Traffic Alert: Watertown's Snell Street & Jefferson Street
Jefferson Street will be undergoing a road work project that will close off the road between Mechanic Street and High Street.
Snell Street will be closed for a sewer work project that will close the road between Morrison Street and Leray Street.
Both projects were slated to begin at 8 a.m., but the roads would be re-opened by the end of the day.
Motorists are asked to seek alternate routes or to use caution if having to travel through both areas for the duration of the project.
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Yahoo
6 days ago
- Yahoo
If someone had invested £5,000 in Lloyds shares a week ago, they would have made…
Last week was a great time to own Lloyds (LSE:LLOY) shares. The British banking giant saw its market cap surge more than 10% on Monday following the long-anticipated court ruling relating to the motor financing mis-selling scandal. And while a bit of profit-taking activity followed, the share price has still broken through and remained above the 80p threshold for the first time since 2015. As such, anyone who put in £5,000 right before this bump is now sitting comfortably on around £5,326 – not bad for a single week. But with such a massive cloud of uncertainty now lifted, could Lloyds shares be on track to climb even higher? What happened? As previously mentioned, the main catalyst behind this boost stems from the Supreme Court's favourable ruling. It concluded that car dealers do not owe fiduciary duties to customers and that the payment of commissions linked to car finance from banks like Lloyds isn't inherently unlawful. So, is Lloyds off the hook? Not quite. The Financial Conduct Authority is still proceeding with a targeted redress scheme to compensate car buyers who were impacted by discretionary commission arrangements. This is where car dealers would earn a higher commission by charging a higher interest rate. But with an estimated compensation of £950 per customer, the £1.2bn that Lloyds has already put aside is expected to cover the bulk of its exposure. Time to consider buying? With the threat of a massive legal penalty now eliminated, investor sentiment has improved significantly. And the analyst team at Goldman Sachs subsequently upgraded its Lloyds share price forecast to 99p. That's around 23% higher than current levels. And if accurate, would grow the previous £5,000 investment even more to £6,550. Of course, forecasts need to be taken with a pinch of salt. Goldman's projection is based on Lloyds delivering 8% annual core revenue growth between 2024 and 2027. It also depends on management successfully delivering on its target of 13.5% return on tangible equity. The favourable banking environment certainly makes this possible, especially now that the legal risk has reduced drastically. However, that doesn't guarantee Lloyds shares will be a winning investment. The bank's performance is ultimately tied to the state of the British economy. A sudden or even gradual slowdown could reduce lending demand as well as send borrower default rates in the wrong direction. Lower interest rates should help spark demand, particularly for mortgages. But if there's an insufficient volume of new loans, Lloyds could struggle to offset the drop in expected interest income. In such a scenario, Lloyds will likely fall short of Goldman's growth expectations. The bottom line One of the biggest risk factors surrounding Lloyds appears to now be in the rearview mirror. It comes as a major relief to shareholders who are now able to focus more on the underlying fundamentals rather than the legal landscape. And with the shares trading at a relatively modest price-to-earnings ratio, continued performance could help elevate the share price further and support the 4.1% dividend yield. Lloyds shares are unlikely to skyrocket, so growth investors are probably better served considering stocks elsewhere. But for more conservative income-seeking individuals, Lloyds shares could now be worth mulling over. The post If someone had invested £5,000 in Lloyds shares a week ago, they would have made… appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool Zaven Boyrazian has no position in any of the shares mentioned. The Motley Fool UK has recommended Lloyds Banking Group Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025 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
Yahoo
08-08-2025
- Yahoo
Car finance payouts could reach £18bn. Here's what you need to know
The Financial Conduct Authority (FCA) has said it will consult on a compensation scheme for motorists caught up in the UK car finance scandal. In a statement released on Sunday, the City regulator said its review of the past use of motor finance "has shown that many firms were not complying with the law or our disclosure rules that were in force when they sold loans to consumers". The move follows a crucial Supreme Court ruling issued on Friday, in which the court largely sided with lenders, allowing them to avoid paying out as much as £44bn in compensation. Read more: Gold price forecast raised to $3,500 for the next three months Instead, the FCA said the collective compensation pot could be much smaller, ranging between £9bn and £18bn. The long-running saga has weighed heavily on the stocks of the most exposed players, including Lloyds (LLOY.L), which previously said it had put a further £700m aside for motor