19 Burst results for "Lloyds Banking Group"

"lloyds banking group" Discussed on Talking Cancer

Talking Cancer

05:34 min | 1 year ago

"lloyds banking group" Discussed on Talking Cancer

"To pharmacist. Availability some really useful. Tips from rue des. Now one of the wonderful reasons why matt millen is able to do this. Please wonderful things that you mentioned is because you work in partnership with a number financial organizations to support customers. He may be impacted financially following the concert diagnosis. What can these partnerships that you guys. I know works so hard to maintain and and to create. What can they offer for people living with cancer while we're really proud of all partnerships and particularly our partnerships with some of our biggest banking partners so for example the lloyd's banking group. This is a really fantastic partnership that helps us get help to people with cancer as soon as possible when they end to the bank so this is a dedicated team at lloyds banking group not to refer people with cancer to macmillan support line so as soon as they come in and show that they've had this considine gnosis all that struggling with whatever it may be whether that be debt all their mortgage all potentially losing their income the partners at lloyds banking greet notre refer than over to was and we can help them through it we've got partnerships as well for example with scottish widows and we know that people with khansa sometimes struggle to get their insurance paid out when they need to so again all brilliant macmillan nurses work with scottish widows to ensure that we can verify the claims and get that those insurance claims paid out was quickly as possible. Won't you've talked about that. From from lloyd as an incredible setup all that any other partnerships for those people listening who don't pops back with lloyd's yes. If you bank with the nationwide building society you can call and speak to the specialists support team and the service can help you if you've got money problems or if you're struggling to keep your mortgage loan or credit card repayment and similarly if you've got a bank account a mentioned lloyd's but also how the fact some bank scotland you can speak to that dedicated cancer support team and ellen show that they can help you with whatever questions that you've got an all of the numbers and all the details of operating partnerships are on the financial support and corona virus page of our website. They're always through this. Just you know. Just make sure that you pick up the phone and speak to somebody. That's me. I love that partnership with lloyd's it's just it's so banks can be scary the best of times but with a cancer diagnosis and going through what we're going through at the moment. It's an absolute lifeline. To know about that partnership that there's a lot of information and and i guess for some people listening it's all good information but it might be quite nerve wrecking about. If you've just been recently diagnosed where do you start And if you have been affected financially how do you. How do you start doing that. How'd you start organizing and planning your finances during this time. What's your best advice. 'have course and it's such a anxious time for people with cancer when they get that diagnosis a million things going through people's minds whether that a tweet men all work or where to start so i'd encourage anyone who's listening to take the time to know that mcmillan's there but also to know that there's lots of steps that they they can take so You could start. I completely budgets. Really having a good understanding of what's coming in Money wise but also. What's going out that would put you in a radi. Good position to start having those conversations whether that be with your buying coal with macmillan to help you understand what type of support is out there you could check your insurance and what insurance protections that you've got of course you can contact your bank..

lloyd cancer matt millen scottish widows macmillan lloyds banking ellen mcmillan
"lloyds banking group" Discussed on Sustainability Champions

Sustainability Champions

30:25 min | 1 year ago

"lloyds banking group" Discussed on Sustainability Champions

"Carbon that we financed by time. And so in order to meet that Target, you know, we're really Keen to work with with green businesses. But but also, you know, we've got a lot of clients on our books already and we like to see yourself as more than just, you know, that bank provides them alone. But but really their kind of trusted advisor that they come to talk about their business strategy and the kind of themes and and different priorities wage. Facing them as a business and sustainability is one of those growing themes. So we try to pay our part in providing insight and and helping them consider the different risks and opportunities that may face off business. That's awesome. How did you actually get started in the sustainability field? What was sort of that moment where you realize like, this is interesting to me or this is what I want to do. Yeah, so this is a pretty new role for me. But to be frank if it's a dream role. I'm thrilled to be able to follow one of my passions as part of my my work life. That's also and until recently sustainability was more of a personal passion of mine. I was that annoying person always reminding friends and families to you know, bring their reusable coffee cup and took opening buying second-hand but I think with the growing focus on sustainability in the media thanks to the likes of gratitude bag and David Attenborough is becoming far more business days for businesses T. And I noticed that annoys we were doing quite a lot in this space. And so I made a really personal goal of mine to try and transfer into that part of the Great where I could utilize the experience. I already had had within the various parts of the Commercial Bank over the last few years, but really focusing on my passion and my purpose around sustainability. That's really cool. I think that's that's a it's a great job. Way to do it, you know if you see an opportunity if you're interested in sustainability for instance or really in any topic, obviously this podcast is about sustainability. So that's what we talked about. But yeah, so if you see an opportunity and sustainability, it's so cool to be able to transfer into that especially if you know the way that the business works and you're able to take that knowledge and just go into a new Division and strife applying what you already know. And also what you're interested in. I think that's a really really cool way and it probably why would imagine it it it's really exciting to actually go to work and off and know that you're making a difference that matters to you exactly at that whole purpose piece. You need to make sure that you know, you're getting that when you get up in the morning so luckily for me. I definitely have that bulb. That's awesome good for you with Lloyds Bank one of their one of your big kind of slogans is this idea of financing a green future wage? So and I think you've already touched on this but it'd be really interesting to hear a little bit more about what exactly that means in terms of how Lloyds is financing a green or gray near future. Yeah. That's a that's a really great question. But I think before we get into that it's probably worth setting a bit of context on sustainability as a as a topic and that's right because I'm sure you know you and your listeners know it's a topic that's been really growing and momentum over the last few years and and even over the last few months. We've really seen it around Park this month. You've all been very fast-moving but effectively what we've seen is is as that topic has growing momentum the public from across the world are demanding change and and confirm, is a daunting more from the businesses they buy from and at the same time the UK government has declared a a climate emergency and has committed to aim for NetZero initial. And and that's what implications but all clients as they face into the changes to their business models to their markets and even new regulations that will come into Force home. And so with that in mind supporting the transition to a sustainable low-carbon economy is one of our strategic priorities and Lloyds banking group, especially given all unique position at the Home of Economy and our purpose of helping Britain Prosper economically and socially and environmentally now, you know, that being said, I'm mindful that will operate with some pretty unusual times and and businesses today have got a lot on their plate over and above just sustainability. You know, many businesses are just fighting to stay afloat and Thursday. Our vision is had to shift a little bit to instead focus more on helping Britain to recover from the pandemic but you know with all of that in mind, it's still worth noting that yep. Weekday is intrinsically linked to the UK economy and the UK still has a legally binding commitment to deliver Net Zero by 2050. And so we always do really well as the payoff part in helping get a transition to that low-carbon future that we need and that's why earlier this year. We announced that new ambition to accelerate working with customer and and the market to help reduce the carbon emissions be financed by more than 50% by 2030 and and that's really important because Financial Services can be a real part of the solution and annoys, you know, we can do so in a really meaningful Way by paying to our strengths and focusing on what we know and what they're good at and that's fine. As long as the biggest Commercial Banking EK we collected our clients and use that liberal of Finance to bring about change and make a real difference to further your business customer. But also the communities that they start and we know that we can only really achieve our Ambitions by working alongside our strategic partners and UK government and that's why I'm back in a few weeks ago. We joined with over 200 other businesses to support the call to ensure that the economic recovery plans aligned with the UK is wider environmental goals. And I think when you think about sustainability the UN sustainable development goals a really great framework to think about the changes that we need to bring about in the future. And in order to gain those girls or even just you know, the UK's transitions Net Zero and twenty fifty. There are a number of different projects that need to be delivered to meet those goals and those projects require financing and financing is what we do. So we always have got a big part to play in making that green Vision a reality by working with businesses that are helping to transform. A economy into that cleaner Greener wine, but also 3:00 in our clients understand the importance of the changes that are coming and how we can help them prepare for the transition as well. So, how how do you actually financed A Greener future? Sure, say primarily for us at the moment. It's through our green Finance products. And one of these is our clean growth financing initiative which provides discounted landing page to our clients full of Purpose Driven green capital expenditure and it's can cover a basic revolving credit facility, which is essentially like an overdraft for a business client Choice up to financing the purchase of specific new Xs. And we've made sure that the terms of Eligibility are really clear the line purpose must meets that criteria to make sure the exact opposite the investment is really green oriented and it's not just greenwashing and in addition to the green lending for that cdfi initiative. We also offer Greenberg greens closet and sustainability in flames and and to bring these to live these Investments can find things like the purchase of electric vehicle fleets for businesses to grow birth. Those coupons to say the panels and also Energy Efficiency improvements following on from the points laid out earlier. We know that the demand for green products and services are going off and consumer expectations are higher than ever when it comes to sustainability. And and that's why we've provided more than six billion pounds in green Finance with these products to support UK businesses to transition and between 2015 and 2019. We raised over 2.8 billion pounds in green bonds for the cake-off issue is more than any other UK financial services company. So, you know, we're paying our part but but clearly there's more to do that's really cool. I mean that's quite a substantial amount of money Capital that's going towards green initiatives. Yeah huge and and you know, we're just one bank. So there's lots of other Banks also operating in the space and and it's growing wage. Say they'll be more and more to come. This is a an off-the-cuff question. What would you say kind of sort of in a summer? I suppose wait, what would you say is the role that Banks play in moving us as I suppose a species forward in becoming more sustainable. Yeah big question. I think it comes back to the point. I made I made earlier at that, you know Banks primarily provide the funding out for future initiatives. So, you know, it's all great to have a big idea about different ways that we can improve the environment but somebody's got to translate that idea into a real life and typically that requires money. And so I think the role of the bank is is thinking through that logistical challenges in delivering that that Vision dead. And but also considering the different risks and opportunities to delivering that that vision and maybe other complications that that the kind of general idea. It doesn't necessarily think a thousand. So I'll roll is working with you know different people across the industry investors are supply chain competitors other clients to really understand the different risks and opportunities that are involved and then lacking with you know, our clients and deliver those goals that ultimately you know on aggregate will drive us towards that and I'll return more sustainable future got it so often when you have those kind of conversations with your clients, I mean what what is it that you're typically talking about from the point of view of sustainability sure. And so I think that's typically will tend to talk to them about the commercial risks and the opportunities that are involved when you look at sustainability. So, you know, if we take the risks first name The case but physical risks is pretty clear. You know, there was widespread flooding in England earlier this year. There was a glorified in Amazon Australia more recently, California and yet impacts on biodiversity hungry basement all of these going to have a massive impact on a businesses ability to operate and we're seeing more and more of these images through the media. But if you just take carbon as an example, the International Panel on climate change said in 2018 that we had twelve years and then it warming so 1 and 1/2 degrees compared to pre-industrial times. And in order to achieve that goal. You need to hold emissions by Twenty Thirty and then Harden again each and every decade after that and to put that into context of what we're seeing today and I we saw a mission is drop probably by 17% in April compared to last year because of the pandemic but by the end of this year, we're expecting drops of only off. 5% of things that started opening up again and in order to limit the impact of global warming we need that sort of reduction each and every year until Net Zero emission is a way around twenty fifty and those reductions are not going to happen three lots of other restrictions, but by climate policies that need to the deployment of clean Technologies and reductions in a demand for em, so that kind of leads on to the second type of risk, which is a transition risk, which is the risk that businesses are left behind and don't adapt to the Future that's coming either way. Built-in audience for climate change or they might not face, you know, they might face increased cost of adapter future regulation and legislation that's coming. And so, you know, I recognize that climate