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UK’s Sunak says optimistic much of COVID loans to firms will be repaid By Reuters

© Reuters. FILE PHOTO: Britain’s Chancellor of the Exchequer Rishi Sunak arrives at the Foreign and Commonwealth Office

LONDON (Reuters) – British finance minister Rishi Sunak said on Friday that he was optimistic a lot of the emergency government-backed loans given to companies during the pandemic will be repaid.

“I remain optimistic that if we can actually drive our economic recovery forward then, we should be able to recover a lot of the loans,” Sunak told Sky News.

“Are some of those loans going to be written off? Absolutely. We’ve been very clear we won’t be able to say every single job, every single business.”

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This millennial tech worker is meticulous about saving, but his investment gameplan needs work

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He knows that, despite his budgeting, he could benefit from cutting down his food bill, which totalled $742 in the month Spent looked at his expenses. The bulk of that budget goes to groceries. Duke spent $286.66 over three trips to No Frills, $95.92 at Costco, $25.35 in two trips to Loblaw’s, $8.77 at Fortinos and an additional $100 at a local Chinese grocery store.

As far as the rest of his spending, he said he can’t make any other concessions. He only uses his car for transport — no ride sharing or public transit expenses appear in his monthly spending — and he spends just above $400 on insurance, gas and parking. His entertainment budget is light and so are his bills — $1,000 for rent, $42 for his cellphone and $15 for a gym membership.

Where he could stand to benefit from professional advice is

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Analysts are honing their Q3 GDP estimates—which will be released just days before the election

The good news is that recent estimates have the U.S. economy poised for a record rebound following last quarter’s depressing GDP figures.

The bad news is that 2020 is still on track to be a miserable year for the economy when it’s all said and done.

New projections are forecasting U.S. GDP to grow by around 20% on an annualized basis in the third quarter, as activity ramps back up following coronavirus-related lockdown measures that devastated the economy through the first two quarters of the year. 

Morgan Stanley is currently predicting a 21.3% spike in GDP this quarter, while financial data provider IHS Markit is estimating a 20.1% increase in the third quarter. Economists at S&P Global Ratings, meanwhile, forecast a jump of anywhere from 18% to 22%—depending on what kind of compromise Republicans and Democrats on Capitol Hill are able to reach on a new stimulus package. … Read More

Australia’s second-biggest city enters strict new coronavirus lockdown By Reuters

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© Reuters. FILE PHOTO: People are seen on the ground floor of an office building in Sydney

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By Colin Packham

SYDNEY (Reuters) – Australia’s second-biggest city Melbourne began the first day of a six-week total lockdown on Thursday with the closure of most shops and businesses raising new fears of food shortages, as authorities battle a second wave of coronavirus infections.

Shops were shut and streets were deserted in the city of about 5 million people, the capital of Victoria state, which reported 471 new COVID-19 cases and eight deaths in the past 24 hours.

Australia has now recorded about 20,000 COVID-19 cases and 255 fatalities, still far fewer than many other developed nations.

But the Victorian outbreak threatens to spill into other states. New South Wales reported 12 new coronavirus cases on Wednesday, taking the national tally to 483. There were no cases reported in other states

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The biggest threat to your portfolio right now is you

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In the face of all of this negativity, I’m often asked which factor poses the biggest threat to an investor’s portfolio. My response to this question is always unequivocal — the biggest threat is you, the investor. I would argue this is more the case now than ever: If an investor is not cognizant of the effect this negativity is having on their thought patterns, it can lead to dangerous and costly decisions.

The good news is there is a solution. It begins by trying to become a clear thinker by separating out the noise from what’s really important. The tough part though is it means unplugging from society’s daily programming, which can be very difficult to do.

Naval Ravikant, chairman of AngelList, offered some great insight on this challenge when he was interviewed recently by Joe Rogan on his podcast.

“Now it’s all diseases of abundance.

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How to get started if you’re opening your first bank account

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Managing your money without a bank account is doable. But it can pose challenges — and the COVID-19 pandemic has only added more.

Your economic impact payment might’ve arrived weeks or months after others’ did, in the form of a check or prepaid debit card, because you couldn’t choose the faster delivery option of direct deposit into a bank account. And if you’ve gone to the store lately, you may have been asked to pay with a debit or credit card or in exact change due to a nationwide shortage of coins and concerns over germ transmission.

A bank account can make life easier in these situations, among others. To avoid future issues, consider opening one — or try again if you’ve been rejected in the past. … Read More