finance commission remediation costs. The bank's shares spiked on Monday, following the news that collective payouts for lenders would potentially be much smaller. Another impacted lender is Close Brothers (CBG.L), which had previously said it would set aside up to £165m in the first half of its financial year for motor commission costs. Here's more detail on what you need to know about the scandal. How did it come about? The City watchdog, the FCA, started looking into commissions in the motor finance industry in 2017. The FCA then launched a consultation on the use of discretionary commission arrangements (DCAs) in 2019. DCAs were a type of commission model received by some car retailers and motor finance brokers, which was linked to the interest rate that customers pay. This meant that the broker could effectively set the interest rate and the FCA said this created an incentive to sell more expensive credit to some customers, acting against their interests. As a result, the FCA banned DCAs in 2021, a move which it said would save customers £165m a year. In January 2024, the FCA then launched a review of historical motor finance DCAs, to understand if there was any misconduct related to this type of commission before the 2021 ban. In addition, the review has also sought to understand if consumers have lost out and if so, what the best way would be to ensure they receive appropriate compensation. However, a Court of Appeal ruling in October broadened the scope of the issue to any car finance commissions. The court found it illegal for dealerships to receive commissions on car finance deals without securing 'fully informed consent' from buyers. It is feared that the landmark ruling has paved the way for a multibillion-pound redress scheme. Read more: Europe's most expensive city revealed, as living costs near £3,500 per month In December, the Supreme Court granted Close Brothers (CBG.L) and South African financial services firm FirstRand ( permission to appeal the October ruling. The Financial Times reported in January that the Treasury had submitted an application to intervene in the case, saying in a letter that it had the "potential to cause considerable economic harm and could impact the availability and cost of motor finance for consumers." However, the Supreme Court said it had refused the Treasury's application to intervene. Then came Friday's ruling, which has helped clarify some issues related to the scandal, but also raised more questions. What next? The FCA will propose rules on how lenders should fairly and efficiently decide whether someone is owed compensation and how much. The regulator has estimated that most individuals would probably receive less than £950 in compensation per agreement, but the final design of the scheme has yet to be completed. The consultation will launch by early October and, upon agreement of the compensation scheme, the first payments should be made in 2026. The FCA urged consumers who were concerned that they were not told about commission and may have paid too much for their motor finance to complain immediately to their lender or broker. Full details of the information consumers need to provide can be found on the FCA's website. People who have previously complained don't need to take any action. Read more: Did the Genius Act just kill the UK's crypto dreams? Defence companies post strong results as UK investors back the sector over AI The most affordable market towns for first-time buyersError 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
07-08-2025
- CNN
Trump EPA proposes revoking pollution limits based in part on document authored by 5 climate contrarians
In one of its most significant reversals on climate policy to-date, the Trump administration on Tuesday proposed to repeal a 2009 scientific finding that human-caused climate change endangers human health and safety, EPA Administrator Lee Zeldin announced. If successful, the repeal could strip away the federal government's most powerful way to control the country's planet-warming pollution and fight climate change. The repeal was based in part on a hastily produced report — authored by five researchers who have spent years sowing doubt in the scientific consensus around climate change — that questions the severity of the impacts of climate change. The 2009 scientific finding at the heart of this repeal has served as the basis of many of the Environmental Protection Agency's most significant regulations to protect human health and environment, and decrease climate pollution from cars, power plants and the oil and gas industry. Zeldin on Tuesday spoke proudly of his agency's move to repeal the endangerment finding as the 'largest deregulatory action in the history of America,' speaking on 'Ruthless,' a conservative podcast, and referred to climate change as dogma rather than science. 