success will be contingent on addressing those risks, but also designing a transition that's both fair and seem to be fair across the country and of course societal dead. Different levels and so this is what's been times that the just transition which is delivering climb action that generates positive social impact and and we recently welcomes the publication institutes just transition with pool which highlights the the importance of socially and economically Fair transition to also they call and future and has committed a committed to do all we can to help make sure that you know that just transition happens in the UK and then the third type of risk is is reputational. So, you know, as I mentioned in a public sentiments are changing and consumers expect more from their companies today, people are more knowledgeable about the environment. They've got access to a lot more information that they may want to have done. I will take a lot more things into consideration when making their consumption choices, and we're demanding more from our producers and so companies need to ensure that their meeting those needs. So we have a dog Thai in fact me demonstrate smartphone ability to do that, but then also helping our clients adapt to those changes to better serve them for the long run too. But then on the thighs with any risk, you've also got opportunities so, you know, you have a start at the introduction and and the one that we use is Mark Carney has estimated that there's between five to seven months a year that needs to be invested globally to meet both. Yeah, the UN sustainable development goals And that was before huge down time. You've seen as a consequence of the pandemic. We will be affected by the ongoing impact of covid-19. It's one of the most complex issues we've ever baptized the research that we launched a couple of weeks ago to get the with the carbon trust consumer spending has shown that carbon emissions fell by 4.3 million tons at the height of the lockdown which has a drop of 27% compared to the same period in 2019. And so it was the focus of the attention at the moment quite rightly being on now our response to the consummate NetZero remains a legislative and environmental necessity the country has made a commitment to change the way we live in the way black and and we believe that the transition to net-zero through sustainable growth will be called to the recovery in 2020 and Beyond and if there's a positive to take off A couple of months and I say that being hugely conscious that it's being deeply distressing. But many many people that this does present an opportunity to build a more of an economy for the UK and we know that Pre-K there's the green economy was projected to grow up 11% a year with low-carbon Technologies bars representing the future of business and that growth rate was about four times the rate of the standard economy. So investing in low-carbon transition is clearly a joke Creator as well as accelerating the transmission connect there. I I'm so you know, it's more important than ever that behave the same climate targets and the global binding Paris agreement and there was a survey that it's this morning. It said two-thirds of people in the UK believe that in the long-term climate changes still just as serious as the cream of viruses and the short-term and in our recent research, we found one in three years. Okay adults and now more likely to try and reduce their carbon footprint which is going to spark, you know, very many green recovery. So with that new focus on a green recovery and this ongoing narrative about building back better. There's going to be lots of investment opportunities within the green space. And so we're well-placed to support financing those Investments and encouraging our clients to take off in those different changing Technologies to that's pretty cool. So what are some of the sectors that you're focusing on in terms of actually, uh, you know, helping clients transition Sure, so I think if before I get into kind of sector because it's probably worth I was talking about kind of our strategy that we've kind of Taken within the Commercial Bank with respect to sustainability and we're really done that through delete key pillars. So our first is being around investing in colleagues and I can come back to that. In fact more time or second pillar has been about making some ambitious sustainability commitments and again, I can come back to that but the third part has been around supporting the transition and and within commercial be really focused on some sectors that that contribute to the largest amount of emissions within the UK where you take the central bank we should try and use of positions. Hello Nikkei transition to that low-carbon future that we need and so for us we taking that Len where we processed which sectors make up the biggest part of the emissions the equity off. Which taxes are clients most concentrated and how fast the time and where we can have the biggest impact and it's worth bearing Minds that in order to make inroads within those sectors. We've deliberately taking a decision to identify the right people to work with and those areas and leverage their expertise through commercial Partnerships were very much aware that we're a financial services firm. We're not you know expecting to be experts in anything outside of that. We can't do it on our own and so we need to work with other people who are experts in those feels. So, you know, one of the sectors coal back to your question that we've had them focus in on is agriculture and we've made a specific commitment to support that sector to me. It's ambitious natural Target at 5043 Willow Branch void Bank bank of Scotland's in the AMC and this sector generates 10% of the UK's Mission and we have got a role to play as the largest memory. That's about sector but also given you know, we've got we've got to act a lot sooner to meet those goals a decade earlier by 2040. So we've come up with a package of of different measures wage which includes, you know, knowing the minimum lending amounts access green funding broadening what it is that we finance and promoting and facilitating the use of three Market leaving carbs in schools and we did some analysis as part of building out our proposition and we found that nine out of ten Farmers don't currently have a way of measuring their carbon footprint so wage that's a really important step forward and and the reason we've done that is because it's not just about providing Finance. It's also about providing help and advice a long way through our relationship managers who have been through training to develop a knowledge, but in addition to that training and also provide sustainability information sessions Direct Into our clients to provide practical information and of course the sector through Partnerships with relative relative and relevant experts in that field and then on top of that we've also announced plans to 10 million degrees by the end of this decade in partnership with the with interest and and some of that is working with our Farmers Supply the countries directly off then and that, you know, the tree planting is just one of the number of different offerings that you know have covered that we provided the the agricultural sector, but I can also tell you about what we're doing in Iraq transport face. And also when in the real estate sector if you were interested, that's really cool just going to the and I it sounds like kind of the theme Here is that off voice has money that where they can support. So it's I like to talk about how supply and demand plays a really big role in the wage. Companies move towards becoming Greener because you know, we as consumers have the ability to actually to actually sway What companies sell price on our purchasing decisions? So yeah, it seems like Lloyds is sort of on the other side of that supply and demand equation where you can sway what companies do and how they think based on how you lend money to them and finance them this would that be accurate? Yeah. It's around kind of working in conjunction with you know, the the the girls that the UK government set out. But also yeah responding to those patents have changing consumption and and you know, making sure that businesses are prepared to kind of walk through a line because yeah, the government sets goals and that can impact regulation which will affect businesses consumers can change that consumption patterns and that would affect businesses and so our role is to E. Kind of help advise, you know clients to understand these challenges that are coming are and help them think about the opportunities and the risks to their businesses and and how we can help walk, you know them with their normal time strategy in a way that is kind of low risk and and say for the business and for us so cool, when and when you're saying that farm nine out of ten Farmers, I don't have the tools to measure their carbon footprint. Is that something that Lloyds actually supports Farmers to be able to do Yes, I so I mentioned so we we now Point them in the direction of one of three different calls and calculators to help them measure that carbon footprint Because unless you know where your emotions are becomes very difficult for you to make any changes. So we we did a bit of research before we go out this proposition. And that's one of the key findings that we found that's required at the beginning you mentioned. There were three pillars in one of them is investing in colleagues. So what exactly do you do there that allows Lloyd's to finance a green or future say, yeah, that's that's a really fundamental point for us. So in order for us to be able to engage our clients effectively and have the best opportunities to support their Investments and sustainability off. My name's lay the groundwork with our own people and equipment with the knowledge and the skill so that they feel confident and fluent to engage with our clients on the issue of sustainability. And so there's prob Our commitments help our clients. We trained 640 colleagues through our partnership with the Cambridge Institute of sustainable leadership. And in that involved in ink pens and make x a pretty pretty intensive face-to-face course over there and a half with the number of different experts who who would come in and really paint the picture on a number of different things covering want any such important issues and providing the hard facts on what we've got to face and the coming years as well. As you know, some clients who would come in and share wage that story from how we help them and and finally finished with some sectors specific insights and and all of that was backed up by further online training modules that will colleagues were required a complete on a number of different topics to get their accreditation from from Cambridge and and that should really form the basis in the undiscerning to give our relationship managers the languages. To be able to talk to their clients about the things that they're seeing and to bring it to life the customers and and the support that we give to our colleagues. Is there more than just the training all of that activity is supported by monthly newsletters which provides the most up-to-date insights on on client themes, but also National and government context and we also host a suite of faith in us and time day to provide deeper Dives and development topics. And and all of that is depends by an internal collaboration site to share resources with one another on the different things that we're seeing. So that's yeah, I can see I mean you basically need to make sure that your employees inside and then and inside the company and internally know what they're talking about how to how to actually approach the subject in order to be good to go forward and and talk to your clients about it so that I mean you mentioned Agriculture and there was two other ones. Yeah, but it seems like wage What were they at the other two so real estate and also transport, right? Yeah. Those are I would imagine a huge huge opportunities where you can really support companies that are going into a into a Greener future with with so many different areas. And I mean you mentioned Lloyd's is is the largest black Bank banking group in or Financial Services Group in the UK. It could be a pretty challenging to know where to start. I mean there are just so many opportunities. And are you sure that you can go so where where do you focus your activities first? What's would it be starting internally and then kind of based on that you have an understanding of where to go next door. Is it really just well actually have no idea. How do you how do you approach when you have so many different opportunities? Yeah, so so it comes back to our strategy that I covered previously. So, you know, we've got those three pillars and the first point is around investing in our Aquatics which which I've covered just bough a second pillar has been around making some ambitious sustainability commitments and that reminds really nicely with what the word degree of Hope died. But within the National Bank fees committed to supporting transactions that willpower five million UK homes with renewable energy from 2018 to the end of 2020 and we deliver that off Friday night. We're really proud of and and already today we live at 6:20 at homes and we still got a few months to go before the end of 2020 and assembly within that same and you also committed help Commercial Banking real estate clients to invest in the Energy Efficiency of their estate so that 5 million square feet of commercial real estate will also become dead. More energy efficient by the end of this year. And and on that metric we've we've hugely over delivered having improved something like nineteen million square feet today. So again, we really huge crowd of those achievements say maybe investment on people we come up with some some big ambitious statements and then the third part has been around supporting the transition and and as I mentioned previously that's about facing and on the sectors that really contribute largest amount of emissions in the UK, but also the sectors that we almost concentrated with it and some help us determine off the ones that make the biggest impact. So agriculture as I've covered is is a key word, you know, we are the biggest lenses of our sector and it makes up 10 months of emissions and they've got a really urgent a timeline that that industry has committed to achieving so that's why we started that the transport is the, you know leading dead. Effects of permissions in the UK and it's also being fairly stagnant over the last few years and a lot of other sectors have made far more significant reductions. That being said, I thought I detected it's probably being most impacted by the pandemic and probably one of the sectors that will will see the biggest reduction in 2020. So we're mindful that it is a pretty challenging place to be at the moment and on top of that we've already seen the government legislate in that space that they'll be nice new petrol or diesel even hybrid vehicles sold in the UK by 2035 wage or even slightly add you in Scotland. So, you know what really starting to see that sector become competitive sport in terms of Manufacturers and suppliers of vehicles announcing every electrical modules and our own client seeing is that seeing it as ever more differentiating to be able to talk to the credentials of of their own fleets So within the transport bath We've partnered with the ITT heart you are innovators and technology and transport to sponsor their signature event, which brings together the whole of the transport sector to focus on a shiny new plan intended to Net Zero and and that partnership will give us the opportunity to collaborate in a network and sit on their Advisory board that that's focused on with your transition of that sector as a whole and and the key thing here is that that kind of that sector and these collaboration across the whole Supply chains come up with solutions that will transform that sucked into a low-carbon resilient one left for everybody and and.

