Market could hit new highs by next year, says investment strategist
"We remain in a secular bull market," said Sanctuary Wealth chief investment strategist Mary Ann Bartels, who believes the S&P 500 could hit new highs by next year.
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The Independent
37 minutes ago
- The Independent
Popular fitness equipment recalled by Costco after more than 100 injuries reported
Nearly four million dumbbells have been recalled after more than 300 complaints were filed against the product, including over 100 claims of injuries. Users said they suffered 'concussions, abrasions, broken toes and contusions' from using the equipment, according to the Consumer Product Safety Commission (CPSC). The affected products - BowFlex 552, 52.5 LB Adjustable Dumbbells and BowFlex 1090, 90 LB Adjustable Dumbbells - are sold in Costco for over $800 along with a fitness stand and bench. There are an estimated 3,844,200 units, which are manufactured in China, in circulation. Johnson Health Tech Trading said it had received multiple reports of the dumbbells 'dislodging during use'. The model 552 dumbbells adjust from 5 to 52.5 pounds while the model 1090 adjusts from 10 to 90 pounds. The model and serial number are printed on a sticker located on the bottom of the molded plastic tray. The company said that customers who own the dumbbells should stop using them immediately and should seek a refund or a voucher. The equipment is also sold at Best Buy, Dick's Sporting Goods and online through Amazon. Johnson Health Tech Trading added that it is contacting all known purchasers directly. However, some gym-loving customers were infuriated by the recall. One X user wrote: 'You want me to send you the bases and handles for my 1090s, and I have to dispose of 180 pounds of plates on my own. Then you will send me a coupon for $20 off the $799 weights I just rendered useless? That sounds like a plan made by someone who attended Yale or Harvard.' Another added: 'Your recall is a joke. Forcing consumers to choose between losing significant amounts of money or their safety is patently unfair.' Customers can see whether their dumbbells are included in the selection being recalled on the U.S. Consumer Product Safety Commission website. 'BowFlex Inc. filed for bankruptcy protection in March 2024,' the CPSC statement reported by Fox Business said. 'Johnson Health Tech Trading has agreed to provide a remedy for the 552 and 1090 adjustable dumbbells sold by BowFlex Inc., (formerly Nautilus Inc.), prior to May 2024 as a part of this recall. 'For units sold by BowFlex Inc. (formerly Nautilus Inc.), consumers can request a refund in the form of a prorated voucher and a one-year JRNY digital fitness membership.'
The Sun
39 minutes ago
- The Sun
A guide to interest rates, fees and costs of equity release in 2025
DECIDING to take out equity release is a big decision, so being fully informed and understanding the costs is important if you're thinking of using this form of financing. Equity release is a way for homeowners aged 55 or older to access money. It either comes as a home reversion plan or a lifetime mortgage. 2 A home reversion plan involves selling all or part of your home in exchange for a lump sum or regular income, while living typically rent-free until you die or move into long-term care and your home is sold. The lifetime mortgage is the most common form of equity release, and is a loan secured against your property. Interest will be charged on any money released but, unlike other types of lending, you are not required to make any monthly repayments. You can choose to repay the interest and part of the outstanding balance, but this is subject to certain limits and early repayment charges may apply above a set value. If you don't choose to repay the interest, it will compound, and the amount outstanding will continue to increase. Once you die or move into long-term care, the initial amount you borrowed from your provider, plus any accrued interest will need to be repaid, usually from the sale of your home. The setup costs and applicable charges will vary depending on your circumstances and which plan is the most suitable for you. But to get an idea of what you could be charged, we've explained how interest rates and fees cost in more detail. 2 What is the interest rate on equity release? Just like other financing options - like a mortgage or credit card - the interest you'll pay on equity release is set by the provider. It's worth getting in touch with an equity release provider to check what rates are available to you. Any rate you are offered could be influenced by your circumstances, such as your health and age. Are equity release rates rising? Lifetime mortgage interest rate options also change frequently. Lenders tend to base their plans on Gilt rates, or UK government bonds. So, when the yield on UK government bonds goes up, lifetime mortgage rates can follow suit. Gilt rates are also linked to the Bank of England's base rate, which has fallen since August 2024. Some economists are forecasting further cuts in the future but for now, any changes to the market or fluctuation of rates remains pure speculation. Again, seeking the advice of an equity release adviser is crucial. It is worth noting that you can choose an equity release plan with an interest rate that is fixed for the duration of your plan, to protect you from future rate increases. If rates fall, then you can get in touch with an equity release adviser again to look at potentially moving plans if it's suitable for your circumstances at the time. Dangers of equity release EQUITY release can be a good way to unlock cash in retirement - but there are some dangers to consider, according to The Sun's Tara