Daily Archive: August 7, 2020

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