UK Lloyds UN Banks Agriculture David Attenborough Lloyds banking group advisor Lloyds Bank frank Lloyd Home of Economy Mark Carney
"lloyds banking group" Discussed on Sustainability Champions

Sustainability Champions

19:59 min | 1 year ago

"lloyds banking group" Discussed on Sustainability Champions

"Bank, but also in supporting our Aquatic and helping them better support their clients in discussions around sustainability and responsible business. Wow, that's very cool. So basically you're you're working with clients to make sure that the way that is it the way that the that Lloyds works with clients or the way the clients actually conduct business is more laws stainable and and Greener. Yeah. So it's a bit of both, you know, we definitely we have this ambition to you know, hard the amount of carbon that we financed by time. And so in order to meet that Target, you know, we're really Keen to work with with green businesses. But but also, you know, we've got a lot of clients on our books already and we like to see yourself as more than just, you know, that bank provides them alone. But but really their kind of trusted advisor that they come to talk about their business strategy and the kind of themes and and different priorities wage. Facing them as a business and sustainability is one of those growing themes. So we try to pay our part in providing insight and and helping them consider the different risks and opportunities that may face off business. That's awesome. How did you actually get started in the sustainability field? What was sort of that moment where you realize like, this is interesting to me or this is what I want to do. Yeah, so this is a pretty new role for me. But to be frank if it's a dream role. I'm thrilled to be able to follow one of my passions as part of my my work life. That's also and until recently sustainability was more of a personal passion of mine. I was that annoying person always reminding friends and families to you know, bring their reusable coffee cup and took opening buying second-hand but I think with the growing focus on sustainability in the media thanks to the likes of gratitude bag and David Attenborough is becoming far more business days for businesses T. And I noticed that annoys we were doing quite a lot in this space. And so I made a really personal goal of mine to try and transfer into that part of the Great where I could utilize the experience. I already had had within the various parts of the Commercial Bank over the last few years, but really focusing on my passion and my purpose around sustainability. That's really cool. I think that's that's a it's a great job. Way to do it, you know if you see an opportunity if you're interested in sustainability for instance or really in any topic, obviously this podcast is about sustainability. So that's what we talked about. But yeah, so if you see an opportunity and sustainability, it's so cool to be able to transfer into that especially if you know the way that the business works and you're able to take that knowledge and just go into a new Division and strife applying what you already know. And also what you're interested in. I think that's a really really cool way and it probably why would imagine it it it's really exciting to actually go to work and off and know that you're making a difference that matters to you exactly at that whole purpose piece. You need to make sure that you know, you're getting that when you get up in the morning so luckily for me. I definitely have that bulb. That's awesome good for you with Lloyds Bank one of their one of your big kind of slogans is this idea of financing a green future wage? So and I think you've already touched on this but it'd be really interesting to hear a little bit more about what exactly that means in terms of how Lloyds is financing a green or gray near future. Yeah. That's a that's a really great question. But I think before we get into that it's probably worth setting a bit of context on sustainability as a as a topic and that's right because I'm sure you know you and your listeners know it's a topic that's been really growing and momentum over the last few years and and even over the last few months. We've really seen it around Park this month. You've all been very fast-moving but effectively what we've seen is is as that topic has growing momentum the public from across the world are demanding change and and confirm, is a daunting more from the businesses they buy from and at the same time the UK government has declared a a climate emergency and has committed to aim for NetZero initial. And and that's what implications but all clients as they face into the changes to their business models to their markets and even new regulations that will come into Force home. And so with that in mind supporting the transition to a sustainable low-carbon economy is one of our strategic priorities and Lloyds banking group, especially given all unique position at the Home of Economy and our purpose of helping Britain Prosper economically and socially and environmentally now, you know, that being said, I'm mindful that will operate with some pretty unusual times and and businesses today have got a lot on their plate over and above just sustainability. You know, many businesses are just fighting to stay afloat and Thursday. Our vision is had to shift a little bit to instead focus more on helping Britain to recover from the pandemic but you know with all of that in mind, it's still worth noting that yep. Weekday is intrinsically linked to the UK economy and the UK still has a legally binding commitment to deliver Net Zero by 2050. And so we always do really well as the payoff part in helping get a transition to that low-carbon future that we need and that's why earlier this year. We announced that new ambition to accelerate working with customer and and the market to help reduce the carbon emissions be financed by more than 50% by 2030 and and that's really important because Financial Services can be a real part of the solution and annoys, you know, we can do so in a really meaningful Way by paying to our strengths and focusing on what we know and what they're good at and that's fine. As long as the biggest Commercial Banking EK we collected our clients and use that liberal of Finance to bring about change and make a real difference to further your business customer. But also the communities that they start and we know that we can only really achieve our Ambitions by working alongside our strategic partners and UK government and that's why I'm back in a few weeks ago. We joined with over 200 other businesses to support the call to ensure that the economic recovery plans aligned with the UK is wider environmental goals. And I think when you think about sustainability the UN sustainable development goals a really great framework to think about the changes that we need to bring about in the future. And in order to gain those girls or even just you know, the UK's transitions Net Zero and twenty fifty. There are a number of different projects that need to be delivered to meet those goals and those projects require financing and financing is what we do. So we always have got a big part to play in making that green Vision a reality by working with businesses that are helping to transform. A economy into that cleaner Greener wine, but also 3:00 in our clients understand the importance of the changes that are coming and how we can help them prepare for the transition as well. So, how how do you actually financed A Greener future? Sure, say primarily for us at the moment. It's through our green Finance products. And one of these is our clean growth financing initiative which provides discounted landing page to our clients full of Purpose Driven green capital expenditure and it's can cover a basic revolving credit facility, which is essentially like an overdraft for a business client Choice up to financing the purchase of specific new Xs. And we've made sure that the terms of Eligibility are really clear the line purpose must meets that criteria to make sure the exact opposite the investment is really green oriented and it's not just greenwashing and in addition to the green lending for that cdfi initiative. We also offer Greenberg greens closet and sustainability in flames and and to bring these to live these Investments can find things like the purchase of electric vehicle fleets for businesses to grow birth. Those coupons to say the panels and also Energy Efficiency improvements following on from the points laid out earlier. We know that the demand for green products and services are going off and consumer expectations are higher than ever when it comes to sustainability. And and that's why we've provided more than six billion pounds in green Finance with these products to support UK businesses to transition and between 2015 and 2019. We raised over 2.8 billion pounds in green bonds for the cake-off issue is more than any other UK financial services company. So, you know, we're paying our part but but clearly there's more to do that's really cool. I mean that's quite a substantial amount of money Capital that's going towards green initiatives. Yeah huge and and you know, we're just one bank. So there's lots of other Banks also operating in the space and and it's growing wage. Say they'll be more and more to come. This is a an off-the-cuff question. What would you say kind of sort of in a summer? I suppose wait, what would you say is the role that Banks play in moving us as I suppose a species forward in becoming more sustainable. Yeah big question. I think it comes back to the point. I made I made earlier at that, you know Banks primarily provide the funding out for future initiatives. So, you know, it's all great to have a big idea about different ways that we can improve the environment but somebody's got to translate that idea into a real life and typically that requires money. And so I think the role of the bank is is thinking through that logistical challenges in delivering that that Vision dead. And but also considering the different risks and opportunities to delivering that that vision and maybe other complications that that the kind of general idea. It doesn't necessarily think a thousand. So I'll roll is working with you know different people across the industry investors are supply chain competitors other clients to really understand the different risks and opportunities that are involved and then lacking with you know, our clients and deliver those goals that ultimately you know on aggregate will drive us towards that and I'll return more sustainable future got it so often when you have those kind of conversations with your clients, I mean what what is it that you're typically talking about from the point of view of sustainability sure. And so I think that's typically will tend to talk to them about the commercial risks and the opportunities that are involved when you look at sustainability. So, you know, if we take the risks first name The case but physical risks is pretty clear. You know, there was widespread flooding in England earlier this year. There was a glorified in Amazon Australia more recently, California and yet impacts on biodiversity hungry basement all of these going to have a massive impact on a businesses ability to operate and we're seeing more and more of these images through the media. But if you just take carbon as an example, the International Panel on climate change said in 2018 that we had twelve years and then it warming so 1 and 1/2 degrees compared to pre-industrial times. And in order to achieve that goal. You need to hold emissions by Twenty Thirty and then Harden again each and every decade after that and to put that into context of what we're seeing today and I we saw a mission is drop probably by 17% in April compared to last year because of the pandemic but by the end of this year, we're expecting drops of only off. 5% of things that started opening up again and in order to limit the impact of global warming we need that sort of reduction each and every year until Net Zero emission is a way around twenty fifty and those reductions are not going to happen three lots of other restrictions, but by climate policies that need to the deployment of clean Technologies and reductions in a demand for em, so that kind of leads on to the second type of risk, which is a transition risk, which is the risk that businesses are left behind and don't adapt to the Future that's coming either way. Built-in audience for climate change or they might not face, you know, they might face increased cost of adapter future regulation and legislation that's coming. And so, you know, I recognize that climate success will be contingent on addressing those risks, but also designing a transition that's both fair and seem to be fair across the country and of course societal dead. Different levels and so this is what's been times that the just transition which is delivering climb action that generates positive social impact and and we recently welcomes the publication institutes just transition with pool which highlights the the importance of socially and economically Fair transition to also they call and future and has committed a committed to do all we can to help make sure that you know that just transition happens in the UK and then the third type of risk is is reputational. So, you know, as I mentioned in a public sentiments are changing and consumers expect more from their companies today, people are more knowledgeable about the environment. They've got access to a lot more information that they may want to have done. I will take a lot more things into consideration when making their consumption choices, and we're demanding more from our producers and so companies need to ensure that their meeting those needs. So we have a dog Thai in fact me demonstrate smartphone ability to do that, but then also helping our clients adapt to those changes to better serve them for the long run too. But then on the thighs with any risk, you've also got opportunities so, you know, you have a start at the introduction and and the one that we use is Mark Carney has estimated that there's between five to seven months a year that needs to be invested globally to meet both. Yeah, the UN sustainable development goals And that was before huge down time. You've seen as a consequence of the pandemic. We will be affected by the ongoing impact of covid-19. It's one of the most complex issues we've ever baptized the research that we launched a couple of weeks ago to get the with the carbon trust consumer spending has shown that carbon emissions fell by 4.3 million tons at the height of the lockdown which has a drop of 27% compared to the same period in 2019. And so it was the focus of the attention at the moment quite rightly being on now our response to the consummate NetZero remains a legislative and environmental necessity the country has made a commitment to change the way we live in the way black and and we believe that the transition to net-zero through sustainable growth will be called to the recovery in 2020 and Beyond and if there's a positive to take off A couple of months and I say that being hugely conscious that it's being deeply distressing. But many many people that this does present an opportunity to build a more of an economy for the UK and we know that Pre-K there's the green economy was projected to grow up 11% a year with low-carbon Technologies bars representing the future of business and that growth rate was about four times the rate of the standard economy. So investing in low-carbon transition is clearly a joke Creator as well as accelerating the transmission connect there. I I'm so you know, it's more important than ever that behave the same climate targets and the global binding Paris agreement and there was a survey that it's this morning. It said two-thirds of people in the UK believe that in the long-term climate changes still just as serious as the cream of viruses and the short-term and in our recent research, we found one in three years. Okay adults and now more likely to try and reduce their carbon footprint which is going to spark, you know, very many green recovery. So with that new focus on a green recovery and this ongoing narrative about building back better. There's going to be lots of investment opportunities within the green space. And so we're well-placed to support financing those Investments and encouraging our clients to take off in those different changing Technologies to that's pretty cool. So what are some of the sectors that you're focusing on in terms of actually, uh, you know, helping clients transition Sure, so I think if before I get into kind of sector because it's probably worth I was talking about kind of our strategy that we've kind of Taken within the Commercial Bank with respect to sustainability and we're really done that through delete key pillars. So our first is being around investing in colleagues and I can come back to that. In fact more time or second pillar has been about making some ambitious sustainability commitments and again, I can come back to that but the third part has been around supporting the transition and and within commercial be really focused on some sectors that that contribute to the largest amount of emissions within the UK where you take the central bank we should try and use of positions. Hello Nikkei transition to that low-carbon future that we need and so for us we taking that Len where we processed which sectors make up the biggest part of the emissions the equity off. Which taxes are clients most concentrated and how fast the time and where we can have the biggest impact and it's worth bearing Minds that in order to make inroads within those sectors. We've deliberately taking a decision to identify the right people to work with and those areas and leverage their expertise through commercial Partnerships were very much aware that we're a financial services firm. We're not you know expecting to be experts in anything outside of that. We can't do it on our own and so we need to work with other people who are experts in those feels. So, you know, one of the sectors coal back to your question that we've had them focus in on is agriculture and we've made a specific commitment to support that sector to me. It's ambitious natural Target at 5043 Willow Branch void Bank bank of Scotland's in the AMC and this sector generates 10% of the UK's Mission and we have got a role to play as the largest memory. That's about sector but also given you know, we've got we've got to act a lot sooner to meet those goals a decade earlier by 2040. So we've come up with a package of of different measures wage.

UK Banks Lloyds UN advisor Lloyds Bank Lloyds banking group David Attenborough Home of Economy frank Bank bank of Scotland Mark Carney Britain Greenberg greens
"lloyds banking group" Discussed on Sustainability Champions

Sustainability Champions

02:30 min | 1 year ago

"lloyds banking group" Discussed on Sustainability Champions

"The carbon emissions. They financed by more than 50% by 2030. They're playing their part by investing in tackling climate change having provided six billion pounds of green financing for their clients since 2016 through their sustainable financing initiatives. For example, Lloyds Bank and Scottish widows, which are both Brands within Lloyds banking group together provided 273 million pounds of funding wage. Towards the world's biggest offshore Wind Farm the horns e project one. I'm really looking forward to learning about how Lloyds is playing their part in reducing climate change. So Rachel thank you so much for joining me today.

Lloyds banking group Lloyds Bank Lloyds Rachel Scottish widows
"lloyds banking group" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:44 min | 1 year ago

"lloyds banking group" Discussed on Bloomberg Radio New York

"The gains in the stock market continued this week. So it's another weekend of traders and investors wondering when the party will end and how they will know in time to get out with Gaines. Kevin Kelly, chief investment officer at benchmark investments, says he knows you don't see any end to what the Fed is doing. And so the minute it becomes a bubble is is when the music stops where the Fed decides to shrink their balance sheets or the efficacy of their policies. Diminish. The S and P. 500 has been up for four straight weeks Make way for the first female Treasury secretary baby in a note Capital, Alphas Ean Katz wrote that if elected President Joe Biden will probably appoint the first woman as Treasury secretary. Some of the possible picks, he says, could be Federal Reserve governor Lay All Brainard, Senator Elizabeth Warren and former Deputy Treasury secretary Sarah Bloom. Raskin. In the Hamptons. Parties and gatherings are still going on. But you have to pass a test first more from Bloomberg's Denise Pellegrini. CNN is reporting that party hosts are paying big bucks to administer Rapid Corona virus has two guests at social events. In the Hamptons. Thes tests have become a common feature. Apparently, before guests are allowed into parties they can cost up to $500 per person. And unlike regular tests, where you know people are waiting for days or even weeks, clients get their results on the spot. It's a stark contrast to other walks of life, where testing delays there often reported Cities. Pellegrini Bloomberg Radio Global News 24 hours a day on air and on Bloomberg. Quick take powered by more than 2700, journalists and analysts in more than 120 countries. I'm Susanna Palmer, This is Bloomberg. These is Bloomberg Intelligence with Alex Steel and falls on Bloomberg Radio will be here each and every week at this time, tapping into our Bloomberg intelligence analyst covering some 2000 companies and 130 Industries worldwide. According to consensus. Barclays NatWest Group and Lloyd's banking group are now facing $20 billion of 2020 expected losses. So who do we turn to Jonathan Thais? Bloomberg intelligence senior industry analyst. Okay, so what's up with the $20 Billion of expected losses? Well, then get in the UK that we're a very, very consumer driven economy on DH That's not yet financial crisis on DH. What happened to the UK bank, so fortunately, there's a much better shape than they were 10 12 years ago. But clearly apart from Barclay, the UK banks didn't have the luxury of huge facing contriving that boosted Coffers of the American banks and enabled him to set aside a lot of money, so it's a bit more touch and go over this side of the pond. All right. So what are some of the key sectors here? I mean, we've seen the American banks taking big big reserves, but the sectors that are presenting the biggest risk for the UK banks. What are they jumped? Well, I mean, commercial radio state was the biggest problem in our age for the Irish found the UK banks on DH. It's another big unknown If you look at the state investment trust in Europe, and particularly the U. K That's right. A huge this kind, so I think ministates one tourism, leisure on the usual suspects really, and traveled. But how is this different from like other banks that also have a lot of consumer exposure, like? Is this unique? Or is it just the fact that that Britain is an extra special bad spot? Well, I mean, the UK we've got precious Still. I mean, we may have left the always have Brexit man, You're never going to resolve the way always well important on that's probably gonna start worrying people again in the fourth quarter, and because of that the bank has to have a lot of excess liquidity. Which is also a huge dragon revenue. So we've got Brexit Andi. We've also got a relatively weaker economy compared to Europe, and we have more consumer credit. More consumer violence on the balances of the UK banks, so Relative to U. S and European banks. PUK is in the fairly sort of special, unique place of being squeezed on all sides. So Jonathan is really concerned that perhaps the UK government will need to step in and support these banks at any point. No, I mean the one band that everybody, of course they're looking at is that West Group the old rule banks, Scotland, which was the largest bank in the world, that's not forget very briefly in 2008. They renamed yourself, but it's still 60 sampler owned by the government. So clearly with all of the lending schemes in Europe on the landing schemes in the UK, not West, is by far the biggest supporter because their owners effectively telling them to lend to the economy. In the back of people's minds. There was sort of thinking from that West Group. In particular, they have the biggest small to medium sized exposure in the UK. There are also the best of the government lending farm or two in battle companies now. In the Barclays Lloyds Rachel be here. So I suppose that would be the area that the market is probably most concerned. Does that mean that they have to put aside more money for losses and increase their capital ratios in a good way or not? Well, The good thing was that because of the huge clean up, they already had more capital than any of the U. S and European banks above and beyond what they needed. They are there was that this was one of these state owned companies. That eventually is, it returns the private ownership and then the government says that it's taken return capitals who's supposed to be a huge buyback and special dividend story. Unfortunately, now they being required to run this excess capital to support the economy rather pretended Childers. So we're not really worried about cattle and kind of its solvency. But in terms of the investment sees certainly know quite what we would have hoped to years ago when you were expecting 5 to £7 billion of capital to be returned. Jonathan. So give us the lay of the land just about Europe in general, how that European banks faring here. Well, the fact is kind of back in the middle of the range in terms of where it's traded. Historically, on the second quarter earnings, the usual suspect is pretty well be MPs of this world look pretty good and have quite confident outlooks. Dividends with the big question on the eBay is tell the bank you can accrue, but we don't want to pay anything until the beginning of next year. So you had some banks talking a very big, positive game about the ability to return Castle. In some banks, For example, the Irish on a couple of the UK banks were a lot quieter. But I think we're comfortable for this year that the banks set aside enough. If anything, cost the risk and provisions should go down in the second half, because there's sort of front loaded But in sounds of Revenue. We have We have this conversation every two years. When I get back to the problem of the UK banks. There's no great There's no top line growth, so everybody goes straight back Tio expenses in the coastline. Unfortunately, we're just waiting for the next wave of retail brands. Pleasures headcount reduction to really kick off. I think the market's about right. I think consensus has got so where it should be for this year. The problem is what do you buy next year and the year after? A phobia to different segments here. It's like, go housing in the U. S. Banks in the U. K. Not so much, Ethan. Thanks a lot. Jonathan ties Bloomberg intelligence senior industry analyst Coming up on the program, airlines are stretching balance sheets in their bid for survival. You're listening to Bloomberg intelligence on Bloomberg radio, providing in depth research and data on 2000 companies and 130 Industries. You can access Bloomberg intelligence through I go on the terminal. Malik Steel. Paul, Sweetie, It's 39 minutes past the hour..

