Jersey inflation rises to 2.6%, figures show
In December, the figure was 2.5% - a steep decrease since the historically high level of 12.7% in early 2023.
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The Sun
2 minutes ago
- The Sun
Major UK high street bank quits UN-backed net zero alliance as it says body ‘not fit for purpose'
A MAJOR high street bank has become the latest British lender to quit the Net Zero Banking Alliance, the bank said on Friday. Barclays argued that the departure of several global lenders has left it no longer fit to support the bank's green transition. Barclays' decision to quit the foremost banking alliance focused on tackling climate change follows on from HSBC and several major US banks. It also raises questions about the ability of the group to influence change in the sector going forward. The bank said in a statement on its website: "After consideration, we have decided to withdraw from the Net Zero Banking Alliance." It added that its commitment to be net zero by 2050 remained unchanged and that it still saw a commercial opportunity for itself and its clients in the energy transition. Earlier this week Barclays published the first update on its sustainability strategy in several years. It said the bank made £500 million in revenue from sustainable and low-carbon transition finance in 2024. Jeanne Martin, co-director of corporate engagement at responsible investment NGO ShareAction called the decision to leave the Net Zero Banking Alliance "incredibly disappointing and a step in the wrong direction at a time when the dangers of climate change are rapidly mounting." Barclays said the alliance was no longer fit for its purpose: "With the departure of most of the global banks, the organisation no longer has the membership to support our transition." The Net Zero Banking Alliance, a global initiative launched by the United Nations Environment Programme Finance Initiative, lists more than 100 members on its website - including leading international financial institutions. A spokesperson for the alliance said it remains focused on "supporting its members to lead on climate by addressing the barriers preventing their clients from investing in the net-zero transition." It comes after it was announced that Barclays is slashing interest rates on its popular Rainy Day for the third time in less than seven months. From August 4, the interest rate for balances up to £5,000 will fall from 4.61% to 4.36%. The Rainy Day Saver account, which offers easy access to funds, has been a favourite among Barclays ' 20 million customers. It is designed for balances up to £5,000, with savers earning the higher rate on the first £5,000 – currently 4.61%. Savings above this threshold earn just 1% interest, but customers benefit from instant access to their money at any time. At the current rate, holding £5,000 in the account would earn you £230.50 in interest over 12 months. However, when the rate drops to 4.36%, this will fall to £218 - a loss of £12.50 per year. Once boasting a competitive 5.12% interest rate earlier this year, Barclays has steadily chipped away at its appeal. In February, the rate dropped to 4.87%, followed by another cut in April to 4.61%. In February, the bank reduced the rate to 4.87%, followed by another cut in April to 4.61%. Now, just months later, rates are set to drop again, leaving savers questioning whether to stick with the account or explore better options elsewhere. How Barclay Card Changes Could Affect You ANALYSIS by Consumer Reporter, James Flanders: Barclaycard's change to its credit card repayment structure sounds great if you don't dig into the details. After all, Barclaycard says it's "making the changes to give you greater flexibility each month". In practice, it means that if you can't afford to pay off your balance in full at the end of each statement period, you can repay much less under the minimum repayment option than you have done previously. If you only pay the minimum amounts on occasion, this is super useful. But if you rely on this type of repayment plan in the long term, it could will cost you hundreds of pounds extra in interest. It could also negatively affect your credit file as it'll take you much longer to clear your debt. More interest will be applied to your outstanding balance, too, as less is paid down each month. For example, if you have a balance of £5,000 on a Barclaycard at 24% interest, where you only make the minimum payments and don't spend on the card. Under the old "2.5% of the balance plus the interest charged" rule, it would take around 14 years to clear the balance. In total, you'd expect to pay about £3,500 in interest. But with the new "1% of the balance plus the interest charged" calculation, it will take over 30 years to clear the same balance. You'd then end up paying a whopping £8,500 in interest. Before taking out a new credit card or increasing the amount you borrow, it's vital to consider the consequences. You should only borrow money if you can afford to pay it back. It's always vital to ask yourself if you actually need to borrow before committing to a new credit card, personal loan or overdraft. If you use a credit card, I'd recommend that you always pay off your balance in full at the end of each statement period. Lenders have a responsibility to help customers who are in debt. If you're in a debt crisis, your first point of call should be your lender. They might help you out by offering you a reduced interest rate or a temporary payment holiday - so check in with your lender if you're struggling.