Evans. Interest rates on lifetime mortgages are around 5.5%, with some topping 8%. This means they can be more expensive than a traditional mortgage and you should always consider downsizing first. You could end up owing more than you borrowed, although it will never be more than the value of your home. Using equity release to take cash from your home will reduce the assets you have to pass on to loved ones when you die. It is a long-term commitment and you may be charged an early redemption fee that can be as high as 25% if you want to pay it off. Be aware that equity release could affect or stop your benefits. Always seek advice from a qualified equity release adviser. How does interest on equity release work? Some people will choose to repay the interest rate in order to stop it compounding. To provide some idea of how much you could pay, consider this example. If you took out a £50,000 loan at an interest rate of 6.5%, the annual interest charged would be £3,250. If you wished to repay the interest monthly, this would equate to £270.83 per month. If you decide not to repay the interest and choose to let it compound, £3,250 would be added to your outstanding balance and interest the next year would be charged at 6.5% rate on a £53,250 loan which is £3,461.25 for the year or £288.43 a month. You may prefer to make partial interest payments to suit your budget. Anything you choose to pay will help to limit the roll up of interest if you want to preserve equity in your property for care costs or to leave to your loved ones. An equity release adviser will provide an illustration of what interest will be charged on your plan, and how the interest will roll up if no payments are made. What is the cost of equity release? There are other costs to consider with a lifetime mortgage besides the interest, such as: Application or arrangement fee Much like applying for a mortgage, some equity release policies may require an application fee to start the process. If there is an application or arrangement charge, your equity release adviser will include this in the fee section of the illustration. Financial Advice No one can take out equity release without advice from a qualified adviser. Different companies can charge different advice fees. Age Partnership, for example, provide initial advice for free and without obligation. Only if your case completes would their advice fee of £1,895 be payable. Calculate how much you could unlock Legal advice You'll need a solicitor to take care of the legal paperwork when taking out equity release. Part of their service may include securing a legal charge against your property, which will allow your equity release provider to release your funds. Legal advice fees may vary on a case-by-case basis. Valuation fee In order to get an estimate of how much equity you can release from a lifetime mortgage, your lender will need an accurate valuation of your home. This needs to come from a professional valuation, and not an estate agent's verdict. Some lenders may not charge a valuation fee, for others, the fees may differ depending on the price of your home. Interest Of all these costs, your interest charges will likely be the most expensive. What you eventually pay in interest depends on a number of things, from how long you stay in your home to the rate charged by your provider. If your adviser recommends a lifetime mortgage, they will find the plan that best suits your circumstances and priorities and they will provide you with full details of the interest that would apply, and the specific terms and flexibility of your plan. What is the total set-up cost? According to MoneyHelper, a government personal finance guidance website, you can expect to pay between £1,500 and £3,000 to set up your equity release plan. That excludes any interest that will accrue. Will I be charged if I repay my equity release early? You could be charged an early repayment fee if you decide to repay the loan earlier than expected. These fees can be expensive, so it's important to explore all your options, as it may be more beneficial to make repayments and reduce the balance over time instead. Can I get free financial advice for equity release? As advice is required before proceeding with equity release, Age Partnership can help you find out more and if it could be right for your individual circumstances. Through their service, initial advice is provided for free and without obligation. Only if your case completes would an advice fee of £1,895 be payable. Other lender and solicitor fees may apply. You should be aware that equity release requires paying off any existing mortgage. It will also reduce the value of your estate and impact funding long-term care. Age Partnership is a trading name of Age Partnership Limited, which is authorised and regulated by the Financial Conduct Authority. FCA registered number 425432. Company registered in England and Wales No. 5265969. VAT registration number 162 9355 92. Registered address, 2200 Century Way, Thorpe Park, Leeds, LS15 8ZB.
Reuters
41 minutes ago
- Reuters
Canada's Competition Bureau suing DoorDash over prices, discounts
OTTAWA, June 9 (Reuters) - Canada's Competition Bureau said on Monday it was suing DoorDash and its Canadian subsidiary for allegedly advertising misleading prices and discounts. The bureau said in a statement that it found that consumers were unable to purchase food and other items at the advertised price on DoorDash's websites and mobile applications due to the addition of mandatory fees at checkout. The bureau said it was suing to stop DoorDash from what it called deceptive price and discount advertising. It is seeking a penalty from the companies and wants them to offer restitution to affected consumers.