UK Bloomberg Intelligence Bloomberg Europe Jonathan Thais Bloomberg Radio Pellegrini Bloomberg Fed analyst Gaines Joe Biden Raskin CNN chief investment officer Kevin Kelly intelligence analyst
"lloyds banking group" Discussed on 710 WOR

710 WOR

08:51 min | 1 year ago

"lloyds banking group" Discussed on 710 WOR

"And when you Buy my book, you're eligible for three free gifts. 88888 Josh called Josh Berlinski post of the popular front. Social Quarterback Radio program 888988 Josh Just stop. Wait. Okay, so apparently There was a company bought it was a venture between true kids. And you know, you wonder. You know how much did this? How much did Toys R us get bought for how much of these brands get bored for once they go under again? They get What? The weird thing, Josh. I don't know if you know about, But what? They never auction it right. Like they never say. Okay, we'll take all bids. Well, Yeah, No Do crazy stuff was only like Wall Street stock like you ever heard like a stalking horse Buyer? Um, that's when we'll generally you. It's so crazy, Josh. What they'll do is that has his private every principle by the distressed head of the company go into bankruptcy. So when the company that goes into bankruptcy, they bythe stress that of pennies on the dollar. So when they're going bankrupt, the company just put him into banks. The antimony, um in Bangor, please it It's legal to do this visit. Moral. I mean, that's uh, believe that God, but we're seeing a lot of crazy stuff like this. And the dead is so big on these things is that I heard that Like Cyril, a table on the table. It was like a gourmet store. They have stores like a city where you are in and out of Seattle. And that was like two leveraged buyouts, and Freeman Spogli did it and then Best to corporate of brain, other private equity firm. Then they went back up the other week. And they were bought a couple times like 151,000,000 small, relatively small deals. I think I think They're gonna get bought by He was a fortress Investments, which is part of Softbank, which is the private equity arm of Ah of Softbank for like, 30 million and Softbank is owned. I think by the Chinese You know what? He was the guy because we were which was insane. I don't know You're in. You're in New York, Josh, but I mean The last year we were saying this is Was valued as 47 billion with a B O k just a year ago. But it wasn't for the crazy exploits of the President, it probably would have commanded a very significant premium. So it was ah, Lebanon with 34 million. I don't know billionaire. So it's just It's just so crazy. It just We couldn't do that in our business is but you know with, well treat that's well. What can I say? And I want to distinguish that Wall Street meaning private equity and leverage. Buyouts, not Your financial advisor who's a fiduciary? You own an R A Ioan and R A. You know, it's um What's interesting is people rail on income inequality, for example, But Yeah. If you let these companies just go out of business, it would. It would re price assets, So we're not letting companies go under. And that's the problem. We are, You know, the Fed and The government has turned into buyer of last resort. So what do we do with What do we do with their money? You've done a lot of research of where banks and very wealthy people put their money. You want to talk about that for listeners? Yeah. First of all, I'm going to give us new fresh research. Just you've been ah, very proud of you. You've done a great job, my man and your great great job. That's just a letter when no there in the queue, you can someone you met me when you met me when I was out on 23 or whatever. Did you think I would know is macho, are you? No, No. No. But I'm proud of you money, You know, So when we were very instrumental in our company, so thank you so but anyway, so Right, And my business is actually pretty good, but Um people get my books by Goto Barry James dot com taken by him and or they get it from you or whatever. But I just wanted because you've been generous to me. I wanted to give you some research. Proprietary research is, uh, you know about annuities and and how Maja and men folks, By the way, everything's trademarked er, copyrighted by Barry James. Like a lot of people rip you off. For ideas on they do that They do so with me. I'll have to give you some tips. You know? I mean, I was the financial quarter back when I was like, 23 everybody started ripping me off for that name. Very dike is the is one of the leading researchers. People go him. I think him and Bob cast alone. I've been ripped off by more people in our industry than anything else. So the way I was starting to bug yesterday, I'm actually I'm doing a broadcast would be interviewing Bob and he's been Very instrumental me. He's a good guy, and that's funny mentioned Bob. I just talked to him yesterday and He was on a show a couple weeks ago. I think he's getting bored in the retirement. Yeah, yeah. Hey, he's just He's just a very passionate Italian civilians. But maybe boys, he's smarter than a whip. But B, But I just want to share this because no one's actually dug this up. But I haven't What I found. Josh is overseas is you know what it's called De risking. Essentially insurance. A lot of these corporate pension plans. They can't figure out how to manage the pension assets. So my point is that if these major fine institution can't figure out how I manage their retirement plans of pension, as in retail investors do it. Good luck. You know what I mean? Some people maybe went out of 100 cannon, but most people can't So I just want to share with you, Lloyd. Some of the latest D risking okay? Lloyds Banking Group. They bought 13 billion in longevity swapped. I mean, you know it with insurance companies on DH January this year. Hey, cious. Bc hung Kong Shanghai bank cop You know that the money that the bank cartel which helps the Ah the Mexican cartels wanted the money. They bought 8.5 billion in longevity swabs. UVF g et U P S A G, you know ups, it used to be smart. 1.7 million this month, Okay? Lehman Brothers, but a $1,000,000,000 annuity $1,000,000,000 of of life insurance or annuities. So these large banks are putting their money with life insurance and annuities Companies. Also, what's interesting to note is I don't know if private equity Lot of private equity firms were buying annuity companies and insurance on that disaster into itself. Then that's one of the that's what we want. The impetus is Josh for me writing the book. What are they buying it, though? Are they buying them to protect their own assets that they made? You run up? Well, there they call it, Josh. You know it's Wall Street speak. They call it permanent capital. Yes, you and I know there's no one better than a life insurance company who can preserve.

Josh Berlinski Barry James Bob Softbank Toys R Fed Cyril Seattle stalking Lehman Brothers Freeman Spogli Bangor Lloyds Banking Group Lebanon President fortress Investments New York Maja
"lloyds banking group" Discussed on 77WABC Radio

77WABC Radio

07:41 min | 1 year ago

"lloyds banking group" Discussed on 77WABC Radio

"88888 Josh called Josh Dolinsky Post of the popular financial Quarterback Radio Program. 888988 Josh parent Tely. There was a company bought it was a venture between true kids. And you know, you wonder. You know how much did this? How much did Toys R us get bought for how much of these brands get bored for once they go under again? They get What the weird thing, Joshi? I don't know if you know, but but what? They never auction it right. Like you never say okay, we'll take all bids. Yeah, No do crazy stuff was only like Wall Street stock like you ever heard like a stocking horse Buyer? Um, that's when we'll generally you. It's so crazy, Josh and what they'll do is that you have these private every prince will buy the distressed head of the company go into bankruptcy. So when the company that goes into bankruptcy, they bythe distress that of pennies on the dollar. So when they're going bankrupt, the company just put him in the bank. The antimony, um in Bangor. Plea it, but it's legal to do this visit moral. I mean, that's uh, believe that God, but we're seeing a lot of crazy stuff like this. And so Death is so big on these things is that I heard that Like Cyril, a table on the table. It was like a gourmet store that have stores like inherent city where you are in and out of Seattle. And that was like two leveraged buyouts, and Freeman Spogli did it and then Best to corporate of brain of the private equity firm, and they went back up the other week. And they were bought a couple times like 150,000,001 million small, relatively small deals. I think, I think They're gonna get bought by She was a fortress Investments, which is part of Softbank, which is the private equity arm of Ah of Softbank. 30 million and Softbank is owned. I think by the Chinese You know what? He was the guy we were, which was insane. I don't know You're in. You're in New York, Josh, but I mean The last year we were house saying this is Was valued as at 47 billion with a B O k just a year ago, But it wasn't for the crazy exploits of the President, it probably would have commanded a very significant premium. So it was. Yeah, yeah. Banana with 34 million. I don't know Billionaire Get it, So it's just It's just so crazy. It just We couldn't do that in our business is but you know with, well treat that's well. What can I say? And I want to distinguish that Wall Street meaning private equity and leveraged buyouts, not Your financial advisor who's a fiduciary? You own an R A. I own an R A. You know, it's um But what's interesting is people rail on income inequality, for example, But if you let these companies just go out of business, it would it would re price assets, so we're not leading companies. No wonder And that's the problem. We are, You know, the Fed and The government has turned into buyer of last resort. So what do we do with What do we do with their money? You've done a lot of research of where banks and very wealthy people put their money. You want to talk about that for listeners? Yeah, First of all, I'm going to give us new fresh research. Just as you have been very proud of you. Don't you denigrate job, My man and your great great job. That's just a letter when no there in the queue you can. So when you met me when you met me when I was 23 or whatever. Did you think I would know his macho, are you? No, No. No, But I'm proud of you, You know? So when I say we're very instrumental in our company, so thank you so but anyway, so Right, And my business is actually pretty good, but Um people give my books by goto Barry James dot com taken by him or they get it from you. Whatever. Um, but I just wanted because you've been generous to me. I wanted to give you some research. Proprietary research is Ah, you know about annuities, and how Maja and then folks, by the way, Everything's trademarked er, copyrighted by Barry James Dyke. A lot of people rip you off for ideas on they do that they do so with me. I'll have to give you some tips. You know? I mean, I was the financial quarter back when I was like, 23 everybody started ripping me off for that name. Yeah, Barry Dike is the is one of the leading researchers. People go him. I think him and Bob cast alone. I've been ripped off by more people in our industry. And so the way I was starting to bug yesterday, I'm actually I'm doing a broadcast would be interviewing Bob and he's been Very instrumental me. He's a good guy, and that's funny mentioned Bob. I just talked to him yesterday and He was on a show a couple weeks ago. I think he's getting bored in retirement. Yeah, yeah. Hey, hey, sister. He's just a very passionate Italian Sicilian gambit may have boys. He's smarter than a whip. But The but I just want to share this because no one's actually dug this up. But I haven't What I found. Josh's overseas is, you know what it's called De risking. Essentially insurance. A lot of these corporate pension plans. They can't figure out how to manage the pension assets. So my point is that if these major fine institution can't figure out how I manage their retirement plans of pension as how Khun Retail investors do it Good luck. You know what I mean? Some people maybe went out of 100 cannon, but most people can't So I just want to share with you, Lloyd from the latest D risk, Okay? Lloyds Banking Group. They bought 13 billion in longevity swapped. I mean, you know it with insurance companies on DH January this year. HSBC, Hong Kong Shanghai Bank cop You know that the money the Kane Cartel, which helps the Ah the Mexican cartels wanted the money. They bought 8.5 billion in longevity swabs. You b s g U P s A G, you know ups used to be smart. 1.7 million this month, Okay? Lehman Brothers. But a $1,000,000,000 knew about a $1,000,000,000 of of life insurance or annuities. So these large banks are putting their money with life insurance and annuities Companies. Also what's interesting to note is and I don't know of private equity. Lot of private equity firms were buying annuity companies and insurance on that, and that's disaster into itself. Then that's one of the that's one of the impetus is Josh from the writing the book. What are they buying It, though? Are they buying them to protect their own assets that they made? You run up? Well, they they call it just, you know, it's Wall Street speak they called permanent capital. As you and I know there's no one better than a life insurance company who can preserve capital and protect capital of no one better than that on..

