Latest news with #economic uncertainty
Times
22-05-2025
- Business
- Times
Why Scotland is the best place in Britain to be middle class
The British middle class is being squeezed. That, at least, is one of the prevailing stories of our times. Real earnings have not risen since the financial crash almost two decades ago, while the price of property has soared. Many parents, for the first time in living memory, fear their children will be worse off than they are thanks to a combination of asset inflation, wage stagnation and wider economic uncertainty. Is this narrative as true for Scotland as it is for the rest of Britain? Is our middle class, despite higher income taxes for higher earners, sheltered compared with its English or Welsh peers? And why would Scotland's middle classes be faring better? Despite higher taxes for the better off, they can access more
Reuters
22-05-2025
- Business
- Reuters
Canada's TD Bank profit falls on hit from higher bad loan provisions
May 22 (Reuters) - TD Bank ( opens new tab reported a fall in second-quarter profit on Thursday, as the Canadian lender stockpiled money to cover for potential bad loans in an uncertain economic environment. The results from the country's second-biggest bank offer a glimpse into the impact of the tariff chaos on the Canadian economy. Trade uncertainty is expected to result in higher credit losses and weaker loan growth as sentiment takes a hit from the changing outlook. In the second quarter, TD's provision for credit losses jumped to C$1.34 billion ($965.5 million) from C$1.07 billion a year earlier. "TD delivered strong results this quarter, with robust trading and fee income in our markets-driven businesses as well as deposit and loan growth in Canadian Personal and Commercial Banking," CEO Raymond Chun said in a statement. "We are operating in a fluid macroeconomic environment," Chun said. TD is also undergoing a broad-based strategic review as the new leadership looks to simplify the business and turnaround the bank after its anti-money laundering problems. Chun, a longtime TD Bank executive, took the helm in February. Meanwhile, TD's wholesale banking arm - which houses its capital markets and investment banking businesses - reported record revenue of C$2.13 billion, a 10% jump from a year earlier. Uncertainty stemming from U.S. trade policy injected heightened market volatility, spurring trading activity as investors aggressively rejigged their portfolios. Among transactions in the quarter, TD Securities was the lead left bookrunner on the $13.1 billion secondary offering of Charles Schwab (SCHW.N), opens new tab shares by TD, one of the largest equity market deals ever. TD kicks off the earnings season for Canadian lenders, with rival big banks set to report their results next week. The bank posted adjusted net income of C$3.63 billion, or C$1.97 per share, for the three months ended April 30, compared with C$3.79 billion, or C$2.04 per share, a year earlier. TD shares have gained 17.5% this year, outperforming rival banks. ($1 = 1.3878 Canadian dollars)
