HSBC Sells French Loan Portfolio to Its Former France Subsidiary
The London-headquartered bank said its European unit had reached a preliminary deal to sell the portfolio, having already written down its value by €1.2 billion earlier this year, according to a statement. It did not announce a sale price.
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Yahoo
7 minutes ago
- Yahoo
One in eight high earners with no inheritance ‘trapped by financial outgoings'
One in eight (12%) people with a salary over £100,000, but with no parental wealth to fall back on, feel 'trapped' by their current financial commitments, a survey has found. More than two-fifths (44%) do not feel that they are able to comfortably meet their financial commitments each month, according to the research commissioned by wealth manager Killik & Co. Despite their high salaries, nearly a fifth (18%) of high earners in this group admit that their financial commitments are causing them stress and anxiety. Over a quarter (28%) said that the cost of supporting loved ones is reducing their financial savings while 26% said their own personal financial commitments are impacting their financial cushion. The most common monthly financial commitment, aside from household expenses and utility bills, was insurance (66%), including health, home and car cover. Nearly half (47%) of those surveyed have commuting costs, and 45% have private healthcare or other medical expenses. Over a third (36%) have credit card debt to pay. This group is also largely focused on the short term, the research indicated, with the majority (56%) thinking only a year ahead when planning finances and only 3% planning more than five years in advance. Will Stevens, head of wealth planning, Killik & Co said: 'A high tax burden, loss of free childcare, family dependants and mortgage costs all stack up and make it difficult for even those on the highest salaries to build up financial resilience. 'If they are not due an inheritance, it's clear even those on six figures and above are struggling to build up savings to ensure longer-term financial stability for their family. 'Provided money is managed carefully, this doesn't need to be the case. Upweighting pension contributions, managing salary increases and childcare support, and seeking financial advice to ensure your estate is well structured from a tax perspective, can all help high earners avoid the common traps which block them from accumulating wealth.' More than 2,000 people across the UK who are earning £100,000 or more and do not stand to inherit money from parents and whose parents cannot support them financially were surveyed by Censuswide for the research carried out in April and May. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNN
8 minutes ago
- CNN
In a deal with Trump, Europe gets an elusive agreement. But everyone's a little annoyed
Tariffs European Union Prescription drugsFacebookTweetLink Follow The United States and the European Union avoided the worst-case scenario: a damaging, all-out trade war between allies that threatened to raise prices on a large number of goods and slow two of the world's largest economies. The framework delivered a sense of relief for both sides – but few are cheering the arrangement itself. The agreement, which sets a 15% tariff on most European goods entering the United States, is higher than the 10% tariff Trump put in place on April 2 and significantly higher than the average of around 2% from before Trump's presidency. But it's significantly less than the enormous numbers Trump had been threatening if an agreement wasn't reached. A deal with the United States felt like an impossibility in late May. Frustrated by a lack of progress in negotiations with the 27-member European Union, Trump on May 24 told the world he was done talking to some of America's strongest allies. 'Our discussions with them are going nowhere!' Trump posted on Truth Social. 'I'm not looking for a deal,' he said later that day in the Oval Office. 'We've set the deal — it's at 50%.' The statement — and the shockingly high tariff threat — stunned European trade negotiators and rallied Europe's leaders into action. They quickly agreed to kick talks into high gear. Trump, who has taken a particular liking to European Commission President Ursula von der Leyen, was swayed after she called him to say the EU would commit to moving 'swiftly and decisively.' Trump soon backed off his threat and said negotiations would continue. But a deal between the United States and the European Union, one of America's top trading partners, had remained elusive for months. The two sides squabbled over America's insistence on high tariffs for steel and aluminum, looming tariffs on pharmaceuticals and the tariff floor for virtually all goods that the Trump administration appears set to raise to 15%. Negotiators were unable to come up with a resolution before the initial July 9 deadline — one of the reasons the Trump administration postponed the effective day for its 'reciprocal' tariffs to August 1. With just days to go before the extended deadline, while Trump was visiting Scotland, he met with van der Leyen and finalized a framework for an agreement — one that was thin on details, heavy on caveats, but was nevertheless a hard-sought relief for both sides. With the agreement in place, two of the world's largest economies avoided a potential economically crippling trade war. The United States held a 50% tariff threat over Europe's head, and Europe threatened America with strategic retaliatory tariffs that threatened to damage key US industries. Both sides appeared to embrace the fact that a deal was in place more than they celebrated it. 'We made it,' Trump said while announcing the deal with von der Leyen. 'It's going to work out really well.' 'I think we hit exactly the point we wanted to find,' von der Leyen said. 'Rebalance but enable trade on both sides. Which means good jobs on both sides of the Atlantic, means prosperity on both sides of the Atlantic and that was important for us.' Markets cheered, somewhat: Dow futures rose 150 points, or 0.3%, poised to open near record territory. S&P 500 futures gained 0.3% and Nasdaq futures were 0.4% higher. The United States and Europe 'seem to have avoided a self-destructive trade war for now in the biggest and deepest commercial and investment relationship the global economy knows,' said Jörn Fleck, senior director of the Atlantic Council's Europe Center. Nevertheless, the details remain murky. Europe will increase its investment in the United States by $600 billion and commit to buying $750 billion worth of US energy products. It eliminates tariffs on a variety of items, including aircraft and plane parts, semiconductors, generic drugs and some chemicals and agricultural products. Industries in the zero-tariff arrangement cheered. 'The zero-for-zero tariff regime will grow jobs, strengthen our economic security and provide a framework for U.S. leadership in manufacturing and safety,' Airlines for America said in a statement. But the 15% baseline tariff applies to most goods, so the EU member states – and American importers — will have to come to terms with the fact that higher tariffs will raise prices for European goods in America. 'Higher tariffs mean higher prices for US consumers—and that will seriously dent EU companies' bottom lines,' said Alex Altmann, vice president of the British Chamber of Commerce in Germany. 'EU companies aiming to stay competitive in the US market will think twice when deciding where to produce or assemble.' The agreement also deals another blow to Detroit automakers, which objected to a similar deal the Trump administration reached with Japan. The 15% auto tariff on EU cars imported to the United States undercuts the 25% tariff American automakers pay if their cars are built in Mexico. Although von der Leyen said pharmaceuticals were included in the early framework, she acknowledged that Trump may ultimately place higher tariffs on drugs imported to the United States, undercutting the agreement. Still, in the eyes of the hard-working negotiators — and for the sake of the global economy — a deal is better than no deal. Now comes the hard part: figuring out the details.
Wall Street Journal
9 minutes ago
- Wall Street Journal
Trump and the EU Dodge a Trade War
The U.S. and Europe stepped back from the brink of a trade war Sunday, as the two sides announced a deal that avoids tit-for-tat escalation that could do larger damage to both economies. President Trump and European Commission president Ursula von der Leyen announced the deal as a major event, but that's true only as a relief. Mr. Trump had threatened a 30% tariff on European Union goods, while Europe had armed for a retaliatory strike on U.S. aircraft, cars, poultry, steel and much more. Europe also could have fired a bigger bazooka that included limits on U.S. investment and a big tax on U.S. companies operating on the continent.