Josh Dolinsky Joshi Bob Barry James Softbank Toys R Cyril Lehman Brothers Seattle Freeman Spogli Fed Barry Dike New York Bangor Lloyds Banking Group Barry James Dyke fortress Investments Khun Retail
"lloyds banking group" Discussed on 710 WOR

710 WOR

08:51 min | 1 year ago

"lloyds banking group" Discussed on 710 WOR

"Called Josh Berlinski Post of the Popular financial Quarterback. Radio Program. 888988 Josh Just stop. Okay, so apparently There was a company bought it was a venture between true kids. And you know, you wonder. You know how much did this? How much did Toys R us get bought for how much of these brands get bored for once they go under again? They get What the weird thing, Joshi? I don't know if you know, but but what? They never auction it right. Like they never say. Okay, we'll take all bids. Well, Yeah, No Do crazy stuff was only like Wall Street stock like you ever heard like a stalking horse Buyer? Um, that's when we'll generally It's so crazy, Josh. What they'll do is that has his private every prince will buy the distressed head of the company go into bankruptcy. So when the company that goes into bankruptcy, they bythe stress that of pennies on the dollar. So when they're going bankrupt, the company just put him into banks. The antimony, um in Bangor, please it It's legal to do this visit. Moral. I mean, that's uh, believe that God, but we're seeing a lot of crazy stuff like this. And so the debt is so big on these things is that I heard that Like Cyril, a table on the table. It was like a gourmet store. They have swords like a city where you are, And there's a lot of Seattle and that was like two leveraged buyouts, and Freeman Spogli did it and then Best to corporate of brain of the private equity firm. Then they went back up the other week. And they they were bought a couple times like 150,000,001 million small, relatively small deals. I think, I think They're gonna get bought by, um When she was a fortress Investments, which is part of Softbank, which is the private equity arm of Ah of Softbank. Really 30 million and Softbank is owned. I think by the Chinese You're a large percentage of what he was the guy because we work which was insane. I don't know You're you're in New York, Josh, but I mean The last year we were saying this is Was valued as 47 billion with a B O k just a year ago, and it wasn't for the crazy exploits of the President, it probably would have commanded a very significant premium. So it was. Ah, Lebanon was with 34 million. I don't know billionaire, So it's just It's just so crazy. It just We couldn't do that in our business is but you know what? Well, treat that's well, What can I say? And I want to distinguish that Wall Street meaning private equity and leveraged buyouts, not Your financial advisor who's a fiduciary? You own an R A. I own an R A. You know, it's um What's interesting is people rail on income inequality, for example, But if you let these companies just go out of business, it would it would re price assets, so we're not leading companies. Go under. And that's the problem. We are, You know, the Fed and The government has turned into buyer of last resort. So what do we do with What do we do with their money? You've done a lot of research of where banks and very wealthy people put their money. You want to talk about that for listeners? Yeah, First of all, I'm going to give us new fresh research. Just you've been. Ah, very proud of you. You've done a great job, my man and your great great job. That's just a letter when No, they're in the back you you can. So when you met me when you met me when I was 23 or whatever. Did you think I would know is macho, are you? No, No. No. But I'm proud of you. 1,000,000 you know, So when we were very instrumental in our company, so thank you so but anyway, so Right, And my business is actually pretty good, but Um people get my books by Goto Barry James dot com taken by him or they get it from you or whatever. But I just wanted because you've been generous to me. I wanted to give you some research. Proprietary research is Ah, you know about annuities and and how I made you and then folks, by the way, everything's trademarked er, copyrighted by Barry James Dyke. A lot of people rip you off for ideas on they do that they do so with me. I'll have to give you some tips. You know? I mean, I was the financial quarter back when I was like, 23 everybody started ripping me off for that name. Yeah, Barry Dike is the is one of the leading researchers. People go him. I think him and Bob cast alone. I've been ripped off by more people in our industry than anything else. So the way I was starting to bug yesterday, I'm actually I'm doing a broadcast would be interviewing Bob and his men. Very instrumental me. He's a good guy, and that's funny mentioned Bob. I just talked to him yesterday, and he was on a show a couple weeks ago. I think he's getting bored into retirement. Yeah, yeah. Hey, he's just He's just a very Passion of Italian just a civilian, But maybe boys. He's smarter than a whip. But The but this. I just want to share this because no one's actually dug this up. But I haven't What I found. Josh's overseas is, you know what it's called De risking. Essentially insurance. A lot of these corporate pension plans. They can't figure out how to manage the pension assets. So my point is that if these major fine institution can figure out how I manage their retirement plans of pension, as in retail investors do it. Good luck. You know what I mean? Some people maybe went out of 100 cannon, but most people can't So I just want to share with you, Lloyd. Some of the latest D risking. Okay. Um Lloyds Banking group. They but 13 billion in longevity swapped. I mean, you know it with insurance companies on and then January this year Hey, cious. Bc Hong Kong Shanghai Bank cop You know that the money that the bank cartel which helps the, uh the Mexican cartels wanted the money. They bought 8.5 billion in longevity swabs. UVF G U P s A G, you know ups. It used to be smart. 1.7 million this month, Okay? Lehman Brothers brought a $1,000,000,000 annuity $1,000,000,000 of of life insurance or annuities. So these large banks are putting their money with life insurance ingenuity companies also what's interesting to note is and I don't know of private equity. Lot of private equity firms were buying annuity companies and insurance on that disaster into itself. Then that's one of the That's where one of the impetus is Josh for me writing the book. What are they buying it, though? Are they buying them to protect their own assets that they made? You run up? Well, they they call it, Josh. You know it's Wall Street speak they called permanent capital. Yes, you and I know there's no one better than a life insurance company who can preserve capital and protect capital of no one better than that on..

Josh Berlinski Softbank Joshi Bob Barry James Toys R Fed Cyril stalking Lehman Brothers Seattle Barry James Dyke Barry Dike Lebanon Bangor Lloyds Banking group Freeman Spogli fortress Investments
"lloyds banking group" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

09:02 min | 1 year ago

"lloyds banking group" Discussed on Bloomberg Radio New York

"Oh two on Wall Street time now for the market drivers report with a focus on American depositary receipts and here is Dave Wilson thanks Charlie ADRs arising along with U. S. shares the S. and P. ADR index is up one point one percent and the S. and P. five hundred higher by nine tenths of a percent the UK's Lloyds banking group has risen three point nine percent in US trading one to reach an agreement to work with Google's cloud computing unit as part of a three point nine billion dollar investment to overhaul its technology another U. K. company Informa has gained eight percent the exhibition in publishing companies profit from last year beating analysts highest estimate in a Bloomberg survey informer gave no forecast for this year because the effects of coronavirus Hong Kong's wharf holdings has dropped more than twelve percent the real estate shipping and cable company posted earnings and revenue from last year that were well below estimates and I'm a Daddy's N. M. C. health is born within thirty one percent the hospital or seven found two point seven billion dollars in debt they hadn't received board disclosure or approval M. C. help and it did some of the proceeds may have been used for quote non group purposes Charlie and we thank you very much Dave Wilson tracking those American depositary receipts again wild day for U. S. markets big swing stay with Bloomberg to see how things shake out at the close all right now rebounding from its worst loss since nineteen ninety one on speculation the potential tax cuts may shield the market against the corona virus and a price feud between major producers talking about Russia and Saudi Arabia West Texas intermediate crude again now up by seven point nine percent thirty three fifty nine a barrel delta airlines and American Airlines group today withdrew their twenty twenty financial forecasts and outline plans to cut back on flying as they grapple with a rapid decline in travel demand because of the corona virus outbreak president trump says his administration will provide assistance to cruise lines and airlines as a result of the corona virus outbreak without offering any details earlier today royal Caribbean withdrew its first quarter and full year forecast because of the corona virus it shares RCL rattling now by four point two percent carnival Corp up by four point one percent Norwegian cruise line holdings is lower it is down now by just about one tenth of one percent well amid all the market turmoil we are getting earnings reports Dick's sporting goods the largest U. S. sporting goods retailer it shares higher little changed up by about one tenth of one percent it does say it plans to accelerate its retreat from gun sales removing weapons and other hunting products from about four hundred forty stores the retailer says the decision means about eighty percent of its store this will be gun free shares again higher after posting earnings and sales that beat estimates for the fourth quarter some of the other stories we are following for you today the historic panic in global stock markets has spawned a fortune for some of the world's biggest investment banks sources say JP Morgan chase and Citigroup of added about five hundred million dollars in revenue from equity derivatives trading year to date compared with the same period in twenty nineteen I'm Charlie palace that is a Bloomberg business slash this is the world everybody Mr broadest coalition the world of politics the money they need to and had a great the case we want certainty in the markets we want certainty our trading relationships I will provide welcome to the second hour of balance of power I'm June Grasso ahead we're going to be talking about the corona virus spreading as the lawsuits are and expect more to come federal prosecutors indict more than two dozen trainers veterinarians and drug suppliers in an international ring that doped rage saucer courses to make them run faster leading to injuries and deaths and led Zeppelin wins the epic legal battle over its nineteen seventy one classic stairway to heaven but first there are a lot of unknowns about the corona virus but what is known is that it's just a matter of time before they'll be multiple lawsuits against the government and businesses for a laundry list of legal complaints the latest a couple still aboard the grand princess cruise ship that docked in Oakland California has filed a one million dollar lawsuit against the ship's operator for gross negligence joining me is Nicholas diamond senior manager at Avalere health an adjunct professor of law at Georgetown law school so Nicholas tell me these people were on board that ship the state department has warned Americans at this point not to travel by cruise ship because of the spike in cases of coronavirus so it's almost certain that lawsuits would be filed and the couple claims that princess cruise lines continued the voyage without doing anything even though they knew that other passengers had on the same ship had shown coronas virus symptoms what should they should have done in that case thanks for having me June hunt this is definitely a tricky one and it's not surprising to me were seen liability issues like this come up I think businesses really have to think about a liability both in terms of their customers and then also just in the business to business contracts with the effects there could be two so tell us about do you are we expecting for example as businesses try to stop their employees from spreading the virus or even getting the viruses and are there questions that they should not be asking their employees about their home environment where they can work from there is there anything that's like off base no I wouldn't say there's anything that's dramatically off base in that instance I do think a high degree of communication between businesses and their employees is really going to be valuable here and I think businesses as we're seeing quite publicly in the news trying to be supportive of giving their employees opportunities to the extent possible to work from home and just had maybe a more flexible work experience in near term for the sake of water public health are people close to of panic situation which and is there too much fear for example in New York City you know you get on a bus you get on the subway and people are all looking at each other you have a lot of hand sanitizers is it too much at this point you know I would say if it's not too much in this really tracks with the experience we had several years back for example with some H. one N. one swine flu isn't sometimes called it doesn't surprise me that we're seeing that at the moment I like to think a certain degree of awareness is appropriate and there are in the CDC has been very public about this in terms of providing guidance there are measures you can take Kristin daily activities such as making sure to wash your hands frequently that are very relevant for this situation so I think there are some positives in that vigilance that we're seeing general in the public no in the U. S. employees are protected under the occupational safety and health act OSHA does that have any relevance to what's happening today in the workplace I think it would have some relevance many of these things are you know governed under federal law for certain employers some there will be relevant state laws and perhaps even local laws as well that would apply to these situations and I suspect those are the very laws the corporations are looking at is they're trying to think about the best approach to take for their employees and as far as lawsuits to come do you expect to be a lot of lawsuits against employers or against the government where do you see or against businesses you know where do you see most of the lawsuits right I think in the long term we will probably see more litigation on the contract side so business to business that would be my my best guess there are for example trigger clauses that are typically found in most commercial contracts that for example could be permit non performance in the instance of let's say a hurricane or other natural disaster in the wording of those clauses will be very important here because they might for example reference a pandemic as well or some other public health related emergency they could excuse performance under the contract there will have to leave it there but this is going to be a subject that's going to be continuing for quite some time thank you that Nicholas diamond senior manager at Avalere health adjunct professor.