'This has been referred to as basically driving a dagger into the heart of the climate change religion,' Zeldin said. In addition to reversing the endangerment finding, the EPA's proposal also seeks to repeal rules that regulate greenhouse gas emissions from vehicles, since they stem from the finding. The Biden EPA sought to tighten those standards to prod the auto industry to make more fuel-efficient hybrids and electric vehicles. The text of the proposal said that while greenhouse gas emissions have continued to rise in the atmosphere, it has been 'driven primarily by increased emissions from foreign sources,' and has happened 'without producing the degree of adverse impacts to public health and welfare in the United States that the EPA anticipated in the 2009 Endangerment Finding.' The US is the world's second largest emitter of greenhouse gases, and historically has emitted more planet-warming pollution than any other country. Many rigorous scientific findings since 2009 have showed both climate pollution and its warming effects are not just harming public health but killing people outright. In the nearly 16 years since the EPA first issued the Supreme Court-ordered endangerment finding, the world has warmed an additional 0.45 degrees Celsius (or 0.81 degrees Fahrenheit) to 1.4 degrees Celsius, according to climate scientist Zeke Hausfather. Numerous international and US scientific findings have found 'increasingly incontrovertible evidence' that humans are causing this warming by burning oil, gas and coal. Even that fraction of a degree, when spread across the planet, has had an enormous impact on our weather, water and food systems. The world is at a dangerous threshold with individual years, including 2024, already exceeding the 1.5-degree guardrail laid out in the Paris Agreement — the point at which scientists believe the effects of climate change will likely be near impossible to reverse. Many climate scientists no longer believe the long-term target of 1.5-degrees is achievable, as fossil fuel pollution continues and the world heads closer to 3 degrees Celsius of warming during this century. Zeldin said during the podcast he believes the scientific finding that climate change threatens human health was a guise used to attack polluting industries, and that the human health finding was 'an oversimplified, I would say inaccurate, way to describe it.' The Trump administration commissioned the new report on climate change and climate science in conjunction with its proposed regulatory repeals, Energy Sec. Chris Wright announced during a Tuesday afternoon press conference. The document calls into question the seriousness of climate impacts and informed EPA's repeal of the endangerment finding, according to the proposal. Wright's Energy Department recently hired three prominent researchers who have questioned and even rejected the overwhelming scientific consensus on human-caused climate change, CNN previously reported — John Christy and Roy Spencer, both research scientists at the University of Alabama at Huntsville, and Steven E. Koonin of Stanford University's Hoover Institution. Christy, Spencer and Koonin are on the byline of the DOE report, along with Canadian economist Ross McKitrick and Georgia Tech professor emeritus Judith Curry — also considered to have opinions on climate change that contradict the scientific consensus. The group took around two months to complete the report. Wright said climate change 'is a real, physical phenomenon' that is 'worthy of study' and 'even some action.' 'But what we have done instead is nothing related to the actual science of climate change or pragmatic ways to make progress,' Wright said. 'The politics of climate change have shrunk your life possibilities, have put your business here at threat.' Hausfather told CNN he was 'surprised' this would be released as an official publication, and said it was notable the Trump administration had selected 'five authors who are well known to have fringe views of climate science' to author it. 'It reads like a blog post — a somewhat scattershot collection of oft-debunked skeptic claims, studies taken out of context, or cherry-picked examples that are not representative of broader climate science research findings,' he said. 'The fact that this has been released at the same time that the government has hidden the actual congressionally mandated national climate assessments that accurately reflect the science only further shows how much of a farce this is.' And Hausfather strongly pushed back the idea that the scientific record shows anything other than climate change presenting danger to humans. The findings of international climate scientists have been reaffirmed in the fourth and fifth US climate assessments, the former of which was released during the first Trump administration. 'Both the scientific certainty around climate change and evidence of the dangers it is causing have grown stronger since 2009,' he said in an email. 'There is no evidence that has emerged or been published in the scientific literature in the past 16 years that would in any way challenge the scientific basis of the 2009 endangerment finding.' Global warming is supercharging extreme weather events such as heavy precipitation, heat waves and wildfires. It is making these extremes more likely, intense and in some cases, longer-lasting. 'These changes in climate have moved out of the domain of pure science into the domain of everyday life,' said Phil Duffy, a climate scientist and former Biden official in the White House Office of Science and Technology Policy. Duffy, who lives in California, said he can now only buy wildfire insurance through the state insurer of last resort — a reality for many Californians as wildfires are increasing in size amid hotter temperatures. 'The evidence (in 2009) was overwhelming, but it's even stronger now,' he said. This story has been updated with additional information. Rene Marsh contributed reporting.
