Zürich (Business Emerge), October 9: Despite the growing presence of cashless payment systems, cash remains the dominant payment method for Swiss businesses, according to a recent survey conducted by the Swiss National Bank (SNB). Of the 770 companies surveyed, including retailers, public transport providers, service businesses, and cultural venues, 98% still accept physical money. Many companies attribute this to the resilience of cash during crises and its cost-effectiveness compared to digital payment methods. While public transport companies are gradually moving toward reducing their acceptance of cash due to the operational costs involved, such as handling and returning excess funds, cash…
Author: James Peterson
New York (Business Emerge), October 9: With mortgage rates showing a significant decline, many U.S. homeowners are now questioning if it’s the right time to refinance their home loans. According to recent data from the Mortgage Bankers Association, refinance applications surged by 20% in a single week, making up 56% of all mortgage applications. This rise indicates a growing demand for refinancing, as homeowners look for ways to cut costs. Despite the potential savings, refinancing is not without its challenges. The process can be complex and time-consuming, involving a significant amount of paperwork and fees. In fact, costs can range…
London (Business Emerge), October 9: Several leading pension funds have called on the UK government to revise its fiscal approach, encouraging greater investment in infrastructure and green technology. With Labour Party’s first budget due on October 30, under the leadership of Finance Minister Rachel Reeves, the funds hope for a more favorable environment that prioritizes sustainable economic growth. The UK government is also preparing to host a major meeting next Monday with international investors whose funding will be essential for future infrastructure projects. The move coincides with recommendations from Australian-based pension fund IFM Investors, which manages assets worth approximately $146…
Washington (Business Emerge), October 10: U.S. exchange-traded funds (ETFs) focused on dividend-paying stocks have seen a significant surge in inflows since the Federal Reserve began reducing interest rates last month. However, increasing U.S. Treasury yields could potentially slow down the wave of investor funds. In September, the 135 U.S. dividend ETFs tracked by Morningstar attracted $3.05 billion, coinciding with the Federal Reserve’s 50 basis point interest rate cut—the first such reduction since 2020. This figure stands in stark contrast to the average monthly inflows of $424 million seen during the first eight months of 2024. “The shift in monetary policy…
London (Business Emerge), October 7: Elliott Associates lost its appeal on Monday against a previous court ruling that dismissed their lawsuit targeting the London Metal Exchange (LME). The hedge fund had taken legal action after LME annulled billions of dollars in nickel transactions during a period of extreme market volatility. The LME cancelled $12 billion worth of nickel trades in March 2022 when prices surged to unprecedented levels, exceeding $100,000 per metric ton in mere hours of frantic activity. Elliott Associates subsequently sued the LME, but London’s High Court dismissed their case in November 2023. The Court of Appeal rejected…
Berlin (Business Emerge), October 7: Investor sentiment across the euro zone showed an unexpected increase in October after a three-month decline, according to a recent survey. Although dissatisfaction with the current economic situation reached its lowest point this year, optimism about future prospects provided a much-needed boost to morale. The Sentix index, which measures investor confidence in the euro zone, improved to -13.8 in October from -15.4 in September. This outcome exceeded analysts’ predictions, who had anticipated a decline to -15.9. The survey, which gathered responses from 1,150 investors between October 3-5, revealed a rise in future expectations, climbing to…
London (Business Emerge), September 5: British banks are ramping up their efforts to oppose potential tax increases, as the Labour government gears up for its first budget next month. The banking industry is worried that the government might turn to the sector to support the country’s public finances, according to high-level insiders. While Prime Minister Keir Starmer and Finance Minister Rachel Reeves haven’t explicitly stated that banks will face higher taxes, recent comments from Starmer about those with “broader shoulders” bearing more responsibility have raised concerns within the industry, sources confirmed. In recent years, banks have reported significant profits, benefiting…
New York (Business Emerge), September 5: A recent shift to a faster settlement cycle for U.S. securities in May 2024 has had a more significant impact on global financial markets than initially expected, with European institutions bearing the brunt of the challenges, according to a survey by Citigroup. The U.S. adopted a new T+1 settlement rule, reducing the time required for equities, corporate bonds, municipal bonds, and other securities transactions to be settled from two business days to just one. The transition, while intended to increase efficiency, has led to unexpected difficulties for a considerable number of market participants worldwide.…
New York (Business Emerge), September 5: As the U.S. Federal Reserve prepares to lower interest rates, the once-mighty U.S. dollar is losing ground rapidly, with the currency having fallen 5% from its peak earlier this year. The drop has brought the dollar to nearly a one-year low against other major global currencies, a significant decline driven by a sharp fall last month. The primary reason behind this downward trend is the anticipated reduction in U.S. interest rates. For years, the dollar benefited from a strong U.S. economy and persistent inflation, which kept interest rates well above those in other developed…
London (Business Emerge), September 5: The commercial insurance giant, Lloyd’s of London, reported a significant 26% increase in pre-tax profit for the first half of 2024, reaching £4.9 billion ($6.44 billion). The rise in profitability is largely attributed to its strategic avoidance of high-risk ventures and a disciplined approach to underwriting. Lloyd’s, a marketplace comprised of over 50 specialized insurance firms, underwrites a wide array of risks, from complex oil rig projects to safeguarding the health of professional athletes. The market has faced a challenging few years due to global events like the pandemic, geopolitical tensions, inflationary pressures, and a…