Dave Wilson
UK's Digital Economy: The Future of Payments

The Economist Intelligence Unit: Digital Economy

02:30 min | 1 year ago

UK's Digital Economy: The Future of Payments

"K. Is a country that is adopted many payments innovations faster than most and it has risen to the challenge set by the European Union's Second Payment Services Directive which requires banks to open up their payments infrastructure. The resulting open banking promises to unleash even greater innovation by reducing the barriers of entry to the payment services market the UK's experience therefore is likely to foreshadow the evolution of payment systems around the world. My guests this month are Adrian. Buckle head of research portrayed dissociation. Uk Finance Steve Everett Managing Director of payments for global transaction banking Lloyds Banking Group and Fiona Roach Canning Co founder of UK based Fintech pollinate. I started our conversation by asking Adrian. What explains the apparent outbursts of innovation around payments in recent history? That hasn't been a lot of innovation. I'm payments in recent years. Although I think the changes in consumer behavior the patterns of payments that we've been seeing over the last five years probably driven more by innovations. That happened in the five years before that because people are very much creatures of habit when it comes to the way that they pay for things. It takes a lot for people to decide to change the way they pay and slow for example. The things that we've been seeing really growing over the last five years one of the key examples would be contactless payments and that has really exploded since about two thousand fifteen but actually the first contact and contactless cards were introduced in two thousand seven. So it's taken a long time for consumers to come round to the idea of contactless cards and then really take them and use them in a huge way such that by twenty eighteen. I think one in five payments made by consumers were made using contactless cards so we have seen some real innovations and real changes some of that due to changes in technology so for example contactless technology coming in but also mobile devices. And the fact that we're now all essentially carrying a mini computer around the time which gives us access to a huge amount of data and huge mountain information but also regulatory changes which have opened up the information that banks provide access to in the ways in which we can interact with all banks and those are going to provide changes that perhaps haven't had an impact on consumer behavior in recent years but are likely to be really key defining factors in the way that we pay for things over the next five or ten years

Steve Everett Fiona Roach Canning Co Fintech UK Adrian Lloyds Banking Group European Union Buckle
"lloyds banking group" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:03 min | 1 year ago

"lloyds banking group" Discussed on Bloomberg Radio New York

"Six percent Tracy penny by the way now at a dollar six a share limited brands up by eight tenths of one percent gold is down four tenths of a percent fifteen forty nine Beyonce and crude oil of pull back there West Texas intermediate down two tenths of one percent fifty nine forty eight a barrel Brent sixty five forty four one oh two on Wall Street time now for the market drivers support with a focus on American depositary receipts and here is Dave Wilson thanks Charlie eighty ours are lower unlike you U. S. shares the S. and P. ADR index is down a tenth of a percent the S. and P. five hundred up half a percent U. K. ADRs are mostly lower in US trading after prime minister Boris Johnsons brexit bill cleared its final hurdle in the house of Commons Lloyds banking group has dropped two point four percent tax book publisher Pearson is also down two point four percent an advertising company W. P. P. is phone one point four percent in U. K. retailer marks and Spencer is lost eleven and a half percent this call third quarter sales of clothing and home furnishings declined one point seven percent which cause total revenue to drop marks and Spencer said it's full year gross profit margin will be around the lower end of its forecast Germany's more Phocis has risen five and a half percent ADRs of the drug developer set a record after Comair's bank raised its rating on the underlying shares to buy from hold and Frances Dee be V. technologies has gained more than eleven percent the drug developers propose patch for peanut allergies have favorable results in a three year study the data led steeple to upgrade DB V. to buy from hold Charlie and we thank you very much Dave Wilson following those American depositary receipts again recapping the Dow the S. and P. and nasdaq all pushing higher on track for records S. and P. up fifteen a gain of five tenths of one percent I'm Charlie Pellett that is a Bloomberg business flash is.

Charlie Pellett Bloomberg Frances Dee U. K. Commons Lloyds banking group Boris Johnsons prime minister US P. ADR U. S. Brent Texas Tracy penny Dave Wilson V. technologies Comair developer
"lloyds banking group" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

10:04 min | 2 years ago

"lloyds banking group" Discussed on Bloomberg Radio New York

"To nine Caroline head and a warm welcome to the program let's dive straight since we shall we because we got more earnings hitting the rebate terminal this morning from sparebank a Russia that could prove it hundred and fifty six point one billion rubles so that's a piece on the estimate of one full five point eight billion rubles Burbank as saying that net interest income was three hundred fifty three point nine billion rubles and the estimate three five seven point five three billion so you add that to a phone the Russian banking John meanwhile show the one that we've been waiting for the one you can also follow all night T. live on your terminal right now said Cusick adjusted profit full point seven seven billion dollars a significant beat on the estimate of three point nine two billion baht shell again saying a challenging outlook I've been big intelligence had been talking about and expecting shell to report the week is a quickly upstream performance in a couple of years is sunny just a profit looks good but we'll delve into the numbers yeah the TI book saying it in the top line of big beats for shell so it does continue that trend that we saw from B. P. anti tile so I actually do maybe those oil majors actually managing to deal with low oil and gas prices and cost cutting a little bit better than anticipating the shell seeing a challenging outlet under because of time here in the U. K. the massive mortgage lender Lloyds banking group third quarter says she pre tax profit comes in at fifty million pounds code compiled estimate was say a hundred and sixty three million it's a P. P. I. charges I mean finally we should be coming to the end of that the PP I saga one point eight billion pounds add to that such even bigger than the code compiled estimate of one point six seven billion for the payment protection in insurance payouts in the third quarter I also Lloyd sees full year costs to income ratio to be lower than in twenty eighteen and operating costs not expected to be less than seven point nine billion pounds of food the food yeah intense off of operating profit right so those are some of the big lines breaking on the pre by Tamil this morning we've been very busy with writings today form BMP paraiba and a number of other big names and also of course the tension a big merger in the call space fit Chrysler which and Persia PSA we had confirmation that that a deal that Bloomberg reported is actually going to go ahead that happened also just a few minutes ago let me also bring you up to speed with where we are on the markets come to get of course about the fed and what that is doing a to markets with all caught on Wednesday but also the signal that it's dry and Powell and his colleagues may be posing in terms of interest rates certainly besting the markets is very much come off another December rate cut the S. and P. five hundred hit another fresh record high that provided something repulsive lead of for Asia the embassy on a specific case three tenths of one percent MSE on Hong Kong I see all eight tenths of one percent even though you are we expecting the third quarter GDP data to confirm a recession for a hold cone hang sang index also hi we also had to be a J. decision no change and I'd bought half an hour ago and how he could Kuroda of was speaking and the topics managed to reverse the losses that we saw in idea trading idea this morning as full all the markets would be looking at in the FX space at the dollar continues to slide down two tenths of one percent weaker the power to one twenty nine twenty six another game of two tenths of one percent we headed to election season and they'll show you on up to tens of once at seven sports zero three so those all the markets let me bring you up to speed with all top stories today let's stick to top corporate news more on the autos mega merger the boards of PSA and fit Chrysler have approved a preliminary tie up plans now settled as each with a fifty percent of the new combined and see these investors would get a dividend of five point five billion euros awhile PSA with distribute its forty six percent stake in auto parts maker for us here to investors the deal of course would create a European powerhouse bent survival volts log in let's see whether it has more success than the attended taught with red of course say you have government ownership of a pot is stakes in in these companies from the French government so let's see what they have to say about two to meanwhile the fed cuts the nation's benchmark interest rates in the United States for a third time as expected by a quarter point yesterday on fed chairman Jay Powell strongly suggested that that is it the policy adjustments we've made today will continue to provide significant support for the economy since monetary policy operates with a lag the full effects of these adjustments on economic growth the job market and inflation will be realized over time we see the current stance of monetary policy as likely to remain appropriate safe house says that the economy is in a good place and although manufacturing is in the doldrums force on laundry by the US presidents trade war Powell says that that all some signs of it that had wind may be easing investors trims bets on more policy easing from the fed they see it markets now notes pricing in another reduction until well into twenty twenty around basically November twenty twenty let's set crossover now live to Singapore by David Finetti form all markets life team joins us this morning we need to kind of talk a little bit more about the fed decision and where ten year yields go from hit given the FOMC decision yeah I think it was very interesting the word in those suffering for sort of everyone on that was sold market pricing adjusted saying the cave not me to send a cop out they still expect a rate cut nixeus sometime next year the market's not exceeding the dove is moving forward and I was Mister Powell but can he wasn't very hawkish either and I think this of that fee will carry through in the maintenance of the ten year I think IT shops around within this one point five to two percent range as good as we have the tape to the pendant which way it goes I was in the pilot was an awesome day to commit tomorrow if that comes out one way of see then they may use one way and then next piece of types of move off the end of the other things we strong conviction either way and it's I think it was a lot of shopping around in that way and that she got from day status I think the data is center stage in the range of one point five to two percent yeah D. pops out dated tomorrow is going to be even more in focus of the bank of Japan David strengthening its forward guidance will take away if any come we have ready from the B. A. J. a policy decision I think take well I took that for easy into the bar for easy by BJ so how you basically the poll vote together for it it really is that the if they had the the coal we look at the CP I minus at fast food which is one of the core measure is that a point three last month which was losses twenty seventeen seven come out ahead grounds east they want to continually even more this time of the revised the Guelph and see promises they still haven't done it so I think the name is thought to be a worthy I don't think that he really happens by more like the next year I mean you'd really have sees a witness for the happen have a ticket with the fed not easy potentially in next two moms I think that will stop the I. J. from doing anything so I think we'll be on hold for quite a bit of time okay thank you so much Dave affinity for joining me this morning great to have you on the efforts of market commentary and analysis check out more of his life M. L. I. V. on you'll play back time and at so you let's also bring you the latest out of China I mention the money factoring data well the money fighting say to Joel again in October to the lowest level since February thanks Brian Curtis has the details from Hong Kong the official PMI fell to forty nine point three worse than the forty nine eight in a Bloomberg survey non manufacturing also lower than forecast to fifty two point eight it's certainly disappointing after Japanese and south Korean industrial output rebounded more than expected in recent months for China though it was a bruising third quarter hopes were hanging on a confidence boost from a looming deal with United States and also after months of government stimulus about the only silver lining was what Bloomberg economics at the drop didn't go beyond a seasonal dip suggesting there's been no dramatic loss of growth momentum in all gone Brian Curtis Bloomberg daybreak Europe and that data comes as plans to sign the first installment of a US China trade accord next month what she thrown into question off to chilly cancel the APEC summit bought the trump administration insisted that it would continue to press to finalize the phase one agreement in the coming weeks and China's ministry of commerce released a statement earlier this morning saying that top trade negotiators from the US and China that will hold a cool on Friday but the protests on a chilly in Chile rather seem to put paid to that's a major APEC summit in November meanwhile let's sit bring things hit to the U. K. where the house of lords has agreed that the legislation for the UK's early general election as the bag Westminster's you in parts reports campaigning is already getting under way that calling it the Christmas election six weeks from today prison heads to the polls again lately that Jeremy Corbyn will today kick off his campaign attacking what he calls the U. K.'s corrupt system the opposition leader with with his first speech of a campaign with an attack on billion as saying this election is a once in a generation chance to transform the country it also reiterate labor's plans to nationalize royal mail and water companies could serve the party chairman James cleverly says a vote for coal bin is a vote for more delight and uncertainty.

Colin Walsh, CEO of Varo Money, on Building a Career in Finance

Wall Street Oasis

07:55 min | 2 years ago

Colin Walsh, CEO of Varo Money, on Building a Career in Finance

"Colin. Thanks for having me up to your office here in San Francisco looking forward to speaking with you. Thanks great to meet you yeah. You're the CEO founder of Viral Varo money which is Challenger Bank will get into what that is and what that means and all that stuff but we usually start off earlier in the career where you got your first job what you were taking where you an entrepreneurial person where you have finance person like when did you start to become the guy yard lay. My very first job was six. Actually so I was a was I was a child actor. Believe it or not so many many years ago but then fast forward further my life I graduated college and went to g capital capital so and I don't know that I ever really thought I'd become a banker international services but I looked at a variety of opportunities right out of right out of college login. This seemed like a really good one. It was a management training program and I came an opportunity to kind of get deep into understanding processes operations marketing geting business development and so after a couple of years. I was running a PNL and it was fun. You know I had a lot of lot of responsibility. Um uh-huh and then I did a bunch of things after that went to American express the first time then came out to the west coast landed at Wells Fargo and I spent spent nine years at wells doing a variety of different things running marketing and sales for for one of the divisions than I actually started the first online consumer credit business wells fargo so when from a powerpoint to a two billion dollar business in two years so the the team at wells was pretty happy about that and then give me give me other responsibilities and then the person who actually hired me at wells brought me to the UK where I spent a number of years I at Lloyds Banking group Iran of a variety of businesses is all the cards and payments businesses and then we had the financial crisis head and then I stepped out of my day job to actually run the integration of the second largest bank in the UK retail bank and so had a interesting time sort of a sewing those two banks together in the heat of the financial crisis and then took over the deposit business the retail business in their mortgage business so you know here we had like some thirty percent market share in the UK and we're in the middle of a financial crisis prices so you can imagine I spent quite a bit of time with the regulators and the government and trying to look at policy look at how to really focus on safety and soundness of the banking system awesome and so then the last kind of big job I had before starting Varo. I went back to Amex in Iran the consumer business across Europe well. I mean it sounds like this g. e. job was like pretty formative and setting you up to build these banking businesses because like these weren't like front office speaking speaking jobs like you're running businesses for banks it really was and I think the sort of learning a little bit about how to run a business and how to sort of take commercial responsibility for for all the decisions that you have to make in even though at the time you know it was a relatively small business. I think it taught me some of the skills required to think about growth to think about product to think about operations to think about risk united say though that throughout all of those experiences it really brought me very close is to customer and and think he is these are all consumer facing businesses consumer and small business and and it helped me start to develop a deeper level of empathy empathy for problem so we're trying to sell for customers and I think over the course of those years it also helped me start to form the seed of what ultimately became borrow which is how to create a bank that was going to be very differentiated that was going to really try to move the needle. Oh in a in a fairly profound way for consumers and we can talk more about that yeah I mean so you've had this pretty prolific career working for many different banks and starting businesses Mrs Within these banks and have your own startup. Is it similar starting a startup within a bank and going out and just like something from from scratch or what is that like it's totally different so when you're inside of big company and you can pull resources. You've got big budgets. You you can make phone calls and people you know. You're representing a accompanying. So you know vendors lineup to to sort of do business with you. I think at the very early days of you know I guess you know having been around around and had a pretty good so network. It was helpful but it is very different. When you're the guy doing all the work I remember in those early days. You know it's like I I had no staff to draw draw upon so if I had to get something done you really had to rely on yourself and then start to bring people in to help focus on step one step two step three and it's really you know when you're building something from scratch. I mean it you know and I did that a little bit inside as you mentioned you know like when I was at wells when I built that consumer credit credit business. I really did start out as a powerpoint but I had all of Wells Fargo sort of draw upon to get it done and you have to be much more resourceful and much more scrappy when you're starting. I'm from scratch and also only kind of take it in little chunks at a time because if you look too far ahead it's just daunting because you know when you think about. Abu They go back to those early days. which really wasn't that long ago? It was three and a half years ago. We'd be having this conversation at my living room so it's it's come a long way. We now have over two hundred people bowl and the business is growing so rapidly but it is about thinking about. Where do you have to be next week where you have to be two weeks from now. Where do you have to be a month from now. What are those proof proof points that are critical in order to kind of go from from where you are to where you need to get to and and you do sort of take it in bite size chunks right so throughout your career. Aaron in finance and banking. was there a defining moment when like the Varo idea hits you and you're like this is. There's a huge problem here that I'm Gonna I go off. I think there were a few of those I mean so a couple examples that I've used in the past is when I first arrived in the UK the office of fair trading had had regulated default fees which these fees I had the credit card business in other a couple of other businesses at the time and and basically these were like late fees or over limit fees and anyhow it wiped sixty million dollars off the pianowski okay so here's my okay. I'm in my six week new country new job. You know I get get this message from my team saying by the way we're going to miss our plan by sixty million pounds and so fortunately I knew my boss from she'd brought me over and I said okay well. Let's yeah. Let's have a look at how we're going to deal with this. I got the team together and very very resourcefully. You know they came up with a whole series of ideas around how we were going to close this l. gap and but as I started to go through them I realized many of them you know while well intentioned really could be harmful for consumers and that you know things like changing payment hierarchies and increasing cash fees and things that were just if you think about people who are living paycheck to paycheck or living on the edge like they started dating crew all this additional cost could actually really harm their financial health and and so I I looked at that and said wow like that. That's not those that's not good revenue like this is actually not a good thing. I was thinking about more broadly how the system works in in a when when banks and other financial institutions have to close a prophet gap you who who pays the price for that will the consumer and so I went to my boss at the time and said look you know. I think there's some of this that we can do that. I can live with myself as but the reality is is we're going to have we're going to have a shortfall so either. You'RE GONNA cover it to your other business units or you're GonNa send me home and find somebody else who cover it and and fortunately she kept me and and I said look we'll we'll find a way to make this up but we want to do it in the right