Daily Mail
32 minutes ago
- Daily Mail
Man United prepared to take MASSIVE HIT on Rasmus Hojlund this summer as they continue pursuit of Benjamin Sesko - just two years after signing the Dane for £72m
Manchester United have opened the door to selling Rasmus Hojlund for £30million – two years after he joined the club in a deal worth up to £72m from Atalanta. United want to sign a new striker this summer and are involved in a tug-of-war with Newcastle over RB Leipzig centre-forward Benjamin Sesko. It has cast doubt over Hojlund's future at Old Trafford, with United ready to take a massive hit under profit and sustainability rules. The initial fee when the Denmark international signed in 2023 was £64m and he is two years into a five-year contract, so his book value should be around the £45m mark. Hojlund has been linked with a return to Italy and as a possible replacement for Sesko at Leipzig, but would prefer to stay at United. 'I think my plan is very clear and that is for me to stay and fight for my spot whatever happens,' he said after scoring in the 4-1 win over Bournemouth on the club's US tour in Chicago earlier this week. However, United need to sell players to help pay for new signings and manager Ruben Amorim was unable to give any guarantees over Hojlund's future, saying: 'I am really happy with Rasmus, but I don't know what is going to happen until the end of the market.' Hojlund has scored 26 goals in 95 games for United, but hit the net just four times in the Premier League last season. The club have decided to bring in a new striker this summer after spending more than £130m on Matheus Cunha and Bryan Mbeumo who will make his debut against Everton in Atlanta on Sunday night.
Times
32 minutes ago
- Times
Trump's ‘biggest deal ever' is no such thing, but I have faith in Europe
European funds and shares jumped for joy when the American president, Donald Trump, announced he had agreed 'the biggest deal ever struck by anybody' with the European Commission president, Ursula von der Leyen. Unfortunately, the euphoria proved short-lived, as markets realised that this new deal means most companies in most countries will collectively pay billions more tax to trade in the world's biggest economy. However, slashing tariffs from 30 per cent to 15 per cent on most exports to America represents a substantial improvement on earlier fears. Closer to home, the British prime minister, Keir Starmer, also met Trump at one of his Scottish golf courses to — among other things — tee up American import taxes set at 10 per cent for our cars and zero for aircraft engines, which Starmer hailed as safeguarding our world-class automotive and aerospace industries. Coming down from the clouds of global politics and macroeconomics, this small, long-term DIY investor is glad I ignored many pessimistic predictions elsewhere to keep faith with British and continental funds and shares. This year's stand-out winner so far is a little-known London-listed investment trust, whose share price has soared 60 per cent since March. That's when I paid 53p for Seraphim Space Investment Trust (stock market ticker: SSIT) shares, as reported here at that time. They traded at 85p at close of play on Friday. One stellar attraction of this £239 million space technology fund is its focus on defence companies listed in Europe. These businesses are benefiting from increased demand from continental countries since America warned that everyone must pay more for our own security in future. But Seraphim's chief executive, Mark Boggett, emphasised that extraterrestrial technology can also have more peaceful applications. He told me: 'Satellite-driven weather forecasts are increasingly vital to modern agriculture, providing real-time, precise data that helps farmers make smarter decisions about planting, irrigation, pest control and harvesting. 'By reducing the uncertainty of unpredictable weather, these forecasts improve crop yields, enhance resource efficiency and build resilience. a Seraphim holding, is building its own satellite constellation to derive truly global data, enabling hyperlocal and highly accurate short-term weather forecasts. • A robot surgeon? I'll put my money on that 'These have achieved some impressive savings: 20 per cent less crop loss due to unexpected freezes or hail, and $41 saved per acre in wasted irrigation costs.' Less happily, bad weather in west Africa hit the cocoa harvest, pushing up the price of this commodity and hurting profit margins at the Swiss chocolate-maker Barry Callebaut (BARN). You might never have heard of this wholesaler but you have probably eaten its products, which are sold by better-known retailers such as the Cadbury-owner, Mondelez (MDLZ), and the KitKat-maker, Nestlé (NESN). The world's biggest