NatWest Group Plc bought back £1 billion ($1.29 billion) of its shares from the UK government as the Treasury continues to sell down its stake in the lender, Bloomberg News reported. The off-market purchase of 262.6 million shares brought the Treasury’s voting rights in the lender to about 11.4% from about 14.2% previously, according to a statement. The transaction is the first time that NatWest has done two directed buybacks in a twelve-month period.
Read more
United Kingdom
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
The Bank of England lowered its key interest rate, the first major central bank to move since Donald Trump’s election as U.S. president scrambled the outlook for the global economy, the Wall Street Journal reported. The BOE said Thursday it would reduce its key rate to 4.75% from 5%, its second cut in the past three meetings. The bank forecast that inflation will fall to its target in early 2027 after a short-lived rebound over the coming months. The decision was opposed by just one of its nine policymakers.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
The Bank of England is likely to lower its key interest rate on Thursday and at three further meetings next year before inflation settles at the central bank’s target, the National Institute of Economic and Social Research said Wednesday, the Wall Street Journal reported. In a quarterly report on the outlook for the U.K. and global economies, Britain’s leading economic research body said the annual rate of inflation will likely rise above 3% at the start of next year, from 1.7% in September.
Read more
Rachel Reeves’ big fiscal feast risks giving the Bank of England indigestion, Reuters reported. The new Labour finance minister’s decision to hike spending, taxes and borrowing in the budget will provide a short-lived boost to growth next year. But it will also reduce BoE Governor Andrew Bailey’s ability to cut rates and keep pace with his European and U.S. counterparts. Reeves’ plan to reduce economic slack but may leave Bailey without any of his own. Her budget will raise spending by 70 billion pounds a year until 2030, according to the independent Office for Budget Responsibility.
The office of Official Receiver is 140 years old this year, marking a history that has evolved from administering personal bankruptcies to overseeing major company liquidations and securing bankruptcy restrictions against people who pose a threat to the public through financial wrongdoing, according to a U.K. government release. The Insolvency Service has 16 Official Receivers based across 16 locations in England and Wales, who act as trustees in people’s bankruptcies and liquidate companies that have been wound up, with the backing of hundreds of support staff.