UK Wells Wells Fargo Challenger Bank Iran Colin. Amex San Francisco CEO Europe Varo Lloyds Banking Founder Aaron Marketing And Sales Sixty Million Dollars Sixty Million Pounds
"lloyds banking group" Discussed on WAFS Biz 1190

WAFS Biz 1190

06:25 min | 2 years ago

"lloyds banking group" Discussed on WAFS Biz 1190

"Small business optimism jolts job openings and the supply from Germany the Netherlands and the U. S. that's it for me to headline breaking news type issue a on the Bloomberg terminal Sandra thanks Michael that's a pretty big business national his grandparents with what's going on. Sandra thank you a US wide group of states has launched an antitrust investigation into practices Google it aims to investigate concerns the companies raising calls for advertises and questions whether consumers are getting the best information from such results the group includes attorney generals representing but two American states president trump says he would negotiate a peace deal with the Taliban this self describing account David summit with the Islamic fundamentalist group and Afghanistan's president trump says quote as far as I'm concerned they date the comments suggest his pledge to withdraw the remaining fourteen thousand American troops from the country going to be realized and finding a daytime now once or twice a week may lower the risk of having a heart attack or stroke according to new research experts say having a snooze can lead to a forty eight percent reduction in the likelihood of suffering one the British top foundations warning that other lifestyle changes also needed for a healthy heart like exercising and eating while level needs twenty four hours a day on Aaron it took took on Twitter by more than twenty seven hundred ten lesson on the symbol of the one hundred and twenty countries I'm young parents this is Bloomberg approach Leon I was feel better after a light on in the middle of the day. not during the program that's the key thing but anyway well yes I agree we might be looking to lie down in a darkened room for awhile might be the leaders of Barclays bank they had to put a lots of money only one site because of what's been happening with pee pee on high what happened was they have to compensate customers who mis sold payment protection insurance as W. Kate banks but that call into question the bank's share repurchase program as far as bottles are concerned also Lloyds banking group suspended its five act you to those provisions because there's been a big surge in people at the last minute to that end of August deadline claiming that they were missile PPR joining us in our London studios London finance and it's a merry digs merry thanks very much for being with us why has there been this spark of PP I claims in the last minute. well customers they've had since twenty eleven to claim compensation for these policies that were mis sold over yes and yes as we've gotten closer to a deadline set by the financial conduct authority it's been a big advertising campaign fronted by a Papa if Arnold Schwarzenegger is telling people to to do it now will get in touch with the bank even if they're not sure they've had these policy so it's been lots of people think can I'm not really sure cut remember whether I have this policy just going to get in touch is really easy through a website so it's been a lot of people just tensing it to see you know they might get some compensation after that and it's it's really took the banks by surprise yeah yeah I mean look I do think it was a surprising given if you in the U. K. you can note have failed you know you know the kind of whole advertising jingle off by heart because they've been at it pushing the advertising so hot polity because there are companies of course that mandates the claims process for years they've been involved but look away from the kind of advertising over aids why have the bank's not given such wide ranges when it comes out she to the to the provision sets aside I mean if you saying that went back to twenty eleven I just quoted fifty three what fifty three million pounds intensive as radical compensation that's a huge number of people that was sold to. that's right yeah and as I said as we get further and further into this process the the quality of the claims house it's become less strong serve people who as he said I've been in search of claims management companies on entirely sure that they've got a strong case against the bank that trickling and at the last minute and the banks they've got this huge volume now and that that genuinely not sure what compensation these people deserve because some of the very historic and it's gonna take them some time to work out exactly what they need to give customers at this point who does the same I mean is there a point where they can draw a line and clearly the line has been drawn in terms of the timing of the claims but is it the end of the scandal is is it the finish well they still got a little while to go and they still have some of these calls and says setup to to and disentangle some of these more complicated cases I think that really hoping that this is the last provision that half the tech and. the new phone and and get on to some of the things like share buybacks and and other cost cutting okay it's just talking more broadly because it has been such an issue in the U. K. in times of this sort of mis selling scandal I mean it's it's a huge one for Britain made eight what has changed in terms of the regulation in times over the way that buying steel with consumers I mean is there any risk of of another's such in an enormous scandals sort of it before willing such a large number of U. K. lenders again how regulates is fat over the fate of banks a a really hoping this doesn't have an assist from the the costliest in history other results I think they are a lot more cautious about selling these things the regular set has sat down selling rules and that and much more hopefully clear away so that that the banks come full file of it and the financial ombudsman having had quite a busy time of it was paid the I is is no setup and scum deal with complaints as well before they reach the ESCON though this proportion so hopefully the the rest things in place that can fly go missile in public before they get to this the scale again Merion thank you very much for doing for telling us all about that day because I use the London finance editor here at Bloomberg talking about the PP I scandal which now in theory at least in terms of claims is coming to an but clearly not completely into the right as you set for the banks in full for him he's been very very costly mandated now say they had a blue bag daybreak yep we're gonna be racing off yes to the front foot also show you gonna be bring you all the big interviews Connell's Tavarez the CEO of Persia PSA.

Bloomberg Germany Sandra Michael US Google fifty three million pounds forty eight percent twenty four hours
"lloyds banking group" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:54 min | 2 years ago

"lloyds banking group" Discussed on Bloomberg Radio New York

"Adding new money and revenue from securities trading shares are up more than four percent in Zurich shares of being P. party bar higher by more than three and a half percent after second quarter of gains its fixed income trading business that trading rose about nine percent while equities trading also did better than expected shares of Lloyds banking group or lower by four percent after the firm posted a six hundred seventy million dollar provision for mis selling insurance to British consumers apple is projecting revenue ahead of expectations after reporting a record eleven and a half billion dollars in sales of services that's giving investors hope there's life for apple beyond the iPhone Dan Ives is managing director of equity research at Wedbush securities order is a major step in the right direction not just in terms of stabilization especially in China but in terms of the four casket is usually by the guidance as well as some stabilization this is a feather in the cap for the bulls so the first time in seven years less than half of apple's revenue came from the iPhone and shares are up more than four percent in early trading and overnight in Asia shares of Sam sung fell two and a half percent the company reported sharply lower profit is global trade tensions in a slumping wireless industry weighed on results S. and P. futures are higher up six point two Dow futures up seventy five nasdaq futures up about thirty to ten year treasury of one thirty second heel two point oh five percent yield on the two year one point eight three percent in the thirty year yield at two point five seven percent NYMEX crude oils up seven tenths percent or thirty eight cents at fifty eight forty three a barrel and comex gold is up a tenth of a percent of a dollar thirty to fourteen forty three ten announced the euro one point one one four eight against the dollar straight ahead we have the latest world and national news this is Bloomberg thank you Karen it's five thirty three on Wall Street let's bring in John Tucker with more on what's going on around the world good morning.

Bloomberg Sam Asia Wedbush securities Zurich John Tucker Karen Lloyds banking group bulls China managing director Dan Ives apple four percent six hundred seventy million do
"lloyds banking group" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:53 min | 2 years ago

"lloyds banking group" Discussed on Bloomberg Radio New York

"With Lloyds banking group and its subsidiary Scottish widows, we will of course, beekeeping I on this story. This is Bloomberg asset managers who sees change to launch new strategies at distribution channels or exploited new technology to reengineer the investor experience or often rewarded however in an industry paralyzed with complexity few act with agility decisively few run their business strategically yet the most competitive managers in the market, no with the right partner in a flexible operating platform. You can go boldly toward change with SEI investment manager services, determination and operational. Strength are both essential factors for growth and asset management. I'm Steve Meyer, president head of SEI's investment manager services of this. We know that disruptive. Forces breed opportunities around the world, if you see potential and change our industry specialists will maximize integrated platform. Of data management global investment operations compliance. Support investor services position your asset management business. Success come grow with SEI investment manager services, you lead the charge in a competitive marketplace. Learn more at SEI C dot com slash CS change. The professionals at William Smith and Brown are not just world class. Accountants. They're also topnotch tech savvy consultants helping to modernize your technology and automate business processes internet based solutions and everything in between digital team can help streamline your organization's operations. Not sure if you need to update any of your systems, visit digital dot com to find out more and to speak to a with them. Digital expert digital dot W. I T H M dot com. From michigan. I work an extra part time job serving lunch. Child's school. So can't afford to put food on our table Daniel from California. Choosing.

investment manager SEI Lloyds banking group Scottish widows Bloomberg Steve Meyer partner Daniel William Smith president michigan California Brown
"lloyds banking group" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

