK back to
pre-financial crisis levels. Median household disposable income in
the UK rose to £25,700 in the year to Dec-15, up £1,500
from the year before and marginally above the £25,400
pre-recession level, according to the Office for National
Statistics figures. The new National Living Wage from April 2016 is
expected to deliver a further boost to pay packets; however, its
potential impact on employment levels remains uncertain. (see
figure 3).

Agri-commodity prices continued to decline in 2015, with the
decline in crude oil prices during the second half of 2015 being
the most prominent (close to 40% decline since the start of the
year). The continuing decline in prices seen in the early part of
2016 is likely to favourably impact consumer spending in 2016. (see
figure 4).

To read this Report in full, please click here.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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Report: Analysis Finds That Trump Has Given $0 of Personal Cash to Charity, Despite Claims Otherwise

Posted by admin on 05/02/2016 in Cash | Short Link
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Republican front-runner Donald Trump claims he’s given more than $100 million to charity over the last five years, but an analysis of more than 93 pages of charitable givings revealed that the billionaire did not actually once donate personal cash.

The analysis, which was conducted by the Washington Post, found that instead of actually donating personal cash, Trump cited free rounds of golf given away via auctions and raffles as his donations to charitable organizations.

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Business workshop at development center

Posted by admin on 05/02/2016 in Small Business Financing | Short Link
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The Inland Empire Small Business Development Center will host the Open for Business workshop where new and aspiring business owners can discover more about business planning methods, small business financing, legal forms, permits and more.

The event is scheduled from 9 to 11 am on Tuesday at the Hesperia Branch Librarys Community Room, located at 9650 Seventh Ave.

Pre-registration is limited and can be completed online at www.iesmallbusiness.com.

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Fintech Market Size: A Breakdown of the Basics

Posted by admin on 05/01/2016 in Small Business Financing | Short Link
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Bitcoin Technology Companies are Revolutionizing the Financial System! Download this FREE Special Report, Understanding Bitcoins: From Bitcoin Mining to the Bitcoin Rate.
How to capitalize on the growing market

The best way to respond to the rapidly growing fintech market size is by investing early in the fintech market. There are a wide array of companies operating in this space, targeting everything from payments and transactions to lending, which means that there is an option for virtually every sort of investor. By investing now, investors can ride the market’s natural growth curve, and profit widely before fintech sector growth settles into its long term market stride.

And, although investing in a disruptive technology market is an inherently risky venture, there are some smart ways to mitigate risk and maximize reward in the fintech market. Take Square (NYSE:SQ), for example, a register service is a full point of sale with tools for operating every facet of a business. From accepting credit cards and tracking sales and inventory to small-business financing, Square deals with it all. The company’s CEO is Jack Dorsey, who is best known for his role as co-founder and CEO of Twitter (NYSE:TWTR). With a strong management team and relatively lengthy experience in the fintech space (the company was founded in 2009, prior to the major fintech boom), this company might offer a stable option for risk-averse investors.

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