chocolate-maker provides another example of how it can pay to be sceptical about talk of trade wars and instead believe that commercial relations will continue, despite shocks along the way. Barry Callebaut shares I bought for 766 Swiss francs in April now cost SwFr1,008. This is an increase of 31 per cent in little more than three months, which tastes sweet enough to me. On a sour note, Adidas (ADS), the German sports goods group, said Trump's tariffs would add €200 million to its costs because it makes 30 per cent of its trainers in Vietnam. That tripped up the share price, which plunged 18 per cent last week, causing this stock to fall out of my top ten. Ouch! • FTSE 100 slides as markets retreat on new Trump tariffs Higher taxes are bad for business, whatever opponents of free trade may say, because they transfer wealth from consumers and shareholders to governments. This explains why shares in the Dutch brewer Heineken (HEIO) slipped 7 per cent on Monday, despite it reporting higher than expected profits. Dolf van den Brink, the chief executive of the business, whose brands also include Amstel and Foster's, pointed out that the beer it exports from Mexico to America continues to face 30 per cent tariffs. He said Heineken is considering shifting more production to America, adding: 'We look at all options from continuing with our current set-up, a more hybrid version, or otherwise.' Amid all that anxiety and uncertainty, Heineken looks a bit hungover. But shares I bought for €45 in January 2014 were trading at €60 on Friday, yielding 3.2 per cent dividend income, so I intend to retain a glass half-full view of this global business. Similarly, easily my biggest European shareholding is the Paris-listed Franco-Italian firm EssilorLuxottica (EL), which makes a third of all the optical lenses on this planet. Its best-known retail brands are the American sunglasses makers Oakley and Ray-Ban, which now offer artificial intelligence-enhanced eyewear via a joint venture with the Facebook and Instagram owner, Meta Platforms (META). Sales of more than two million smart glasses since October 2023 suggest EssilorLuxottica is succeeding where earlier attempts at wearable technology failed. Google Glass, internet-enabled specs from the technology giant Alphabet (GOOGL), were largely withdrawn a decade ago and discontinued completely in 2023. • A 20% return in 4 months? I'm riding the investment trust wave But Oakley and Ray-Ban models, such as the classic Wayfarers, spare customers the embarrassment of feeling conspicuous and sales are rising strongly. While I have no wish to see share prices flashed up before my wondering eyes, this baby boomer likes the sound of discreet hearing aids, hidden away in stylish shades or spectacles. Either way, EssilorLuxottica shares I bought for €96 in March 2019 were coming through loud and clear at €259 on Friday and are now my fourth-most valuable holding. It all goes to show why it can pay to look through short-term fears and instead invest in long-term hopes that international trade will eventually return to something nearer business as usual. Even world-leading European healthcare companies cannot guarantee that shareholders will always enjoy healthy returns. Novo Nordisk (NOVO), the Danish pharmaceutical firm that was first to obtain authorisation for weight-loss wonder drugs, suffered a 25 per cent share price shrinkage last week. A profits warning wiped €60 billion off what had been Europe's most valuable company. Sad to say, there may be worse to come as Novo struggles with American tariffs, copycat drugs and the risk that it could become collateral damage in Trump's improbable bid to take over Greenland, which is a protectorate of Denmark. Yes, really. Mr Market is a manic depressive at the best of times, lurching from excessive exuberance to the depths of despair, and the drugs don't help. Despite the widespread popularity of Ozempic and Wegovy flab jabs, Novo has lost 66 per cent of its stock market value over the past year. What a downer! Fortunately, I first invested more than four years ago, when few Brits had heard of this business, paying 254 Danish krone per share in June 2021, allowing for a subsequent stock split. Then I sold a five-figure parcel at DK926 last August, as also reported here at those times. They fetched just DK309 on Friday. This raises the important point that it is never too soon to take a profit. If nothing else, we need to turn paper gains into real ones to compensate for losses elsewhere. Another Danish pharma firm, Bavarian Nordic Research Institute (BAVA), where I paid DK258 last August, had slumped to DK123 before it recommended a takeover bid at DK233 on Monday. We can't win them all. Full disclosure: Ian Cowie's shareholdings