08:09 min | 2 years ago

"lloyds banking group" Discussed on Bloomberg Radio New York

"Means it's time for the market driver's report with a focus on American depositary receipts. And here is Dave Wilson. Thanks, charlie. Eighty yards are high. Hire. Unlike US shares the SBA DR index is up seven tenths of a percent while the s&p five hundred of will change, the UK's Lloyds banking group has risen six point eight percents in US trading. The lender is going ahead with plans to spend as much as two point three billion dollars on stock buybacks, even as Brexit unfolds. China's Neo has risen five point four percent. The electric car makers higher after rival candy technologies received US approval to import and sell to models of its vehicles. Now, candy shares are listed in the US, and they have searched more than forty three percent. A UK supermarket owner Sainsbury has tumbled more than sixty and a half percent. The country's anti-trust. Authorities may thwarted proposed deal to buy rival Asda from WalMart. The regulators proposed tougher conditions on the takeover then the companies expected and SwedBank has fallen almost thirteen and a half percent. Money manager Bill Browder said he has evidence that ties the sweetest lender to a money laundering scandal at Denmark's dansko Bank. Browder says he plans to file a criminal complaint against SwedBank, Charlie. We thank you very much. Dave Wilson following those ADR's American depositary receipts. Again, recapping here equities now. Trading mixed little changed. We've got the s&p down half a point the Dow now up by four I'm Charlie Pellett. That's a Bloomberg business flash. Hi, charlie. Thank you. Well, the fed will release the minutes of it's January meeting at two o'clock Wall Street time now for a little bit of a preview. Christopher khandan. Bloomberg news Federal Reserve reporter. He's in our Bloomberg ninety nine one studios in Washington DC, and Chris I guess we're going to be looking for how doves fly. Toughs fly. You're right, Peter. This is going to be an interesting set of minutes for a couple of different reasons. First of all that, you know, the fed as you know, has made this pretty significant shift its guidance over the last six weeks or so and chair. Jay Powell has had a bit of difficulty in aligning the way, he expresses things with his committee. There was a bit of an alignment after the December meeting, and then there was this big shift towards a more dovish posture by the fed, including Powell's press conference at the end of January. Now, we're going to see if the committee's thoughts during that meeting the line up with that very dovish message. We got from the statement, and from Powell are we going to have to be continued patient about what the word patience means. Well, this that's one of the words we really want to unravel a bit about how patient do they mean, we should get some feel for how many members of the committee or how many participants as they say on the whole overall committee really want to put off any thought of an interest rate hike until. Well, down the line or some people are others perhaps are just looking for a bit of a return of some good data in some confidence to the market to get underway. Again, that'll help us get to the bottom of this question of have they really stopped or are. They just on hold for a little bit. Chris. We're also going to be looking for clues as to the unwinding of the balance sheet. What should we watch for? Yes. Yes. Well, there's a bit of a division bubbling at least in the public comments. That I'm hearing from policymakers couple of policymakers came out in the past couple of weeks of saying they wanted to stop the the runoff from bounce sheet this year before the end of this year, while others like John Williams, still foresees this runoff carrying on into next year. Much of this is really comes down to a technical question of how low they can bring the balance sheet and still maintain control really good strong control of the federal funds rate. It's very technical matter has to do with estimating the level of Bank reserves. They want to still have in the system. So we can sort of disparate down that rabbit hole. If we wanted to but making a long story short there seems to be a still a debate. And we probably will see that in the minutes. Unfinished debate about how far they can continue to run off the balance sheet. Is there a sense that they still have wiggle room? Or the time is running out on the balance sheet. You mean? Yeah. The sense. I get is that they do feel. There is time. There has been this argument for some corners of the market that they're rubbing up against the threshold where Bank reserves begin to get scarce, but some of the more rigorous reviews of that really don't agree with that idea that really ought to be some other warning flags popping up that have to do about where fed funds transactions price relative specifically to the interest. The fed pays on Bank reserves. Other other technical things that would happen. And there's really are not popping up there. Fed officials are saying really we do not think we're hitting that threshold yet in effect. They they they really they want to keep a good cushion above that threshold, and they don't think they're even there yet. So that's not really an issue yet front and center to the fed a fear that they're they're already hitting that threshold and Krista Sarah last, thirty seconds. We do have this unusual wrinkle of the government because of the snowstorm there. So I assume that we're going to have Weck fifty one hundred people on our team. Yes. This doesn't make a lot of difference for you sort of casual fed followers. But for people in the markets. They are not gonna get a stack of headlines and completed stories right at two o'clock because the fed is not holding this procedure that we call the lockup that gives journalists access to the document and all the information the minutes on an embargo based on an embargo basis. It's held at a fed facility. You're completely incommunicado with the rest of the world. So you can prepare your headlines stories, and then they go out onto the system win. The fed restores the connections. We're not gonna have that prep time. And so we're going to be scrambling. Right. When they drop publicly at two o'clock. So you're going to see a bit more of a trickle of headlines as we sort out unravel. What really formation is in there. And maybe a little market volatility around all all this one this time. Thank you. Chris let we're gonna let you get back to work and prepare for this. Now, let's get back to Bob moon for a check of national news. Bob, peter. Thank you Russian President, Vladimir Putin. He's talking tough in his state of the nation address. Putin sternly warned the United States against deploy new missiles in Europe saying Russia will retaliate by fielding new weapons that will take Justice little time to reach their targets. There is some good news for baseball. The national pastime is making a comeback wasn't too long ago that it seemed everyone was complaining about baseball games being too long. But it turns out this scene in the baseball flick field of dreams got it. Right. One constant through all the years in baseball America's ruled by like an army of. Erased like a rebuilt again. Indeed, the sports and.

fed US Bloomberg Chris I Charlie Pellett Dave Wilson UK Jay Powell SwedBank baseball Bill Browder China Vladimir Putin Lloyds banking group Brexit SBA Bob moon Christopher khandan Peter
"lloyds banking group" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:12 min | 2 years ago

"lloyds banking group" Discussed on Bloomberg Radio New York

"One eight six six sector ETF Nathan Garrett, we begin with the latest details emerging from trade talks between the US and China. Bloomberg news has learned the White House is pushing Beijing to keep its currency stable as part of any trade deal, Shaun Donovan reports from the Bloomberg ninety nine one newsroom in Washington. This is really all about something that the administration got. Very angry about last year. Which was as they were imposing tariffs. They thought the Chinese were responding by weakening the one and therefore counteracting any move to increase tariffs. They wanna make sure that that's not going to happen. If they get a deal in the future, the pledge to stabilize the you on has been discussed in multiple rounds of talks with both sides tentatively agreed to make it part of any final deal. The move around scanner two years of pressure from G twenty countries pushing China toward a free floating currency is stronger by more than half percent. This morning. We're getting more weak economic data out of Asia this time from Japan. The country's exports fell eight point four percent in January shipments to China declined. Bloomberg's knock him Scott has more. It's not just to pan. We're looking at here and getting married about it's that whole north Asia complex. We've seen some soggy numbers out of Korea these bad numbers out of Japan. It's not looking good. And Japanese exports to China fell seventeen percent in January reaching the lowest level in two years. The next key indicator today comes to PM Wall Street time what we get minutes from the Federal Reserve's latest policy meeting. Bloomberg's Michael Mckee has a preview at their January thirtieth meeting fed policymakers confirmed they'll keep using the same policy making system setting a range for interest rates that will require a larger balance-sheet then before the financial crisis. And right now markets are guessing as to how large it will be. So investors will look for clues in the minutes, which might tell them when the central Bank will stop letting its bond holdings run off. They also wanna know how firm the Fed's current pause is the market consensus is they're done. No more rate moves this year. That's not what officials have said. So the minutes may help show whether traders have it, right? Michael Mckee, Bloomberg daybreak nocco. Thank you to recent may heads to Brussels today hoping for a breakthrough in Brexit talks, but rhetoric from the prime minister in E U officials appear to be at odds ahead of the meeting. Bloomberg's Maria today tower today. Oh reports from Brussels we have prime minister may come out and say, we do think this will be significant me tennis. She tries to get legally binding concessions on the Irish backstop that we had young young Kirk say, well, I don't know what the prime minister will tell me, but I say there will be no breakthrough. And frankly, sometimes I do this time on Brexit in the is to the European Union in many ways, nothing has really changed. The EU this point things. There's no incentive to give out concessions now because I do believe prime minister may well need more Welby back. If these talks go right for Theresa. May. She helps to. Revis. Brexit deal to a vote in parliament early next week. All returning to earnings now Lloyds banking group is out with results in line with us. It's forging ahead with plans for a two point three billion dollar by back. Details from Bloomberg intelligence senior Bank analyst Jonathan Thais revenues at a tiny bit light the buyback is in line with expectations. The fact that they've got such big buyback in return plans signifies there is no growth in the UK. And that's the issue. So this stock is very much an efficiency play with these Incapsula capacity with the problem is there's no growth the cost Lloyd's continue to fall as it aims to be one of the most efficient banks in Europe. Shares are up four percent this morning. We're also getting earnings Glencore the mining giant missing estimates reporting its weakest trading profits in five years, the company also announced a new two billion dollar buyback. Shares are currently that'll change at London back here in the US. We get earnings today from two dozen companies including the first report from CVS since it closed at deal to buy Aetna. Bloomberg's Charlie Pellett reports. Analysts at Bloomberg intelligence, save the report will focus on its initial. Hundred nineteen outlook as a combined entity and the pace of insure Aetna's integration at Morgan Stanley. Analysts say the CVS forecast will be quote, one of the most controversial events for healthcare services. Investors this earning season. Charlie pellett. Bloomberg daybreak. Charlie. Thank you. We're learning. More this morning about the nature of loans to the Trump organization from Germany's largest Bank. Bloomberg's John Tucker joins us live with the details. Good morning, John. Karen, sources tell Bloomberg officials at Deutsche Bank were worried the Trump organization might default on millions of dollars and law and Santa President Trump took office concern was so high the discussed extending repayments on the three hundred forty million dollars until after the president left office. So you'll John cryan was leery of the public relations disaster Deutsche Bank would face if it went after the assets of a sitting president little sources say the Bank decided against restructuring loans to the Trump organization choosing. Instead not to do any new business with the president. Eric Trump the president. Son tells Bloomberg quote, the story is complete nonsense. John Tucker, Bloomberg daybreak. Karen? John. Thank you. And futures this morning that'll change to lower s and p futures down two and a half points this morning. Dow futures down thirty two and straight ahead. We have the latest world and national news. And this is Bloomberg. Thank you. Karen? It is six oh seven on Wall Street. Michael Barr is.

Bloomberg Bloomberg intelligence prime minister China Michael Mckee Eric Trump president Charlie pellett Federal Reserve Aetna Brussels US Deutsche Bank Karen Brexit John Tucker Japan John ETF
"lloyds banking group" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:57 min | 2 years ago

"lloyds banking group" Discussed on Bloomberg Radio New York

"Bloomberg news has learned the White House is pushing Beijing to keep its currency stable as part of any trade deal, Shaun Donovan reports from the Bloomberg ninety nine one newsroom in Washington. This is really all about something that the administration got very angry about last year. Which was as they were imposing tariffs. They thought the Chinese were responding by weakening the one and therefore counteracting any move to increase tariffs. They wanna make sure that that's not gonna happen. If they get a deal in the future pledged to stabilize the one has been discussed in multiple rounds of talks with both. Sides tentatively agreed to make it part of any final deal. The move runs counter to years of pressure from G twenty countries pushing China toward a free floating currency is stronger this morning by more than a half percent or getting more weak economic data out of Asia this time from Japan. The country's exports fell eight point four percent in January shipments to China declined. Bloomberg's Malcolm Scott has more. It's not just a pan. We're looking at here and getting married about that whole north Asia complex. We've seen some soggy numbers out of Korea these bad numbers out of Japan. It's not looking good. Japanese exports to China fell seventeen percent January reaching the lowest level in two years. The next key indicator today comes at two PM Wall Street time when we get minutes from the Federal Reserve's latest policy meeting. We get a preview from Bloomberg's Michael Mckee at their January thirtieth meeting fed policymakers confirmed they'll keep using the same policy making system setting a range for interest rates that will require a larger balance-sheet then. Before the financial crisis. And right now markets are guessing as to how large it will be. So investors will look for clues in the minutes, which might tell them when the central Bank will stop letting its bond holdings runoff. They also want to know how firm the Fed's current pause is the market consensus is they're done. No more rate moves this year. That's not what officials have said. So the minutes may help show whether traders have it, right? Michael Mckee, Bloomberg daybreak. Michael. Thank you. Theresa May heads to Brussels today hoping for a breakthrough in Brexit talks about rhetoric from the prime minister, and e you officials appear to be at odds ahead of the meeting. Bloomberg's Maria today our reports from Brussels. So we have prime minister may come out and say, we think this will be significant me tennis. She tries to get those legally binding concessions on the Irish backstop. Then we have John club young Kirk say, well, I don't know. Well, the prime minister will tell me, but I say there will be no breakthrough. And frankly, sometimes I do news time on Brexit in the is to the European Union in many ways, nothing has really changed the EU at this point things. There's no incentive to give out concessions now because I do believe prime minister may well need more will be back. If these talks go right for Theresa. May. She hopes to put a revised Brexit deal to a vote in parliament early next week, or let's turn earnings now Lloyds banking group is out with results in line with estimates. And it's forging ahead with plans for a two point three billion dollar buyback. Details from Bloomberg intelligence senior Bank analyst Jonathan Thais revenues a tiny bit light the buyback is in line with expectations. The fact that they've got such big buyback in capital return plan signifies there is no growth in the UK. And that's the issue. So this stock is very much an efficiency play with decent capsule return capacity with the problem is there's no growth. Mukasey Lloyd's continue to fall as it aims to be one of the most efficient banks in Europe. Shares are up nearly three percent this morning back here in the US. We get. Earnings today from two dozen companies including the first report from CVS since closing his deal to buy Aetna. Bloomberg's Charlie Pellett has more analysts at Bloomberg intelligence say the report will focus on its initial twenty nineteen outlook as a combined entity and the pace of ensure Aetna's integration at Morgan Stanley. Analysts say the CVS forecast will be quote, one of the most controversial events for healthcare services. Investors this earning season. Charlie Pellett, Bloomberg daybreak. All right. Charlie. Thanks. We're learning. More this morning about the nature of loans to the Trump organization from Germany's largest Bank. Bloomberg's john. Tucker has the details live John Nate sources tell Bloomberg officials at Deutsche Bank were worried the Trump organization might default on billions of dollars in loans after President Trump took office concern was so high they discussed extending repayments are the three hundred forty million dollars until after the president left office. CEO John cryan was leery of the public relations disaster Deutsche Bank would face if it went after the. Assets of a sitting president ultimately sources say the Bank decided against restructuring loans to the Trump organization choosing. Instead not to do business with the president Eric Trump. The president's son tells Bloomberg quote, the stories complete nonsense John Tucker, Bloomberg daybreak, Karen. All right. John. Thank you s and p futures are lower down about four points. Dow futures down forty one straight ahead. We have the latest world and national news. And this is Bloomberg. Karen, thanks. It is five. Oh, seven on Wall Street. Michael Barr has more of us going on around the world. Good morning. Michael good.

Bloomberg Bloomberg intelligence prime minister Michael Mckee China CEO John cryan Theresa May Charlie Pellett Michael President Trump Brussels Brexit Shaun Donovan Federal Reserve president Karen Asia Beijing